Better times for Fenner

Chief executive Mark Abrahams said: "We were very quick to take out costs and we're seeing the end of de-stocking, so profitability is returning very quickly."

But he said the company is seeing relatively few signs of customers building up inventory because finance remains constrained.

The Hessle, East Yorkshire firm is getting a boost from a buoyant coal industry in Asia Pacific.

The improved guidance comes after the company said in January full-year profit should at least meet current forecasts after a better than expected December. Mr Abrahams said yesterday's statement implies a degree of confidence for the full-year to meet the top end of expectations.

Analysts were forecasting pre-tax profits of between 27m and 39m for year to end of August.