7 Mar 2011 07:00
07 March 2011
Fenner PLC ("Fenner")
Pre-Close Trading Statement
We are pleased to confirm that the sharp increase in profitability experienced in the first quarter has been maintained to the half year end in both our Conveyor Belting and Advanced Engineered Products divisions.
First half trading has been characterised by both volume and margin improvements across our principal business units with increasing benefits from our capital investment programmes and improved trading conditions as we ended our second quarter. This has culminated in a significant increase in operating profit compared to the comparable period last year which was still suffering from the impacts of the economic downturn.
The positive operating cash flow performance has resulted in net borrowings finishing in line with our expectations at an estimated £119m (2010 £169.2m).
The integration of our Australian Service expansion (BBV) has proceeded successfully since the acquisition was announced in November last year, and the early indications of a rewarding partnership are encouraging
We expect to report our interim results on 27 April 2011.
- ends -
For further information please contact:
Fenner PLC | 01482 626501 |
Nick Hobson, Chief Executive | |
Richard Perry, Finance Director | |
Weber Shandwick Financial | 020 7067 0700 |
Nick Oborne/ Stephanie Badjonat |