Senior was one of our Q4 conviction buys in September, but has since been hit by defence related profit warnings (Roll-Royce, Meggitt, Chemring etc) and worries over general industrial/oil & gas related activity. Today’s announcement acknowledges that those areas are softer, as well as a temporary margin impact in aerospace, but the impact on forecasts is small (3%). The Steico acquisition looks like a sensible addition in terms of complementary skills and manufacturing capacity. Overall, SNR’s ....
