No recovery in markets says Fenner as net debt expected to be higher

SIGNIFICANT deterioration in its markets means that belting manufacturer Fenner is having a tough time weathering the global storm in the fossil fuels sector.

The Hessle-based business did however said in a trading update that its performance is in line with expectations following market share gains and operational efficiencies.

An increase in US rigs means that its oil and gas businesses will potentially improve in the coming year. Fenner did say that it would be refocusing its US business following “challenging” times in the US coal industry.

Similarly, Australian business has been hit by a decline in the mining sector, and following a decline in the value of the pound against the US dollar following the Brexit decision, Fenner has also warned that net debts will be above expectations – “entirely due to currency translation,” it said.

However Fenner also said that exchange rates would benefit the translation of the group’s overseas earnings.

This year the business was hit by the departure of its chief executive Nicholas Hobson following health issues.