Fenner predicts long-term growth

Hessle-based Fenner reported revenues of £359.8 million for the half-year to 28 February, compared with £391.3 million in the previous half-year. The group, which has two divisions, Engineered Conveyor Solutions (ECS) and Advanced Engineered Products, said these results are as anticipated and partly reflect currency movements.

CEO Nicholas Hobson said: “During the period, the group continued to make important progress towards its strategic objectives, positioning itself for further long-term growth in each of its two divisions.”

Mr Hobson that said ECS is performing well in Australia, where it has entered the second half of the financial year with an improving order book. However, in the USA, subdued coal prices and lower levels of profitability among coal-mining companies have led to an increased deferral of maintenance work and the de-stocking of conveyor belts by ECS customers.