- Engineering group Senior said its annual profit fell after record sales were offset by margin contraction.

Pre-tax profit fell by 6% to £52.2m, as revenue rose by 6% to £1.01bn.

Adjusted operating margins contracted by 1.2 percentage points to 8.1%.

The company declared a final dividend of 4.90p per share, bringing total dividends for 2017 to 6.95p, up 5.8%.

'Senior delivered a solid performance in 2017 with trading slightly ahead of expectations,' chief executive David Squires said.

'As anticipated, conditions in some of our markets remained challenging, particularly during the first half of the year, so it was pleasing to see market conditions and performance improving, as expected, in the second half of the year.'

Squires said 2018 had started in line with expectations, with order books across most of the company's businesses 'strong'.

'Although our Flexonics businesses, which are exposed to downstream oil and gas and power and energy markets, remain at subdued levels, we expect to see improved performance in both divisions,' he said.

'Overall, at current exchange rates, the board expects good progress to be made in 2018 with performance slightly weighted to the second half.'

Story provided by