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Aerospace engineer Senior swung to a first-half profit, though its underlying performance weakened as the pandemic continues to hurt the commercial aviation sector.
Pre-tax profit for the six months through June amounted to £22.3 million, compared to a year-on-year loss of £136.3 million, when it booked a hefty impairment charge.
Adjusted pre-tax profit fell 75% to £0.9 million, as revenue fell 13% to £332.8 million.
Senior didn't declare an interim dividend, though it said it had traded ahead of management expectations, with cash flow of £19.2 million, up 20% year-on-year.
The company said it was reaffirming improved expectations for the full 2021 year as stated in a 9 July trading update.
Chief executive David Squires, however, said he expected a the full year to be 'slightly ahead' of previous expectations.
'While the global pandemic is not over, we are encouraged to see the clear signs of recovery in our end markets, which gives renewed confidence in our ability to create enhanced value for our investors over the medium term,' Squires said.
'In relative terms, the first half of 2021 is likely to be slightly stronger than the second half of 2021 due to reduced defence sales in the second half of 2021, which, based on delivery profiles, we expect to pick up again in 2022,' he said.