August 5, 2019 / 6:21 AM / 21 days ago

British engineer Senior profit hit by 737 MAX cuts

Aug 5 (Reuters) - British engineering firm Senior posted a 16% drop in first-half profit on Monday, as margins in its aerospace division were hurt by Boeing’s production cuts following the grounding of 737 MAX planes globally.

Senior, which makes a wide variety of components used in commercial jets and counts Boeing as one of its top customers, said pretax profit fell to 26.5 million pounds ($32.12 million)in the six months ended June 30 from 31.4 million pounds a year earlier.

“Notwithstanding the reported 737 MAX production rate cuts and the ongoing uncertainty around the current geopolitical and macro-economic backdrop, overall the Board expects to meet current expectations for 2019,” Chief Executive Officer David Squires said in a statement. ($1 = 0.8249 pounds) (Reporting by Noor Zainab Hussain and Justin George Varghese in Bengaluru)

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