Fenner confident of return to growth
FENNER today described its half year performance as “robust” as the company announced results down on the same period last year.
However, the Hessle-based industrial belting and reinforced polymer technology business, said the interim figures had been expected and were being compared to a record performance in 2012.
For the half year ended February 28, revenues were down from £412m to £391.3m. Underlying profit before tax dropped from £48.1m to £35.8m.
Fenner said its confidence in the group’s earning prospects were reflected in the fact it was increasing its dividend per share by 7% to 3.75p per share.
Chairman Mark Abrahams said: “Fenner has delivered robust half year results in a challenging operating environment. While, as anticipated, results are below the comparable record performance last year, the first half saw further progress towards our strategic objectives and encouraging evidence of improvement in most of our markets.
“We remain mindful of the continuing global economic uncertainty and ongoing pressures in our Australian business. We expect that our accelerating trading momentum elsewhere in the business will result in a heavier than normal performance weighting this year towards the second half and we are confident of a return to growth in our 2013/2014 financial year.”
The group said that despite pressures in Australia, there had been improved order levels in its North American engineered conveyor operation and strong trading in its other markets.
