Senior’s revenue tanks 30% in the fiscal second quarter

Senior plc (LON: SNR) revealed to have swung to a net loss in the first half (H1) of the ongoing financial year on Monday. The company attributed the decline to the Coronavirus pandemic that weighed on demand in recent months. It also added the Boeing 737 MAX grounding had a significant impact on its financial performance. Senior is a prominent supplier for Boeing and heavy equipment manufacturer, Caterpillar. Its board decided in favour of suspending dividend pay-out for the period on Monday. The company had slashed its workforce by another 12% in July to shore up finances amidst the pandemic.