The civil aerospace will not return to 2019 levels for several years, the manufacturing and engineering group said, while the flexonics market is not anticipated to see meaningful improvement before 2021.
The power and energy segment is expected to see lower demand to continue for the remainder of the year.
The firm remains confident in its medium-term outlook due to its investment in low carbon and advanced manufacturing technology, fluid conveyance and thermal management products and diversity of markets.
In the six months to June 30, revenue was wiped out by a third to £409mln, while it swung to a £136mln loss before tax compared to last year’s £26mln profit.
The firm was severely hit by the pandemic and Boeing’s temporary halt in 737 MAX production.
Shares slid 8% to 48p early on Monday.
Published at Mon, 03 Aug 2020 07:50:00 +0000-Senior expects continued disruption throughout 2020