Manufacturer Fenner back in the black after turbulent year

Hessle manufacturer Fenner has seen an upturn in its fortunes for the first half of the year after “refocusing” its businesses.

The company, which saw losses plummet to £30.5m last year, has seen a return to pre-tax profit, making £13.8m in the half year to 28 February 2017,

This marks a major improvement on the same period in 2016, when it made losses of more than £23m.

Revenue for the half year was up 11% to £307.4m, assisted by market share gains and exchange rates.

Mark Abrahams, chief executive officer at Fenner, commented:”It is pleasing that the restructuring of the Group has created a platform from which we are now growing and making steady market share gains. We look forward to maintaining this momentum.”

During the period, Fenner also acquired non-controlling interests in BBCS and LECS, conveyancer service businesses in Australia. The group also disposed of Xeridiem Medical Devices and CDI Norway.

Dividend per share was raised by 40% to 1.4p.

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