StockMarketWire.com - Engineering group Senior reported a 53% fall in annual profit after it was hurt by the grounding of Boeing's 737 MAX aircraft.

Pre-tax profit for the year through December dropped to £28.7m, down from £61.3m on-year.

Revenue rose 3% to £1,110.7m while adjusted profit fell 5% to £78.5m.

Senior nudged up its annual dividend 1% to 7.51p per share.

'Senior delivered robust full year results for 2019 with adjusted earnings per share growth and a strong free cash flow performance,' chief executive David Squires said.

'This result has been achieved in a period where the business has faced challenges caused by the grounding of the Boeing 737 MAX fleet.'

'It is clear that our performance in 2020 will continue to be affected by the 737 MAX situation and the company is taking all necessary actions to mitigate the impact.'

Squires said the company was closely monitoring the coronavirus outbreak, including the potential impact of any macroeconomic disruption on its end markets, supply chain and customers.

'However, we entered 2020 with a robust balance sheet and a continued focus on cost, efficiency and cash generation.'

'We are taking firm actions to restructure the business and have every confidence in returning to growth in 2021.'





Story provided by StockMarketWire.com