Raises annual dividend by 77
2023 profit jumps 91
expects 2024 performance in line with expectations

March 4 Reuters British aerospace engineer Senior raised its dividend on Monday after 2023 profits nearly doubled, buoyed by an increase in civil aircraft production rates and robust demand in the land vehicle markets.

We have achieved a diversified position across key civil and defence aircraft platforms and are benefiting from increasing aircraft build rates which we expect will lead to higher sales in 2024 and beyond, CEO David Squires said in a statement.

It forecast its 2024 performance to be in line with its estimates, as Boeing, one of its top customers, had asked suppliers to maintain production of 737 MAX plane parts at previously agreed levels.

The Federal Aviation Administration FAA has given Boeing 90 days to develop a comprehensive plan to address systemic qualitycontrol issues after restricting it from ramping up the production rate of 737 MAX planes from the current 38 planes a month.

If you look at last year, for much of last year, the manufacturing rate was 31 per month. So in the worst case scenario, if they didn39;t go above the rate of 38 this year, there39;s still growth for the suppliers, Squires told Reuters in an interview.

The company39;s adjusted pretax profit jumped 91 to 38.3 million pounds 48.5 million for the year ended Dec. 31.

Senior proposed an annual dividend of 2.3 pence, up 77.

Demand at its Flexonics division, which makes…