(Reuters) -British aerospace engineer Senior Plc posted a 10% rise in its first-half profit on Monday, buoyed by demand for commercial aircraft and higher defence spending.
Senior, an aero parts supplier to Boeing and Airbus, reported adjusted operating profit of 25.1 million pounds ($31.9 million), up from 22.9 million pounds last year.
Aerospace and defence firms have been benefiting from an increased demand for airplanes as flying hours reach the pre-pandemic levels, offsetting production caps at Boeing.
“The group’s diversified position across key civil and defence aircraft platforms, strong order intake and increasing aircraft build rates are expected to drive good growth in Aerospace for the full year,” CEO David Squires said in a statement.
Sales at the Flexonics division dropped as land vehicle markets started to normalise and upstream oil & gas customers reduced inventory levels, the firm said.
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The Flexonics unit makes fluid conveyance and thermal management components for vehicles and power and energy applications.
($1 = 0.7857 pounds)
(Reporting by Prerna Bedi in Bengaluru; Editing by Sherry Jacob-Phillips)
