Profits up at Fenner

ENGINEER Fenner said today the “sharp increase in profitability” seen in the first quarter had been maintained in its conveyor belting and advanced engineered products divisions in Q2.

By The Newsroom

Published 7th Mar 2011, 09:02 BST

In a pre-close trading statement the firm, based in Hessle, near Hull, said first half trading was characterised by both volume and margin improvements across its principal business units with increasing benefits from capital investment programmes and improved trading conditions at the end of Q2.

“This has culminated in a significant increase in operating profit compared to the comparable period last year which was still suffering from the impacts of the economic downturn.”

Net borrowings finishing in line with its expectations at an estimated £119m (2010 £169.2m).

Fenner also said the integration of its Australian Service expansion (BBV) had happened successfully since the acquisition was announced in November.

“The early indications of a rewarding partnership are encouraging.”

Interim results will be announced on 27 April.

Hull