ERJ staff report (DS)
London - Fenner PLC has completed the refinancing of its operating bank facilities with a Â£100m five year revolving credit line with its primary banks. The company said, â€œthe strong balance sheet and satisfactory gearing level will enable us to continue to pursue our accelerating organic and acquisitive growth plans.â€
In a trading statement, Fenner said it continues to make solid progress, achieving revenue and earnings in line with expectations.
Fenner said, â€œThe Engineered Conveyor Solutions ("ECS") division continued to operate at high levels of factory utilisation and operating margins were in line with previous run rates. ECS has experienced some slowing of order rates from the US coal market as our customers align output with consumption in the wake of an exceptionally mild winter and uneconomic shale gas pricing. Our capital investment programmes are proceeding according to plan and will bring welcome additional capacity to operations in The Netherlands and Australia in spring 2013.â€
It added, â€œOur Advanced Engineered Products division has continued to perform in line with expectations, experiencing seasonally higher operating margins as we progress through our second half period. â€œ
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Trading Statement from Fenner