ERJ staff report (LMH)
Hessle, UK - Conveyor belt maker Fenner PLC has reported â€œrecord financial performanceâ€ for the year ended 31 Aug 2011, the company said in its 9 Nov preliminary results.
Sales were up 30 percent at Â£718.3 million with continued margin improvement. Operating profit was up 67 percent to Â£87.5 million. Earnings per share were up 57 percent to 28.1p.
The company noted good trading performance across the group, particularly strong organic growth, benefiting from strong demand in all markets and investments made in recent years.
Engineered Conveyor Solutions increased operating profit by 54 percent to Â£55.6 million on revenues up 31 percent to Â£510.7 million. Advanced Engineered Products increased operating profit by 79 percent to Â£34.8 million on revenues up 27 percent to Â£207.6 million.
Three acquisitions during the year broadened market reach and increased exposure to aftermarkets, Fenner said in the report.
"I am delighted to report on a successful year of trading and a record financial performance. Our robust business strategy, with customer focused operations, has enabled strong organic growth across the group,â€ commented chairman Mark Abrahams.
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Press release from Fenner