Fenner posts jump in profits

Mark Abrahams, CEO of Fenner.
Mark Abrahams, CEO of Fenner.
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Engineering firm Fenner Plc posted a 59 per cent jump in underlying operating profit as it was boosted by improved order intake and robust growth across its businesses.

The Hessle-based company, which makes polymer products and conveyor belts for industrial customers including miners, said operating profit rose to £59.1m for the year ended August 31 from £37.1m a year earlier.

Revenue rose 14 per cent to £655.4m with the company adding that outlook is strengthening.

CEO Mark Abrahams said: “The group’s results for 2017 show significant improvements over the previous year on all measures. These improvements illustrate the strength of the group’s responses to the difficult trading conditions faced by the group in many of its principal markets over recent years and particularly reflect our continuing commitments to customer service, product development and operating efficiency.

“As we enter the new year, the outlook is strengthening. The group’s momentum is being maintained with each of our businesses seeing opportunities and encouraging developments.

“We believe the coming year will see further progress across the group, notwithstanding the significant macro-economic uncertainties around the world. Overall, given the structural growth opportunities that the Group has created, the board anticipates that the outcome will be above its previous expectations.”