Crash landing for Senior as Covid travel disruption wipes out profits
Senior plc today warned this year would be as challenging as 2020 after the British aircraft parts supplier swung to an annual loss.
The firm was struck by Covid-related disruptions to travel throughout the year, alongside Boeing’s 737 Max crisis.
Senior reported an adjusted pre-tax loss of £6.2m, compared with a profit of £78.5m a year earlier.
The company had already been restructuring its business before the latest national lockdown hit by cutting jobs, reducing executive pay, and seeking relaxations from lenders.
The company was also still reeling from the Boeing 737 Max jet groundings in 2019.
Senior said it was encouraging that the 737 Max had now been re-certified and returned to service as production of the jet was at a low level last year.
David Squires, CEO of Senior, said: “The coronavirus pandemic had a profound effect on our markets and customers and although there are some signs of stabilisation, the impact will be with us for some time to come.”