ENGINEER Fenner said strong performance in Asia Pacific and Europe helped the group to trade in accordance with expectations despite "uncertain economic conditions" in some of its industrial markets.
In a trading statement, the Hessle-based firm said its heavyweight conveyor belting business delivered a strong performance in Asia Pacific where the service operations are at capacity.
In Europe, it has developed new markets which resulted in imp
roved margin perform- ance.
But despite its US business reporting good revenue growth, rapidly rising material costs have put pressure on Fenner to pass increases to its clients.
The group said its recent acquisitions in the technical weaving, digital printing, bushing, and conveyor service sectors performed ahead of expectations.
Fenner said "excellent" progress had been achieved in its major capital investment projects, with commissioning of the US-wide belt expansion anticipated to be on schedule in the coming months.
In June the firm announced the acquisition of US and Chilean-based CSC Group.
Last week it announced it had sold its North Carolina operation for $7.8m (£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.
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