Senior holds guidance as revenues rise 16%

Group revenue grew16% year on year on a constant currency basis boosted by the aerospace and flexonics divisions, with growth driven by higher sales in commercial aerospace, land vehicle and power & energy markets.

"Overall, market dynamics continue to be favourable, with the strong commercial aerospace recovery continuing and other important markets remaining buoyant. Demand is holding up well, though we remain mindful of the ongoing supply chain pressures in aerospace, as well as the broader macro-economic situation and geopolitical uncertainty," the company said ahead of its annual shareholder meeting.

"We continue to anticipate that trading in our Aerospace Division will be more weighted to the second half of the year, due to aircraft build rates increasing through the year, and the supply chain challenges in aerospace, including the fire at one of our key suppliers in Thailand as reported with our full year results."

"We have made good progress with our customers and suppliers to mitigate the impact of the fire and work will continue throughout the rest of the year to address the remaining issues."

Reporting by Frank Prenesti for Sharecast.com