July 10, 2020 / 6:23 AM / in a month

BRIEF-Senior Plc Says Reduced Headcount By A Further 12% In H1 2020

July 10 (Reuters) - Senior PLC:

* NOW EXPECT GROUP REVENUE IN H1 2020 WILL BE AROUND 30% LOWER THAN H1 2019 AND CONSEQUENTLY, MARGINS WILL BE SIGNIFICANTLY LOWER

* NOW EXPECT AEROSPACE SALES IN H1 2020 TO BE AROUND 31% LOWER THAN H1 2019

* ON A QUARTERLY CONSTANT CURRENCY BASIS, AEROSPACE SALES ARE EXPECTED TO HAVE DECLINED 22% IN Q1 AND 40% IN Q2, YEAR-ON-YEAR

* WE HAVE EXTENDED AND BROADENED SCOPE OF RESTRUCTURING ACTIVITIES TO FURTHER REDUCE COSTS.

* WE NOW EXPECT TOTAL RESTRUCTURING CHARGE TO BE UP TO £35M,

* AT END OF JUNE 2019 GROUP HEADCOUNT WAS APPROXIMATELY 8,200

* HAVE REDUCED HEADCOUNT BY A FURTHER 12% IN H1 2020

* IN CIVIL AEROSPACE, SIGNIFICANT REDUCTION IN PRODUCTION RATES SEEN IN Q2 IS EXPECTED TO CONTINUE IN SECOND HALF OF 2020 AND INTO 2021

* ANTICIPATE RECOGNISING A SIGNIFICANT NON-CASH REDUCTION IN CARRYING VALUE OF CERTAIN INTANGIBLE ASSETS UNDER IAS 36 AS AT 30 JUNE

* TRADING FOR REST OF 2020 CONTINUES TO BE IMPACTED BY COVID-19.

* GUIDANCE FOR 2020 REMAINS SUSPENDED.

* IN OIL & GAS WE ARE EXPECTING SIGNIFICANTLY LOWER EQUIPMENT DEMAND TO BE MAINTAINED FOR REMAINDER OF YEAR

* ANTICIPATE RECOGNISING A SIGNIFICANT NON-CASH REDUCTION IN CARRYING VALUE OF CERTAIN INTANGIBLE ASSETS UNDER IAS 36 AS AT 30 JUNE 2020 Source text for Eikon: Further company coverage:

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