On Monday, British aerospace engineer Senior announced an increase in its dividend following a nearly doubled profit in 2023. The surge in profits was attributed to heightened production rates of civil aircraft and strong demand in land vehicle markets. The Hertfordshire-based company reported a 14% rise in revenue, reaching GBP 963.5 million last year, with a corresponding 26% increase in basic earnings per share. CEO David Squires expressed satisfaction with the company’s diversified position across critical civil and defense aircraft platforms, anticipating continued growth in sales in 2024 and beyond, fueled by escalating aircraft build rates.
In commercial aviation, Squires said Boeing has told suppliers to keep 737 MAX production at the current rate of 38 planes a month until the FAA approves any rise in output. The US airliner has had to delay deliveries of the 737 MAX after the crash of an Indonesian Airlines flight and a fuselage panel blowout on an Alaska Airlines flight.
GE Aviation has signed a 10-year contract with Hainan Airlines to provide systems support for the carrier’s Boeing 787 fleet. The agreement covers various services, including repair, inventory and program management, technical documentation, reliability trend analysis, and more. GE also has expanded its continuing airworthiness management organization capabilities to include Boeing 757 and A220 aircraft.
Squires added that the company expected its aerospace segment to continue growing and forecast its defense business to be a more potent growth driver than in previous years. The company aims to generate revenues of about GBP1.1 billion by 2025, up from GBP0.96 billion in 2016. The expansion in the aerospace business was due to increased customer demand for components such as engine build-up tubes, fuel pumps, and airframe assemblies, as well as growing demand from aircraft manufacturers for parts such as fuel tanks and control cables.
The company’s Flexonics business makes precision-machined components and structures for gas turbine engines and other industrial applications, and it saw its revenue grow 10% to GBP448 million. The division’s products are used in various industries, including oil and gas, marine, power generation, and nuclear.
SNR has seven subsidiaries in the UK, Canada, Mexico, Germany, and Japan. Its global customer base includes several major original equipment manufacturers, airlines, repairers, service providers, and the energy industry.
SNR has appointed former Delta TechOps MRO Services president Jack Arehart to its board of directors and re-elected Chromalloy Director of Airworthiness John Riggs for one-year terms. The company also added new members to its aviation advisory councils, which are comprised of executives from Boeing, GE Aviation, and Airbus. These leaders serve to identify opportunities for SNR in the aviation sector and help shape the future of the global aerospace industry. SNR’s chairman is Gary Fortner, vice president of engineering at Fortner Engineering. Other members are Jon Silva, AeroKool Aviation, Bob Mabe, Haeco Americas, and Rob Roedts, Columbia Helicopters. SNR’s board members are elected annually at the ARSA Annual Meeting in Las Vegas, which takes place next week.
