Fenner expects to end full year at the top

FENNER, the world leader in conveyor belt manufacturing, said today it expects to perform in line with the “top end” of its expectations.

The group has recently bought a number of new companies in America and in a pre-close statement Fenner said that those companies had made “encouraging starts.”

Earlier in the year Hull-based Fenner did warn it was at risk from volatility in the worldwide economy – particularly in America – and that the cost of raw materials in its manufacturing processes could impact the group’s overall performance.

However Fenner said group operations had performed strongly in the final quarter of 2008 – with raw material cost rises successfully passed onto its customers.

Fenner added it had been further boosted by a “buoyant” mining sector and it expected to complete the £14.6m purchase of US-based Conveyor Services Corporation Group within the next six weeks .

Fenner is a world leader in the field of reinforced polymer engineering.

Its products include conveyor belting for the mining, power generation and industrial markets, sealing products for the mining, hydraulics and energy industries; and technical textile structures for medical and industrial applications.