Strong pound hurts Fenner

CONVEYOR belt maker Fenner has posted a fall in full year pre-tax profits after its performance was affected by the strength of the pound.
By The Newsroom
Published 11th Nov 2014, 08:38 BST

Fenner, which is based in Hessle, said its results for the year ended August 31 were in line with revised expectations. The group’s revenue was £729.4m, which is down four per cent at constant currency levels. Profit before taxation was £29.2m, compared with a restated figure of £66.4m last year.

Nicholas Hobson, the company’s chief executive, said: “The group’s results for the year, whilst below our expectations at the start of the year, reflect another encouraging performance by our AEP division and represent a creditable outcome taking into account the impact on ECS of the deterioration in trading conditions which took place in certain parts of the global mining industry during the year.

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“We have entered the financial year with the group well placed to respond to the opportunities and challenges which we are facing. We are very aware of the potential impact on our end markets and the world economy generally from falls in the prices of energy and commodities and from forecasts of lower economic growth.

“Overall, the strength and resilience of our businesses mean that, in a climate of increased economic and political uncertainties, we anticipate that growth in revenue and profitability in AEP is likely to be offset by weakness in the mining market.”