Hessle-based Fenner, which manufactures industrial belting and other polymer-based products, has seen a pre-tax loss of £30 million in 2015/16 followed by a pre-tax profit of £38.1 million in 2016/17, as the group moves from recovery towards sustainable growth.

Mark Abrahams, chief executive, said: “The group’s latest results show significant improvements over the previous year on all measures. This illustrates the strength of the group’s responses to the difficult trading conditions in many of its principal markets over recent years — and our continuing commitment to customer service, product development and operating efficiency.

“As we enter our new financial year, the outlook is strengthening, 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.”