- Component manufacturer for the aerospace and defence sectors Senior said it had decided to hold onto its aerostructures business, having invited bids last December.

The company also said it had furloughed around 17% of its workforce as the Covid-19 crisis crimped customer demand.

Senior had in December confirmed that it was reviewing options for the aerostructures unit, which included a potential sale.

'Although Senior received strong interest for the business, the group has determined that it is in the best interests of Senior and its stakeholders for the aerostructures business to remain within the group,' it said.

Meanwhile, in a broader business update, Senior said trading in the three months through March was 'slightly' ahead of its expectations, though its guidance for 2020 remained suspended.

At 31 December, Senior's committed borrowing facilities were £305m with an average maturity of 4.4 years and the company had headroom of £159m under those committed facilities.

Net Debt was £230m, including £84m of capitalised leases.

Senior said it had agreed to covenant relaxations with its US and UK banks in relation to the June and December 2020 testing periods.

'We are concluding discussions with our four US private placement investors to agree covenant relaxations,' it added.

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