Fenner FY profit up; names new CEO

INDUSTRIAL conveyor belt maker Fenner posted a rise in its profit as demand improved in the second half, and named Nick Hobson as its chief executive officer, effective March 1, 2011.
By The Newsroom
Published 10th Nov 2010, 08:29 BST

Mr Hobson is the company's divisional managing director of the advanced engineered products division.

Fenner also said Chairman Colin Cooke would retire on the same day. Cooke, who has been chairman for 17 years, will be succeeded by CEO Mark Abrahams as non-executive chairman.

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The company, whose belts are predominantly used in the mining industry, said the current year had begun strongly with all businesses performing well.

"Our business units are well placed to benefit from continuing market buoyancy driven by the energy sector and slowly improving industrial markets," the company said in a statement.

For the year ended Aug. 31, underlying pretax profit was 46.3m, compared with 31.1m.

Revenue rose 11 percent to 552.5m.

Dividend per share for the year increased to 7.2 pence from 6.6 pence last year.

Shares of the company have risen 25.1 percent in the last three months, outperforming a rise of 8.8 percent in FTSE Mid 250 Index.

They closed at 269.1 pence on Tuesday on the London Stock Exchange.