ANNUAL

REPORT &

ACCOUNTS

2022

WE ARE

SENIOR

We are an international, market-leading,

engineering solutions provider with

26 operating businesses in 12 countries.

OUR PURPOSE

We help engineer the transition to a sustainable world for

the benefit of all our stakeholders.

We do this by:

• Using our technology expertise in fluid conveyance and

thermal management to provide safe and innovative

products for demanding applications in some of the

most hostile environments.

• Enabling our customers, who operate in some of the

hardest-to-decarbonise sectors, to transition to low

carbon and clean energy solutions.

• Staying at the forefront of climate disclosure and

actionby ensun by ensuring our own operations achieve our

NetZero comNet Zero commitments.

Group at a Glance

Group Chief Executive

Officer’s Statement

Chair’s Statement

1SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

Governance

Investment Case

Technology

Divisional Review:

Aerospace

Sustainability

STRATEGIC REPORT

IFC Our Purpose

2 Financial Highlights

3 Non-Financial Highlights

6 Group at a Glance

8 Chair’s Statement

10 Group Chief Executive Officer’s Statement

14 Market Overview

16 Sustainability

20 Our Technology and Product

Development on the Road to Net Zero

22 Environment

26 TCFD

32 Social

36 Governance

38 Our Business Model

40 Investment Case

42 Strategic Priorities

44 Technology

46 Our Technology Themes

48 Our Enabling Technology

50 Stakeholder Engagement

56 Section 172 Statement

58 Key Performance Indicators

60 Risks and Uncertainties

72 Divisional Review – Aerospace

76 Divisional Review – Flexonics

78 Financial Review

82 Viability Statement

GOVERNANCE

86 Chair’s Governance Letter

89 Board at a Glance

90 Board of Directors

94 Executive and HSE Committees

95 Report of the Directors

97 Nominations Committee Report

100 Audit, Risk and Internal Control

102 Audit Committee Report

108 Remuneration Committee Report

111 2022 Remuneration Report at a Glance

113 Remuneration Report: Policy

119 Annual Report on Remuneration

129 Statement of Directors’ Responsibilities

130 Independent Auditor’s Report to the

Members of Senior plc

FINANCIAL STATEMENTS

140 Consolidated Income Statement

141 Consolidated Statement of

Comprehensive Income

142 Consolidated Balance Sheet

143 Consolidated Statement of Changes

in Equity

144 Consolidated Cash Flow Statement

145 Notes to the Consolidated

Financial Statements

184 Company Balance Sheet

185 Company Statement of Changes in Equity

186 Notes to the Company Financial

Statements

192 Five-year Summary

ADDITIONAL INFORMATION

194 Group Undertakings

196 Additional Shareholder Information

197 Officers and Advisers

Divisional Review:

Flexonics

HIGHLIGHTS

FINANCIAL

HIGHLIGHTS

Revenue

+29%

£848.4m

2021 – £658.7m

Adjusted operating margin

(1)

+250 bps

3.4%

2021 – 0.9%

Adjusted profit before tax

(2)

£20.1m

2021 – £(1.9)m loss

Profit before tax

£22.4m

2021 – £23.7m

Adjusted earnings per share

(3)

4.36p

2021 – 0.17p

Basic earnings per share

4.86p

2021 – 5.82p

Return on capital employed

(4)

+370 bps

4.7%

2021 – 1.0%

Dividend per share

1.30p

2021 – nil p

Free cash flow

(5)

£ 27.7m

2021 – £14.0m

Net debt

(5)

£26m increase

£178.9m

2021 – £153.1m

Adjusted operating profit and adjusted profit/loss

before tax are stated before £4.2m net restructuring

income (2021 – £4.4m) and £0.2m amortisation of

intangible assets from acquisitions (2021 – £nil).

Adjusted profit/loss before tax is also stated before

costs associated with corporate undertakings of £1.7m

(2021 – £21.2m income). In 2021, Adjusted earnings

per share is also stated before exceptional non-cash tax

credit of £0.6m.

EBITDA is defined as adjusted profit/loss before tax,

and before interest, depreciation, amortisation, and

profit or loss on sale of property, plant and equipment.

It also excludes EBITDA from businesses which have

been disposed and includes 12 months EBITDA for

businesses acquired and it is based on frozen GAAP

STRATEGIC REPORT / FINANCIAL HIGHLIGHTS

(pre-IFRS 16). This measure is used for the purpose of

assessing covenant compliance and is reported to the

Group Executive Committee.

(1) Adjusted operating margin is the ratio of adjusted

operating profit to revenue. A reconciliation of adjusted

operating profit to operating profit is shown in Note 9.

(2) A reconciliation of adjusted profit/loss before tax to

profit before tax is shown in Note 9.

(3) A reconciliation of adjusted earnings per share to basic

earnings per share is shown in Note 12.

(4) See page 59 for the derivation of return on capital

employed.

(5) See Notes 32b and 32c for the derivation of free cash

flow and of net debt respectively.

The US Dollar exchange rate applied in the translation of

revenue, profit and cash flow items at average rates for

2022 was $1.24 (2021 – $1.38). The US Dollar exchange

rate applied to the balance sheet at 31 December 2022

was $1.21 (31 December 2021 – $1.35).

Cautionary statement

The Annual Report & Accounts 2022 contains certain

forward-looking statements. Such statements are made

by the Directors in good faith based on the information

available to them at the date of this Report and they

should be treated with caution due to the inherent

uncertainties underlying any such forward-looking

statements.

2 SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

3SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

Read more about the progress we are making on our

purpose on pages 8, 11, 12, 16, 18, 20 & 42

Read more about our people and culture on pages 18,

34, 39, 42 & 51

Read more about our investment case

on page 40

Read more about our strategic priorities on page 42

Read more about how we are performing in

Aerospace on page 72

Read more about how we are performing in Flexonics

on page 76

CDP

(climate disclosure project)

(2021 A-)

Leadership rating “Implementing best practices”

Total Scope 1 and 2 Carbon Dioxide Emissions

(tonnes CO

equivalent emitted)

44,878 tonnes

2021 – 46,540 tonnes

(Scope 1, Scope 2 – market based)

Lost time injury rate

(per 100 employees)

0.38

2021 – 0.32

Waste recycled

94.8%

2021 – 93.1%

Women in leadership – Board of Directors

55%

2021 – 50%

Women in leadership – Executive Committee

29%

2021 – 38%

Global Employee Opinion Survey

(percentage of employees completing the survey)

81%

2021 – 81%

Ethics

(percentage of employees who completed Annual Code

of Conduct Training)

94%

2021 – 94%

NON-FINANCIAL

HIGHLIGHTS

STRATEGIC REPORT /

STRATEGIC

REPORT

IN THIS SECTION

“Senior has continued to make good strategic,

operational and financial progress, with

strong delivery across the Group, in2022.”

David Squires

Group Chief Executive Officer

6 Group at a Glance

8 Chair’s Statement

10 Group Chief Executive Officer’s Statement

14 Market Overview

16 Sustainability

20 Our Technology & Product Development

on the road to Net Zero

22 Environment

26 TCFD

32 Social

36 Governance

38 Our Business Model

40 Investment Case

42 Strategic Priorities

44 Technology

46 Our Technology Themes

48 Our Enabling Technology

50 Stakeholder Engagement

56 Section 172 Statement

58 Key Performance Indicators

60 Risks and Uncertainties

72 Divisional Review – Aerospace

76 Divisional Review – Flexonics

78 Financial Review

82 Viability Statement

Ducting

Intermediate Case (IMC) for

Aerospace Turbine Engine

A modern turbofan engine is

ahighly complex assembly

ofstationary and rotating

components. Various casings

arefundamental structural

components of the engine core,

and as such, have complicated

geometries with thousands of

veryclose-tolerance features.

Veryfew suppliers have the

technical competence to be

strategic suppliers of casings

tomajor engine OEMs.

4 SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

5SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

STRATEGIC REPORT /

Ducting

In order for people to be able

towithstand the extreme

temperatures and pressures

encountered in flight, aerospace

ducting facilitates the distribution

ofcritical fluids and air throughout

the aircraft, thus ensuring proper

temperature regulation, ventilation,

humidity, and/or containment

control, anti-icing and

noiseattenuation.

Modern flight would not be

possible without high- and

low-pressure ducting throughout

theaircraft.

Ducting

Bellows

Every aircraft has hundreds, if

notthousands of bellows used

extensively in expansion joints,

actuators, mechanical seals,

exhaust systems, manifolds,

fluidmanagement devices

(i.e.accumulators, volume

compensators and reservoirs).

These critical components absorb

vibration, compensate for both

lineal and radial movements,

absorb thermal expansion and

contraction and precisely

measuremovement.

These bellows come in all

varietyofshapes including

circular,rectangular and even

ovalshapedbellows in a single

ormulti-plyconfiguration.

Business Class Seat Frames

Every long-haul airline regards

itsbusiness class seats as its

premium offering. As airlines

realised that passengers were

requiring seats that easily

convertinto lie-flat beds, the seat

manufacturers updated their old

designs with both minor and major

changes. The exact specifications

change not only from one airline

toanother, but also from one

aircraft type to another. In addition,

some airlines will have one type

ofseat on one aircraft variant,

andacompletely different type

onanother.

Flexibility in manufacturing

multipledesigns is paramount

tocompetitiveness.

STRATEGIC REPORT / GROUP AT A GLANCE

GROUP AT A GLANCE

OUR PURPOSE

We help engineer the transition

to a sustainable world for the

benefit of all our stakeholders

WE DO THIS BY:

• Using our technology expertise influid conveyance and thermal

management to provide safe and innovative products for demanding

applications in some of the most hostile environments.

• Enabling our customers, whooperate in the hardest-to-decarbonise

sectors, to transition tolow carbon and clean energysolutions.

• Staying at the forefront of climate disclosure and action by ensuring

ourown operations achieve our Net Zero commitments.

AEROSPACE

Providing high technology products

and systems for demanding

applications in civil aerospace &

defence and adjacent markets.

The Aerospace portfolio spans

awide range of fluid conveyance

and thermal management

components and sub-systems,

aswell as complex structural parts

and assemblies, for fixed-wing

androtary aircraft, aero-engines,

spacecraft and a variety of other

industrial applications.

Read more on pages 44 to 49

35%

(2021 – 34%)

Land vehicles 19%

Power and energy 16%

OUR VALUES

“Our Core Values

underpin our culture.”

David Squires

Group Chief Executive Officer

STRATEGIC REPORT / CHAIR’S STATEMENT

CHAIR’S STATEMENT

CONTINUED RECOVERY

AND GROWTH DURING

A CHALLENGING YEAR

Overview

Our consistent resolute approach to managing

the effects of significant external factors

continued through 2022 and enabled us to

deliver a strong operational and financial

performance in the year. We continued to

contend with the effects of the pandemic and

the disruption and deglobalisation of the supply

chain was also exacerbated by the conflict in

Ukraine and the consequent energy crisis.

Theresulting major inflationary pressures across

our cost base continue to be managed diligently

and proactively by the business, whilst also

recognising the impact that the pressures

haveon the cost of living for our employees.

Once again, the operating businesses under

David and Bindi’s leadership have risen to the

occasion and delivered significantly improved

profitability during the period, exceeding market

expectations. Attractive and structurally resilient

core markets, evidenced by increasing

production volumes in both Aerospace and

Flexonics, underpinned a Group revenue growth

of 29% and a healthy order intake. The book to

bill ratio of 1.24 is strong.

The Group’s strategy continues to be compelling

and along with our well-capitalised businesses

provides a solid foundation to support our future

growth aspirations. The acquisition of Spencer

Aerospace is a very considered step in this

direction. Spencer’s capabilities in highly

engineered, high-pressure hydraulic fluid fittings

for use in commercial and military aerospace

applications have strong synergies with Senior’s

existing fluid conveyance business; the

opportunities for further growth in this sector

areexciting.

The Board revisited Senior’s Purpose this year

and aligned it further with our ongoing strategy.

Ourrenewed Purpose is "we help engineer the

transition to a sustainable world for the benefit

of all our stakeholders". We do this by:

• Using our technology expertise in fluid

conveyance and thermal management to

provide safe and innovative products for

demanding applications in some of the

mosthostile environments.

• Enabling our customers, who operate in the

hardest-to-decarbonise sectors, totransition

to low carbon and clean energy solutions.

• Staying at the forefront of climate disclosure

and action by ensuring our own operations

achieve out Net Zero commitments.

What Senior offers is pivotal technologies

foremissions reduction and environmental

efficiency; capabilities that continue to be highly

relevant as the world transitions towards a low

carbon economy. Our continued investment in

the right technologies ensures that we not only

provide solutions for today’s challenges but

equally for future requirements.

Our strategy and our positioning in attractive

andstructurally resilient core markets, combined

with sector-leading sustainability credentials

andhighly relevant technical capabilities,

deliversa strong financial recovery across

bothAerospace and Flexonics Divisions.

Withmarkets recovering, we will continue

tosee improving profitability through volume

related operating leverage, while managing

inflationary impacts through our focus on

costand pricing management.

We are a well-capitalised Group, with

intrinsically strong cash flows and operating

businesses that have capacity to benefit from

end marketrecoveries. The Group maintains a

strong financial position and the balance sheet

remains robust, further enhanced by the

renewal of the UK revolving credit facility and

the well-funded nature of the UK pension plan.

The Board continues to review the portfolio

within the Group, understanding the importance

of considered and effective capital deployment

to maximise shareholder value creation.

Expanding Senior’s high-quality fluid

conveyance and thermal management

businesses remains an ongoing priority.

Investments are supported by a business case

and are assessed using a rigorous investment

appraisal process.

The Board is confident in our strategy and that it

will deliver enhanced value for all stakeholders.

“We remain confident in delivery

ofour strategy and that it will

maximise value for shareholders,

asour markets recover, over the

medium term.”

Ian King

Chair

8 SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

9SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

STRATEGIC REPORT / CHAIR’S STATEMENT

STAKEHOLDER

ENGAGEMENT

The success of the Group is enabled by mature

andprogressive engagement with all of our

stakeholders. A key priority for the Group is

ensuringthat their viewpoints are fully considered

when assessing the impact of our decisions

andstrategies.

Pages 50 to 57 explain more on this

SUSTAINABILITY

REPORT

A commitment to sustainability underpins our

purpose, and is a key objective of the Executive and

the Board. Our programme is well defined and being

delivered. Our progress is measured by metrics,

targets and an annual scorecard.

To find out more on our sector leading

sustainability programme read pages 16 to 37.

Our performance

In 2022, the Board and the Executive team

continued to make good strategic, operational,

and financial progress. With strong delivery

across the Group, we significantly improved

profitability, generated excellent free cash

flow and further strengthened of our

balancesheet.

Group revenue increased 29% to £848.4m,

withgrowth in both divisions. Our adjusted

operating profit increased to £28.5m which

resulted in the Group’s adjusted operating

margin increasing by 250 basis points,

to3.4%.

We generated an excellent free cash inflow

of£27.7m. The Group’s financial position

remains robust, with a healthy balance sheet

and period end net debt to EBITDA of 1.47x,

after taking into account the consideration

forthe acquisition of Spencer Aerospace.

In line with the Board’s decision from earlier in

the year to reinstate dividends, and reflecting

confidence in the Group’s performance,

financial position and future prospects, the

Board is proposing a final dividend of 1.00

pence per share (2021 – nil pence). This would

bring total dividends, paid and proposed for

2022 to 1.30 pence per share. The Board will

continue to follow a progressive dividend

policy reflecting earnings per share, free cash

flow generation, market conditions and

dividend cover over the medium term.

Our sector leading

sustainabilitycredentials

Our Purpose underpins our commitment to

sustainability. The Board continues to recognise

the importance of adopting a bold and

comprehensive sustainability programme.

Wefirmly believe that our leadership in this

areaprovides a distinct commercial competitive

advantage as the world transitions to a low

carbon economy. Sustainability remains an

integral part of our strategy, embedded within

the behaviours of our people and the culture

ofour organisation.

In 2022, we have again made good progress

with our key sustainability metrics and activities.

We were awarded the top ‘A’ score by CDP

inits global annual ranking for transparency

onclimate change, putting us in the top 2%

ofdisclosing companies. We were the only

Aerospace and Defence company to achieve an

A rating in 2022. In addition, we have submitted

our Long Tern Net Zero Targets to the Science

Based Targets Initiative for validation. The

targets, to be achieved by 2040, are aligned to

keep global warming to 1.5 degrees centigrade,

the most ambitious goal of the Paris Agreement.

The Sustainability Report on pages 16 to 37

explains how Senior has achieved significant

improvement against our non-financial targets

in2022.

Our Board

I remain confident we have a cohesive, diverse

and high performing Board in place to work with

the Executive Leadership Team to implement

the Company’s strategy. The non-executive

Directors continued to bring very strong, broad,

professional and complementary qualities to the

Board in 2022, and I look forward to continue

working with the Board in 2023 to deliver

long-term sustainable growth.

As previously highlighted, this year we thank

Celia Baxter and Giles Kerr for their tenure as

highly valued members of the Board; having

reached their nine-year anniversaries on the

Board in 2022, in order to ensure a suitable

transition period with their successors, it was

agreed they remain in office until the conclusion

of the 2023 AGM. Mary Waldner and Barbara

Jeremiah, having joined the Board at the end of

2021 and the beginning of 2022 respectively,

have been given a full and comprehensive

induction programme and are now fully

established members of the Board.

The Board has completed a comprehensive

externally conducted Board evaluation during

2022. The Board was found to be functional,

effective, engaged and motivated and with

clearprogress being made against prior actions.

Non-Executive Director (NED) succession

hadbeen handled smoothly and it was agreed

that the process should be extended to hire

anadditional NED with relevant industrial and

business experience aligned to our strategy.

TheBoard is to also review the structure of the

Board meetings schedule and agenda to ensure

more time is allocated on the agenda to achieve

debate and engagement. To find more detail on

these improvements, please refer to page 99 in

the Governance section.

The Corporate Governance Report pages 86

to129 explains how the Board sets the tone

andtakes the lead on governance matters.

Wecontinue to ensure the health, well-being

and safety of our employees is a priority and

thatour operations conduct themselves with

integrity and in an ethical, sustainable and

socially responsible manner.

Stakeholder Engagement

The Board continues to focus on our

responsibility to all of Senior’s stakeholder

groups – our employees, customers, suppliers,

communities and shareholders. We believe that

engaging with our stakeholders is key to the

long-term success of the Group.

In 2022, the Group increased its engagements

with shareholders, both by the Executive team,

the Group Chair and the Chair of the

Remunerations Committee, through a diverse

and tailored range of channels.

This year we launched our second Global

Employee Opinion Survey. We had excellent

participation and engagement, and feedback

was positive, valuable, and constructive. Celia

Baxter, together with our Group HR Director,

Jane Johnston, participated in 19 employee

engagement focused groups with four of our US

operating businesses and our German business.

Feedback from the meetings was provided to

local Management, the Executive Leadership

Team and to the Company’s Board of Directors,

who were given the opportunity to ask

questions on the findings.

Looking forward

Our compelling strategy and positioning in

attractive and structurally resilient core markets,

combined with our sector leading sustainability

credentials and highly relevant technical

capabilities, underpins our commitment to

continuing to deliver a strong recovery across

our Aerospace and Flexonics Divisions, which

inturn will deliver enhanced value for

ourstakeholders.

As we enter 2023, we will continue to focus

ondelivering good strategic, operational, and

financial progress. We remain on track to drive

the Group ROCE to a minimum of 13.5% in line

with our previously stated ambition.

On behalf of the Board, I would like to thank all

of our people for their substantial contribution

toSenior over the last year. I would also like to

extend this to all of our stakeholders for their

continued support.

Ian King

Chair

STRATEGIC REPORT / CHIEF EXECUTIVE OFFICER’S STATEMENT

GROUP CHIEF EXECUTIVE

OFFICER’S STATEMENT

STRONG RESULTS AS

RECOVERY CONTINUES

“We have delivered a strong

setofresults for 2022.

Wesignificantly improved

profitability, generated excellent

free cash flow, strengthened

ourbalance sheet and continued

to make very good progress on

oursustainabilitygoals.”

David Squires

Group Chief Executive Officer

Overview of 2022 results

Senior has continued to make good strategic,

operational, and financial progress, with strong

delivery across the Group reflected in

significantly improved profitability, excellent free

cash flow generation and further strengthening

of our balance sheet.

With commercial aerospace markets recovering

and other important end markets remaining

buoyant, we saw order intake increase and

abook to bill ratio of 1.24 for the Group,

whichunderpins our confidence in continued

growth in2023 and beyond. Both divisions

recorded good order intake demonstrating

thebroad, diversified, and high-quality nature

ofourbusiness.

Senior’s Purpose is "we help engineer the

transition to a sustainable world for the benefit

of all our stakeholders." Our strategic focus and

industry-leading expertise in fluid conveyance

and thermal management technology was

enhanced by the acquisition of Spencer

Aerospace in November 2022. Additionally,

wemade good progress on our technology

roadmap with many new products in

development and significant technology and

engineering milestones achieved: for example,

the development of the bleed air system for the

supersonic X-59 flight demonstrator utilising

ouradvanced additive manufacturing capability.

(This is discussed further in the Technology

section on page 48.)

In our Post-close Trading Update on 24 January

2023, we reported a strong end to the year with

outperformance in the Flexonics Division and

the Aerospace Division performing in line with

expectations. During 2022, Group revenue

increased 20% on a constant currency basis

to£848.4m, with growth in both divisions.

Theyear-on-year increase reflected the ongoing

recovery in our core markets as well as recent

programme wins entering series production.

The Group benefited from the increase in civil

aircraft production rates, growth in land vehicle,

power & energy, semi-conductor equipment

and space markets, as well as price increases

of£28.6m to offset inflationary costs.

Additionally, favourable exchange rates

added£46.3m (9%) to total sales.

In Aerospace, revenue increased 18% year-on-

year on a constant currency basis. Excluding

Senior Aerospace Connecticut, which was

divested in April 2021, revenue for the full year

on a constant currency basis increased by 20%.

The year-on-year increase reflected the ramp

upin civil aircraft production rates, growth from

semi-conductor equipment markets and higher

volumes for space programmes. This more than

offset the decline in defence, which was

affected by the delay in spending as a

consequence of the Continuing Resolution

being in place in the USA during the first half

ofthe year.

In Flexonics, revenue grew 26% compared

toprior year, on a constant currency basis.

Theperformance in 2022 was driven by strong

customer demand in the land vehicle and

power& energy markets. In land vehicles,

Senior outgrew end market demand due to

recent contract wins entering series production.

Inpower & energy markets, activity increased

inupstream oil and gas and levels of

maintenance and overhaul activity improved.

We measure Group performance on an adjusted

basis, which excludes items that do not directly

reflect the underlying in-year trading

performance (see Note 9). References below

therefore focus on these adjusted measures.

The Group generated an adjusted operating

profit of £28.5m (2021 – £6.1m), an increase of

367% over the prior year. This resulted in the

Group’s adjusted operating margin increasing by

250 basis points, to 3.4% in 2022 (2021 – 0.9%).

Overall, in 2022, price increases of £28.6m

offset material and other inflationary cost

increases of £26.0m. The improved profitability

principally reflected the volume-related

operating leverage across our businesses.

Supply chain constraints and inflationary

pressures persisted throughout 2022: our

operating businesses worked diligently and

proactively to navigate these challenges,

mitigate their impact on the business and

ensure service levels for customers were

maintained to the best extent possible. As we

enter 2023, supply chain constraints have eased

somewhat in our Flexonics Division but continue

to require relentless management in a number

Revenue

£848.4m

(2021 – 658.7m)

Adjusted profit before tax

£20.1m

(2021 – £(1.9)m loss)

Adjusted earnings per share

4.36p

(2021 – 0.17p)

10 SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

11SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

STRATEGIC REPORT / CHIEF EXECUTIVE OFFICER’S STATEMENT

of our Aerospace businesses. We see that

continuing to be the situation for some time

given the welcome increase in civil aircraft

production rates required by the industry to

satisfy the strong demand from airlines and

aircraft lessors. We continue to work closely

with our suppliers and customers to minimise

any potential disruption. Very recently, the

situation has been compounded by a fire at

one of our key suppliers in Thailand. We are

working closely with the supplier and our

customers to assess and mitigate the specific

impact of the fire.

Adjusted profit before tax increased to

£20.1m (2021 – £(1.9)m loss). The adjusted

tax charge was £2.0m (2021 – £2.6m credit).

Adjusted earnings per share increased to

4.36pence (2021 – 0.17 pence).

Reported profit before tax was £22.4m. The

2021 reported profit before tax was £23.7m,

having benefited from the profit on the sale of

our Senior Aerospace Connecticut business

during that period. Basic earnings per share

was 4.86 pence (2021 – 5.82 pence).

The Group delivered an excellent cash

performance in 2022 generating free cash

inflow of £27.7m (2021 – £14.0m), an

increaseof 98% over the prior year, driven

bythe significant increase in profits.

Grossinvestment in capital expenditure

was£30.5m (2021 – £21.3m), which was

0.8times depreciation excluding the impact

ofIFRS 16 (2021 – 0.6 times). Cash outflows

from working capital were £12.1m (2021 –

£2.6m) reflecting increased activity levels and

the need to hold some tactical buffer stocks.

However, our effective management of

working capital helped to deliver a small

decrease as a percentage of sales to 15.5%

(2021 – 15.6%). The Group had net cash

outflow of £2.6m (2021 – £57.7m inflow)

in2022, due to free cash inflow of £27.7m

(2021 – £14.0m), offset by £30.3m cash

outflows related to corporate undertakings

and restructuring activity, interim dividend

payments and purchase of own shares

(2021– £43.7m inflows).

Net debt at the end of December 2022

was£178.9m (including capitalised leases

of£78.4m), an increase of £25.8m from

December 2021, after taking into account

£25.3m consideration for the acquisition of

Spencer Aerospace, adverse currency

movements of £14.2m and a £9.0m increase

for lease movements. The Group’s financial

position remains robust, with a healthy

balance sheet and period end net debt to

EBITDA of 1.47x (December 2021 – 1.87x).

Return on capital employed (ROCE) increased

by 370 basis points to 4.7% (2021 – 1.0%).

The increase in ROCE reflected the significant

increase in profitability, while managing the

increase in capital employed which was

mainly due to the acquisition of Spencer

Aerospace. This improvement in ROCE is an

important step to delivering our Group ROCE

target of 13.5% over the medium term.

In line with the Board’s decision from earlier in

the year to reinstate dividends, and reflecting

confidence in the Group’s performance, financial

position and future prospects, the Board is

proposing a final dividend of 1.00 pence per

share (2021 – nil pence) and this will be paid on

26 May 2023 to shareholders on the register at

close of business on 28 April 2023. This would

bring total dividends, paid andproposed for

2022 to 1.30 pence per share. Wewill continue

to follow a progressive dividend policy reflecting

earnings per share, free cash flow generation,

market conditions and dividend cover over the

medium term.

Delivery of Group Strategy

Senior has a compelling strategy to maximise

value for shareholders.

Our renewed Purpose is "we help engineer the

transition to a sustainable world for the benefit

of all our stakeholders". We do this by:

• Using our technology expertise in fluid

conveyance and thermal management to

provide safe and innovative products for

demanding applications in some of the

mosthostile environments.

• Enabling our customers, who operate in the

hardest-to-decarbonise sectors, to transition

to low carbon and clean energy solutions.

• Staying at the forefront of climate

disclosureand action by ensuring

ourownoperations achieve our

NetZerocommitments.

Complementing this, our vision is to be a trusted

and collaborative high value-added engineering

and manufacturing company producing

sustainable growth in operating profit, cash flow

and shareholder value.

To achieve our strategy, we will:

• strengthen our strategic focus on IP-rich

fluidconveyance and thermal

managementproducts;

• organically grow the Aerostructures

businessby fully utilising our world class

globalfootprint;

• maintain a strong focus on lean

manufacturingand operational efficiency

through our Senior Operating System;

• execute on our portfolio optimisation

strategyto maximise value creation;

• maintain our sector leading

sustainabilityperformance;

• drive intrinsic strong cash generation

anddeliver a minimum of 13.5% ROCE

overthe medium term.

Our strategic focus and expertise in fluid

conveyance and thermal management

technology and capabilities is supported by

extensive design and manufacturing process

intellectual property and know-how. We develop

and supply proprietary products, sub-systems

and systems for our customers’ demanding

applications across a range of diverse and

attractive end markets. Our products are key

enablers of pivotal technologies which are

delivering emissions reduction and

environmental efficiency and are highly relevant

as the world transitions towards a low-carbon

economy. Senior has developed novel solutions

for low and zero carbon applications and we are

involved in a range of research and development

projects that support the drive for electrification

and hydrogen propulsion systems on land and

inthe air. This is discussed further on pages 18

to 21 and 44 to 49.

As well as our businesses being actively

focused on new product offerings for the

transition to a low carbon world, we continue

tobe actively involved in making conventional

technology cleaner to bridge the gap between

both worlds. In addition, Senior's end-markets

are evolving to reflect the global effort to

achieve net zero carbon emissions. Senior's

technology and product roadmap is aligned

tothese trends with a product development

strategy that is compatible with our focus

onsustainability.

This well-defined strategy, along with

ourwell-capitalised businesses, provides

asolidfoundation to support our future

growthaspirations.

In June 2022, we announced the strategic

acquisition of substantially all of the assets

ofSpencer Aerospace Manufacturing, LLC

(“Spencer Aerospace”), which completed

inNovember. The acquisition marks a further

step in our well-defined strategy and is part of

our wider objective of optimising our portfolio

and maximising value for shareholders.

Theacquisition enhances Senior's industry-

leading fluid conveyance capabilities, expanding

our capability to produce higher level assemblies

and sub-systems and with the potential to

penetrate new markets such as hydrogen

fittings for power and infrastructure applications.

While Senior has existing hydraulic fluid fittings

expertise, our customers have been strongly

encouraging us to increase our presence and,

following the acquisition, our combined

expertise and market reach will allow us to

respond decisively and accelerate growth as

weleverage Senior’s strong relationships with

OEMs, Tier 1 integrators, and aftermarket

customers around the world to open new

opportunities for Spencer Aerospace.

The strategy for Aerostructures asits core

markets continue to recover is to focus

anddrive:

• filling our existing capacity;

• pursuing some further diversification

intoSpace and Defence; and

• growing market share profitably

inCivilAerospace.

We saw good progress in our Aerostructures

businesses in 2022 and remain confident of

further performance improvement as production

volumes continue to ramp.

STRATEGIC REPORT / CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED

SUSTAINABILITY

A commitment to sustainability is rooted in

ourcore values and underpins our Purpose.

Sustainability is an integral part of our strategy,

embedded within the behaviours of our people

and the culture of Senior. We believe with

conviction that how you do business is every bit

as important as what you do. Across the Group

we always put safety and ethics first, and we

strongly encourage and promote diversity and

inclusivity across our international operations.

We continuously aim to deliver our products

inamanner that is both environmentally

sustainable and supports economic growth

andlong-term value creation for shareholders

through sustainable methods. In implementing

our strategy, we are committed to using

naturalresources responsibly, investing for the

long-term wellbeing of the planet and ensuring

that all people involved in our business process’

are treated fairly. Our Environmental, Social and

Governance (“ESG”) programmes continue

toevolve; this year we have been awarded a

class leading “A” rating by CDP for our work

onclimate disclosure and action, having already

previously achieved the highest leadership

ratingfor our Supplier Engagement programme.

We were also highly commended by the UK

Investor Relations Society in their annual best

practice awards for how we communicate our

sustainability programmes and commitments

toour stakeholders.

Our engineering expertise is key in helping to

tackle the climate change and clean air challenge

as the world transitions to a lower carbon

economy. We achieve this by applying our

expertise and technology across many different

applications, in hard-to-decarbonise sectors

ranging from aviation through to land vehicle

andpower & energy markets. We work in close

partnership with our customers' developing

solutions which support both their commercial

and sustainability objectives as we all strive to

achieve our individual Net Zero goals.

In 2022, we have again made good progress

with our key sustainability metrics and activities:

Environment

• Awarded the top ‘A’ score by CDP in its global

annual ranking for transparency on climate

change – Senior is one of only 283 companies

which achieved an A out of nearly 15,000

scored, putting us in the top 2% of disclosing

companies. We were the only Aerospace and

Defence company to achieve an A rating in

2022. In February 2022, we were informed

byCDP that Senior was awarded the highest

leadership status in its annual supplier

engagement ratings, putting us in the top 8%

of companies on this metric.

• We remain on track to achieve our Scope 1, 2

and 3 Science Based Target Initiative (“SBTi”)

verified Near Term Targets.

• We have submitted our Long-Term Net Zero

Targets to SBTi for validation. The targets,

tobe achieved by 2040, are aligned to keep

global warming to 1.5 degrees centigrade, the

most ambitious goal of the Paris Agreement.

• 41% of our electricity was sourced from

renewable energy, an increase from 36%

in2021.

• Recycled 94.8% of waste produced.

Social

• Recognising the impact of high rates of

inflation, Senior has taken steps to help

thebroader workforce including salary

settlements that reflected regional cost of

living pressures, a more flexible approach

toworking hours and promoting employee

assistance and wellbeing initiatives.

• Building on the success of our first Global

Employee Opinion Survey in 2021 and the

actions taken as a result of the feedback,

weundertook our second Global Employee

Opinion Survey in September 2022.

• We remain on track to achieve our 2025

LostTime Injury Rate reduction target.

• In 2022, we introduced additional safety

initiatives involving ergonomics and hand

protection to support our 2025 Lost Time

Injury Rate reduction goal.

• Currently, 55% of the Board Directors are

female and two of the Directors are from

ethnic minority backgrounds.

Governance

• In 2022, employees received refresher

training on Senior’s Code of Conduct.

• Employees continue to receive training and

regular reminders about the risks related to

information/cyber security.

• In 2022, we developed our Climate Change

training to improve awareness of climate

related matters across the Group.

“We continued to make

good progress on our

sustainability goals,

maintaining our sector

leading position.”

David Squires

Group Chief Executive Officer

12 SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

13SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

STRATEGIC REPORT / CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED

David Squires

Group Chief Executive Officer

Outlook

As we start 2023, our order book is healthy,

reflecting favourable market dynamics,

withcommercial aerospace recovery in

fullswing with other important markets

remaining buoyant. Demand is currently

holding up well, though we remain mindful

of the potential impact of the ongoing

supply chain pressures in aerospace,

aswell as the broader macro-economic

situation and geopolitical uncertainty.

Withaircraft build rates increasing through

the year, and the continuing supply chain

challenges in aerospace, including the

recent fire at one of our key suppliers, we

anticipate trading inour Aerospace Division

to be more weighted to the second half

ofthe year. Overall, the Board anticipates

strong growth for the Group in2023 in line

with itsexpectations.

We remain on track to drive the Group

ROCE to a minimum of 13.5% in line with

our previously stated ambition.

Our strategy and positioning in attractive

and structurally resilient core markets,

combined with our sector-leading

sustainability credentials and highly

relevanttechnical capabilities, is delivering

astrong recovery across our Aerospace

andFlexonics Divisions and enhanced

valuefor our stakeholders.

Aerospace

• Our traditional fluid conveyance products are

entirely compatible with sustainable aviation

fuels, the increasing adoption of which

appears to be the fastest route to lowering

aviation emissions.

• Our Additive Manufacturing capabilities are

enabling advances in complex product design

for improved performance and weight

reduction for the benefit of our customers

across a number of product applications.

• Our world-class capability in thermal

management and fluid conveyance

providesopportunities to support the

furtherdevelopment of electric/hybrid

airvehicleapplications.

• We are building upon our longexperience

ofproviding hydrogen fluid handling and

distribution products for industrial markets

tosupport development ofboth on-aircraft

and off-aircraft hydrogen technologies as this

alternative propulsion ecosystem evolves.

Land Vehicles

• Our current exhaust gas recirculation and

waste heat recovery products continue to

support evolving Land Vehicle propulsion

systems as they become more efficient

andlower their environmental impact.

• We are focusing on new product offerings

forthe transition to a low carbon economy

and engage with our customers’ new product

development programmes by providing

design and engineering support for cooling

and fluid-handling solutions for batteries and

power electronics on the growing number

ofelectric/hybrid vehicles.

• We are supporting the development of fuel

cell cooling and associated fluid conveyance

for commercial vehicle applications by

capitalising on our experience of producing

hydrogen fuel cell products in the

energysector.

Power & Energy

• We continue to develop our well-established

wide range of fluid conveyance products,

bellows and expansion joints for harsh

environments in carbon-free energy

generation including solar farms, wind power

plants, hydroelectric, geothermal, fuel cell

andnuclear power applications.

• Our extensive experience of providing fluid

conveyance products for demanding

environments, and specifically hydrogen

fuelcell cooling and conveyance, opens up

opportunities in hydrogen production and

infrastructure applications.

Technology and product design and

development on the road to Net Zero

Senior’s fluid conveyance and thermal

management businesses have design IP

(intellectual property) and our structures

businesses have manufacturing IP and know-

how. Both are underpinned by our investment

inadvanced manufacturing technology and

supported by our extensive design and

engineering expertise, and collaboration

throughour Technology Council.

In support of our core technology themes,

Senior has identified two key enabling

technologies that underpin innovation

throughout our product development and

manufacturing lifecycle: Additive Manufacturing

and Digitisation. Our Technology Council

ensures that these technologies are

collaboratively developed for the benefit

ofallbusiness in the Group.

Electrification and hydrogen power are poised

toremain the key technology themes in many

ofour end markets in the decades to come.

Ourfluid conveyance and thermal management

technology, highly relevant to these themes,

willcontinue to help us support our customers

with high-valued solutions in the medium- and

long-term to bridge the transition to sustainable

technologies for the future in a low

carboneconomy.

Considered and effective

capitaldeployment

We understand the importance of

considered and effective capital

deployment towards maximising

shareholder value creation. The Group has

afinancial objective to maintain an overall

ROCE in excess of the Group’s cost of

capital and to target a minimum pre-tax

return on capital employed of 13.5% on

apost IFRS 16 basis. Our strategy of

expanding Senior’s high-quality fluid

conveyance and thermal management

businesses remains a priority. All significant

investments are supported by a business

case and are assessed using a rigorous

investment appraisal process.

To maximise the Group’s operating

efficiency and overall effectiveness we

actively review our overall portfolio of

operating businesses and evaluate them in

terms of their strategic fit within the Group.

In December 2019, Senior confirmed that

itwas reviewing strategic options for its

Aerostructures business, which included a

potential divestment. Although we received

strong interest for the business, the Group

determined that, with the onset of the

pandemic, it was in the best interests of

Senior and its stakeholders for the

Aerostructures business to remain within

the Group at that time. We are considering

the best time to relaunch the process to

ensure we optimise value for shareholders,

taking into account financing markets and

end market conditions.

SOURCE: Data sourced from IHS Markit, Feb 2022.

Million units

Light Vehicles

Medium/Heavy Commercial Vehicles

2025

100

105

2017

2019

2018

2020 2021 2022 2023 2024

2016

Gt CO

emissions (right axis)

Traditional use of biomass

Renewables

Nuclear Natural gas

Oil Coal

SOURCE: IEA, “World Energy Outlook”, Oct 2022 – Describes the

total energy supply by fuel and CO2 emissions by each scenario –

Stated Policies Scenario, Announced Pledges Scenario and Net

Zero Emissions Scenario by 2050. Illustrates that renewable energy

increases more than any other energy source in each scenario.

200

400

600

800

2021 STEPS APS

2030

NZE STEPS APS

2050

NZE

SOURCE: IATA, “Air Passenger Forecasts: Air passenger recovery to begin in earnest in 2022”, November 2021 (right).

Global O-D passengers, billions

2024: 105% of 2019 level

2023: 98% of 2019 level

2022: 82% of 2019 level

2021: 45% of 2019 level

CAGR 2025-30: 4.8%

2019 2040

2034 20372031202820252022

STRATEGIC REPORT / CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED

MARKET OVERVIEW

CIVIL

AEROSPACE

The rebound in flight departure levels in 2022

was testament to the resilience of global air

travel demand, with the subsequent recovery

across commercial aerospace now in full

swing. The strong growth in passenger

numbers seen in most domestic markets

andother short-haul routes was sustained

throughout 2022 and is expected to continue.

International, long-haul traffic has been

accelerating, particularly between North

America and Europe and the recent easing

oftravel restrictions in China has immediately

provided added momentum. IATA continues

to expect domestic passenger numbers to

reach 2019 levels by 2024 and international

passenger numbers to return to 2019 levels

by 2025.

Production volumes for civil aerospace

accelerated in 2022 driven by increased

singleaisle build rates. Both Boeing and

Airbus announced production rate increases

for wide-bodies starting from the end of

2022and further increases on single-aisle

rates in 2023 and beyond.

In the medium and longer term, structural

growth in air travel of c. 4% per annum is

expected to be driven by growing air traffic

demand in Asia and supported by the

replacement of older aircraft with latest

generation, more fuel-efficient models.

IATAanticipates that Asia Pacific will be the

fastest growing region over the next two

decades, buoyed by favourable income

growth and demographic factors.

With our diversified product portfolio in

theaerospace sector, including attractive

positions across the newest generation of

single aisle aircraft platforms, Senior is well

positioned to benefit from the ongoing market

recovery, and increased aircraft build rates.

ONGOING MARKET RECOVERY

ACROSS THE GROUP WITH STRONG

OPERATING LEVERAGE

World passengers flows long run outlook

World vehicles production forecast

World Energy Demand

14 SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

Our core markets across the Group proved resilient in 2022 andare

buoyant as we commence 2023 despite ongoing macro-economic

challenges and geopolitical uncertainty.

DEFENCE

Senior’s sales to the Defence sector are

primarily focused on the US defence market.

The approved budget for US defence in Fiscal

Year 2022 was $778bn. However, the 2022

Appropriations Bill was not passed until March

2022 which meant that up to that point,

spending was restricted to 2021’s levels under

aContinuing Resolution which led to a delay in

some ordering activity. For Fiscal Year 2023,

theNational Defense Authorisation Act has

approved $858bn of spend, 10% higher than

the budget in 2022.

Senior is well placed with good content on the

F-35 Joint Strike Fighter, mature programmes

such as the C-130 transport aircraft, and newer

programmes such as the T-7A Red Hawk trainer.

OTHER

AEROSPACE

Sales from our Aerospace operating businesses

into end markets outside of the civil aerospace

and defence markets are classified under

“Other Aerospace” and include sales into

thespace, semi-conductor equipment and

medical markets. Using our world class bellows

technology, we manufacture highly engineered

proprietary products to provide unique solutions

for semi-conductor manufacturing equipment.

The semi-conductor equipment market reached

a new sales record in 2022, growing by an

estimated 4%, reflecting the increase in global

demand for microchips. While wafer fab,

foundry and logic equipment sales increased,

memory and storage demand weakened as

post-pandemic related consumer and work-

from-home trends normalise and inflation rises.

According to the World Semiconductor Trade

Statistics (“WSTS”), the global semi-conductor

market is forecast to contract by 4% in 2023

asa result of challenging macroeconomic

conditions, leading to weaker end

marketdemand.

The galactic low earth orbit satellites market

revenue is expected to accelerate at a

compound annual growth rate of 15%

between2022 and 2030. Rising demand for

high-speed and low-cost broadband, growing

advancements in satellite network and

potentialuses for laser-based space optical

communications are key factors driving

revenuegrowth of the market.

15SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022

40% of

Group

14% of

Group

11% of

Group

19% of

Group

16% of

Group

STRATEGIC REPORT / CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED

POWER

& ENERGY

Power & energy markets grew in 2022, and

inparticular, activity in upstream oil and gas

increased and the levels of maintenance

andoverhaul improved.

The Ukraine crisis brought pressure to energy

supply in key markets, adding political impetus

to build energy security and to accelerate the

energy transition to renewables.

Electricity demand is forecast to continue

growing steadily and the IEA predicts an even

stronger push for renewables in the power

sector and faster electrification of industrial

processes and heating. In 2022, 30% of global

electricity generation came from renewable

sources and the IEA predicts this rising to

about50% by 2030 and 80% by 2050.

According to the IEA, in 2022, world oil demand

grew 2% and is expected to surpass pre-

pandemic levels in 2023 and subsequently

grow1% per year until 2030. Global refining

capacity expanded slightly in 2022 with similar

growth anticipated in 2023, although shortages

in individual products may well persist due to

uneven rates of demand growth and limits in

therefining system. This tight supply, coupled

with a limited appetite for new US refining

capacity due to the US federal government’s

policies onenergy, has led businesses to focus

on upgrading and expanding existing facilities,

thereby increasing maintenance and

overhaulwork.

Amid soaring fuel prices and growing energy

security concerns, momentum is building

fornuclear power in many countries.

Accordingto the IEA, nuclear power generation

has the potential to play a significant role in

helping countries to securely transition to

energysystems dominated by renewables.

Intheir global pathway to reach Net Zero

Emissions by 2050, the IEA predicts that

nuclearpower generation will double between

2020 and 2050, with construction of new

plantsneeded in all countries that are open

tothe technology. Whilst extending lifetimes

ofnuclearplants will be an indispensable part

ofacost-effective path to Net Zero by 2050,

itisfeasible that half of the emission reductions

by 2050 may come from small modular reactors

(SMRs) due to their lower cost, smaller size,

andreduced projectrisks.

LAND

VEHICLE

The land vehicle market experienced good

momentum in 2022. All segments grew

in2022, as markets in North America and

Europe were buoyant, aided by signs of

supply chain constraints easing compared

toprior year.

According to Americas Commercial

Transportation (“ACT”) research, the heavy

duty truck market grew by 19% in 2022

compared to 2021. The market is expected

todecline by 3% in 2023 as pent-up demand

for more fuel efficient engines and modest

pre-buy activity ahead of tighter emission

standards coming to be introduced in 2024

are expected to be offset by slowing

macroeconomic indicators in the US.

According to IHS Markit Inc. (“IHS”),

European truck and bus market production

declined by 1% and is forecast to decline

byafurther 1% in 2023.

Light vehicle production in 2022 continued

tobe impacted by semi-conductor shortages,

although this is showing signs of

improvement. Production rates were further

impacted by interruptions in the supply of

wireharnesses due to the Ukraine crisis.

According to IHS, European light vehicle

production grew by 5% in 2022 compared

to2021, despite being forecasted to decline.

Itis forecast to grow by 6% in 2023 as

semiconductor availabilityimproves.

According to the International Energy

Agency(“IEA”), global electric car sales

havecontinued their strong growth in 2022.

TheBloomberg NEF Electric Vehicle Outlook

2022 report predicts that by 2025, plug-in

vehicles will represent 23% of new passenger

vehicle sales globally and electric vehicles will

represent 6% of the fleet. With the increasing

adoption of electrification for both land vehicle

and stationary power applications continuing,

this market is fast growing and represents

amajor opportunity for Senior in the

mediumand long term, particularly for our

proprietary battery cooling technology

We are ensuring we are appropriately resourced to

take advantage of the market-led opportunities across

our Flexonics and Aerospace Divisions.

CIVIL AEROSPACE

OTHER AEROSPACE

LAND VEHICLE

POWER & ENERGY

DEFENCE

STRATEGIC REPORT / SUSTAINABILIT Y

SUSTAINABILITY

IN THIS SECTION

“A commitment to sustainability is rooted in

our core values and underpins our purpose.

We believe with conviction that how you do

business is every bit as important as what

you do. Across the Group we always put

safety and ethics first, and we strongly

encourage and promote diversity and

inclusivity in all of our operations.”

David Squires

Group Chief Executive Officer

20 Our Technology and Product Development

on the Road to Net Zero

22 Environment

26 TCFD

32 Social

36 Governance

Sustainability remains an indispensable part

ofour overall strategy. We always aim to

deliver our products in a manner that is both

environmentally sustainable and supports

economic growth through sustainable

methods as opposed to focusing solely on

short-term financial gains. In implementing

ourstrategy, we are committed to using

natural resources responsibly, investing for

thelong-term wellbeing of the planet and

ensuring that all people involved in and with

our business process are treated fairly.

We continue to enhance our long-term focus on

Environmental, Social and Governance (“ESG”). This year,

for example, we have achieved a class leading “A” rating

inour CDP climate disclosure.

We apply our expertise and technology across different

applications, working in close partnership with our

customers, to develop solutions that support both

theircommercial and sustainability objectives.

We remain ever responsive to the climate change and

clean air challenge, as the world and our customers

transition to a lower carbon economy.

16 SENIOR PLC ANNUAL REPORT AND ACCOUNTS 2022