Fenner looks forward to growth
FENNER has today said it is continuing to make progress and is looking forward to a return to growth.
The Hessle-based industrial belting and reinforced polymer technology business today reconfirmed its expectation of an outcome for its current financial year in line with that anticipated in April, at the time of its half year results. The East Yorkshire business said it has achieved revenue and earnings in line with expectations and looks forward to a return to growth in its 2013/14 financial year.
In its interim management statement for the period from March 1 to July 17 2013, Fenner said its ECS division in North America achieved order levels and revenues which showed continuing improvement from the “uncharacteristically” soft demand in the second half of 2012.
ECS’s business in Australia was, as anticipated, impacted by the widely reported and continuing pressures on expenditure in the mining industry. ECS’s businesses in other locations continued to trade well.
Fenner said that in the AEP division, activity levels have continued to improve following the destocking experienced in the early months of the financial year.
It said: “There has been a particularly strong performance by Fenner Advanced Sealing Technologies, which is benefitting from the strength of its industry-leading brands and technologies, its exposure to the oil & gas industry as well as recent acquisitions. Other AEP businesses have also generally performed well and in line with previous expectations.”
Fenner reported that its balance sheet remains strong with borrowings at a level consistent with management’s expectations.
