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Aug. 3, 2020, 2:29 a.m. EDT

Senior PLC swings to loss, won't pay dividend

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By Jaime Llinares Taboada

Senior PLC on Monday reported a swing to a loss for the first half of the year as its business was hurt by the pandemic and the grounding of the Boeing 737 MAX fleet, and said it won't pay a dividend for the period.

The engineering-solutions provider made a pretax loss of 136.3 million pounds ($178.4 million) in the first six months of 2020, compared with a GBP26.5 million profit a year earlier.

Earnings were hit by a GBP110.5 million impairment related to the goodwill of its aerospace-structures division.

Revenue fell 30% in the period, to GBP409.0 million.

Chief Executive David Squires said the pandemic had a profound effect on Senior's market and customers, and that this impact will stay for some time.

"The restructuring program, which we launched in November 2019, has progressed in line with plans. Whilst we are doing everything possible to sustain jobs, regrettably we have had to extend and broaden the scope of the restructuring in response to the impact of Covid-19 on our business," Mr. Squires said.

Senior said its trading for the second half of the year remains uncertain due to the coronavirus, and that 2020 guidance remains suspended.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

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