That is in spite of the group's North American conveyor belt business experiencing significant increases in raw material costs, which Fenner has managed to pass on to customers.

Elsewhere the belting businesses have seen healthy trading with good orders.

Sales to mining companies have remained buoyant and recent acquisitions have seen encouraging starts. Fenner expects to complete the purchase of Conveyor Services Corporation in the next six weeks, which will boost its conveyor belt division.

The group announced the acquisition of US and Chilean-based Conveyor Services Corporation Group in June.

In July it announced the sale of its North Carolina operation for £3.9m to Forbo Siegling LLC, a subsidiary of Switzerland-based Forbo Holding, supporting Fenner's strategy of concentrating on its heavyweight conveyor belting business.

The group – based in Hessle, near Hull – has seen good trading in Asia Pacific and Europe which have balanced out uncertain economic conditions elsewhere.

Fenner is cashing in on the growing demand from booming mining and power generation markets. The group is the world leader in conveyor belts and it is enjoying strong demand for its products following the massive rise in coal and energy prices.

Fenner chief executive Mark Abrahams said strong demand from Eastern Europe has transformed the fortunes of the group's operation in Marfleet near Hull.

"We have had tough times for many years following the reduction in the UK coal industry, but now we are seeing dramatic growth thanks to demand from the East. We are now predominantly an exporter."

Until recently 80 per cent of Marfleet's output was domestic, but now 80 per cent is exported to Russia, other former Soviet Union countries and Eastern Europe.

Mr Abrahams said customers in those regions were buying conveyor belts from Fenner because they rank quality over price.

At a time when mining and power generation companies are reporting record profits they can afford to spend more on conveyor belts and other engineered products that will withstand heavy use and not break down.