Fenner boosted by energy and mining demand

INDUSTRIAL conveyor belt maker Fenner reported a higher first-half profit, after being boosted by strong demand from its energy and mining customers.
By The Newsroom
Published 25th Apr 2012, 10:02 BST

The company said it was confident of continued progress through the year.

For the six months ended February 29, underlying pre-tax profit jumped 53 per cent to £48.1m ($77.7m). Sales at Fenner, whose belts are predominantly used in the mining industry, were 24 per cent higher at £412m.

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“Trading was very strong in the first half as growth drivers in our core businesses remained positive,” Chairman Mark Abrahams said in a statement.

“Our order book remains healthy, we are trading in accordance with expectations and we remain confident in our ability to continue to make progress in the second half,” he added.

The company had said last month it expected a “significant” rise in first-half profits.

The strong results prompted Fenner to increase its interim dividend by 32 per cent to 3.50 pence per share.