Exclusive: New chief executive at Fenner in launch of strategic review

Mr Hobson, who replaced Mark Abrahams at the helm of the East Yorkshire-based maker of conveyor belts at the start of the month, told the Yorkshire Post the review aims to build on the group’s strengths.

“We don’t expect any U-turn or swift left turn. The business is moving forward, but clearly as I became chief executive I will be undertaking a strategic review.

“Fenner does a great number of things very well. Clearly the numbers are moving in the right direction. We’ve got a first-rate workforce and we do an awful lot of things right. Mark has done a fantastic job of getting the company to where it is now.”

Fenner has emerged strongly from the recession, as customers build up their stock inventories and booming Asian economies increase demand for its products.

In November, it reported a 49 per cent increase in underlying pre-tax profits to £46.3m in the year to the end of August, lifting sales by 11 per cent to £552.5m.

Mr Hobson joined Fenner in 1987 and was most recently divisional managing director of Fenner’s precision polymers division, where he doubled revenues and spearheaded its entry to the medical sector.

Mr Abrahams, who led Fenner since 1994, became non-executive chairman.

“It’s an exciting time,” said Mr Hobson. “We’ve worked hard since Mark became chief executive to turn Fenner from a rather unexciting industrial company into a company which is world class in many of the things we do.

“We’ve completed that piece of the journey. We’re profitable, cash positive, and in the FTSE 250. The City is looking at us differently.

“The monkey is now on our back to look to what the next 10 years might involve.”

Mr Hobson declined to pre-empt the review by elaborating on any planned changes, but said he hopes to begin implementing the results by the end of the year.

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