ERJ staff report (DS)
London -- Fenner PLC said sales are still strong. The company issued an interim statement ahead of its Annual General Meeting today.
The company said, "Fenner has continued to experience the strong levels of demand seen at the end of the last financial year. First quarter profitability is significantly above the comparable period and order rates are in line with expectations."
Revenues in the Engineered Conveyor Solutions Division have been bolstered by strong demand from the mineral extractive industries. Profits have benefitted from the continuing higher factory utilisation and efficiency seen in the second half of last year.
Advanced Engineered Products divisional revenues and profits have grown compared to last year, due to high demand and market share gains in oil and gas, medical and industrial OEM markets. However, the growth rate was slowed by moderate distributor de-stocking.
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Press release from Fenner PLC