Engineer Senior stumbled after uncovering the havoc wreaked by the Covid crisis on companies further down the aerospace supply chain.
Airlines were hit almost immediately by the massive cancellation of flights, but it took longer to clarify the impact it had on aircraft manufacturers.
Now Senior, which supplies parts that Boeing and Airbus use to make airplanes, has been forced to cut another 12 percent of its staff because after calculating the dive in international travel, nearly a third of sales will be between January and June are wiped out.
Grounded: Senior, which supplies parts that Boeing (photo) and Airbus use to make airplanes, is forced to cut another 12 percent of its staff because of the plunge in international travel
In total, since June last year, when it had 8,200 employees, it has cut 17 percent of the global workforce – or about 1,400 people.
Last year, it already had problems after Boeing’s best-selling 737 Max aircraft ran aground after two deadly crashes.
This led to smaller scale restructuring.
But now it is settling in the long run, expanding this cost savings scheme as it provides for a ‘long term shrinkage’ caused by the pandemic.
Most industries in which it operates are flagging – although defense and medical work have remained strong.
Stock Watch – Trafalgar Property Group
Housebuilder tiddler Trafalgar Property caught traders’ attention after an entrepreneur who made a name for himself during the dotcom bubble bought a 6.2 percent stake.
Chris Akers played in the late 1990s by selling a £ 25,000 start-up called Sports Internet Group to BSkyB for £ 300 million.
Shares in Trafalgar – which is based in Kent and also focuses on Surrey, Sussex and the M25 ring south of London – rose 87 percent, or 0.1 p, to 0.22 p.
The company also recently raised £ 750,000 to pay off debts.
Analysts at Credit Suisse said they were impressed by the amount Senior was able to raise.
But shares fell 2.1 percent, or 1.3 pence, to 59.3 p towards the end, bringing losses to about two-thirds so far this year as investors have pushed the eject button.
Water giants Severn Trent, Pennon Group and United Utilities went higher despite a scathing report by MPs urging regulator Ofwat to start publishing water company performance rankings in an effort to stop leaks that parts of England within 20 years of water could rob. .
Severn Trent’s stock rose 0.8 percent or 18 pence to 2379 pence, Pennon rose 1.6 percent or 16.5 p to 1081 p, while United Utilities rose 0.6 percent by 5 pc. Up to 867 pence.
After a poor start to the trading day, London markets ended the week better, with the FTSE 100 reversing early losses and down 0.76 percent, or 45.79 points, to 6,095.41.
It was given an extra boost by data from drug developer Gilead, which found that the risk of death from coronavirus was lower in those taking the remdesivir treatment.
The FTSE 250 increased by 1.15 percent or 194.84 points to 17,179.97.
Cruise vacations may not be off the charts for British people, but there was good news from the world’s largest cruise operator.
Carnival jumped 4.5 percent, or 42 pence, to 986 p, after revealing plans for a phased return of a smaller fleet of ships, adding that there is still demand for new bookings from 2021.
Chief executive Arnold Donald said Carnival “reorganized the company to become stronger, leaner and more efficient.”
The goldsmith Petropavlovsk’s row of shareholders took another turn. Attempts by a Russian investor to fire temporary directors were delayed by a court, which led them to convene a general meeting in an attempt to appoint people to the council they chose.
Shares were higher at 9.2 percent, or 2.4p, to 28.45p
But mid-cap insurer Hastings was under pressure after one of its top investors, Goldman Sachs, put up 22 million shares in the group for sale.
According to the U.S. lender’s merchant banking division, they were 177 pence, Bloomberg reported, which was more than 6 percent lower than at the end of Thursday.
In line with this, Hastings’ stock fell 6.9 percent, or 13.1 p, to 176 p, making it to the bottom of the FTSE 250 rankings.
Luxury brand Aston Martin still couldn’t take a break. Shares fell for a second session – down 0.04 percent or 0.02 p to 45.98 p – despite the first DBX SUV rolling off the production line on Thursday.
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