Acquisitions boost Fenner’s profits

Conveyor belt maker Fenner has posted a rise in full-year profits, helped by strong demand and acquisitions.
By The Newsroom
Published 9th Nov 2011, 08:59 BST

The Hessle-based company said trading in its core businesses remained in line with its expectations.

The company, whose belts are mainly used in the mining industry, said growing global electricity demand is leading to an increase in the amount of coal mined, boosting demand for Fenner’s engineered conveyor solutions (ECS) products.

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Revenue in the ECS division rose 31 per cent during the year.

Total revenue rose 30 per cent to £718.3m.

For the year ended August 31, pre-tax profit was £69.6m, compared with £37.2m last year.

Dividend per share for the year rose to 8 pence from 7.2 pence last year.

The company’s shares have risen by about 30 per cent in the last year.