Fenner warns on earnings
Fenner, which makes conveyor belts and polymer products, said it expected full-year earnings to be slightly below its previous guidance.
The Hessle-based company anticipated that weak commodity prices and the steep fall in oil prices will curb demand for its products.
The company, which has already been hit by the slowdown in the global mining industry due to oversupply, said it had implemented cost-cutting measures and deferred certain capital projects to control margins. Fenner said it would take an exceptional charge related to cost cuts initiated during the year, but did not quantify it. The company added that these actions would reduce cash expenditure across the group by £9m on an annualised basis.