(Reuters) -British aerospace engineer Senior raised its dividend on Monday after 2023 profits nearly doubled, buoyed by an increase in civil aircraft production rates and robust demand in the land vehicle markets.
"We have achieved a diversified position across key civil and defence aircraft platforms and are benefiting from increasing aircraft build rates which we expect will lead to higher sales in 2024 and beyond," CEO David Squires said in a statement.
It forecast its 2024 performance to be in line with its estimates, as Boeing, one of its top customers, had asked suppliers to maintain production of B737-MAX plane parts at previously agreed levels.
The aero-parts supplier's adjusted pre-tax profit jumped 91% to 38.3 million pounds ($48.5 million) for the full year ended Dec. 31, 2023.
Senior proposed a annual dividend of 2.3 pence apiece, up 77% from year-ago levels.
Demand at its Flexonics division, which makes fluid conveyance and thermal management components for vehicles and power and energy applications, continued to normalise to more typical levels, the company added.
($1 = 0.7897 pounds)
(Reporting by Prerna Bedi in Bengaluru; Editing by Rashmi Aich)
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