Fenner's profit beats expectations

The Hessle-based company, whose belts are used in sectors ranging from mining to pharmaceuticals and electronics, said order books strengthened in its major operations last month and that revenue declines had slowed.

"The returns generated from our trading performance during the initial months of the current financial year have been most encouraging," the company said in a statement ahead of its AGM this morning.

Shares in Fenner, which moved up to the FTSE 250 in the last reshuffle after doubling in value over the last year, closed on Tuesday at 185.9 pence.

For the year to Aug 31, 2009, the company saw underlying profits fall 26 per cent as customers stopped placing orders to conserve cash as the global downturn took hold.