LONDON (ShareCast) - Engineer Senior saw half-year profits surge 67% thanks to high levels of activity in the aerospace and industrial markets and positive contributions from recent acquisitions.
Pre-tax profit for the six month period increased to £27.2m from £16.3m, helping the group to hike interim dividend by 29% to 0.90 pence per share. Revenue increased 18% to £279.9m.
The group said the commercial aerospace industry continues to perform strongly, with record order books of Boeing and Airbus.
Demand in many of the industrial sectors served by the Flexonics Division remains strong, it added.
Acquisitions of Absolute Manufacturing in December 2007 and Capo Industries in January 2008 also helped.
“Overall, the continued increase in build rates of new aircraft, together with the Group's diversified product exposure in Flexonics, gives the Board confidence in the future prospects for the Group,” said the group.
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