Fenner PLC reports record revenues, profits

ERJ staff report (DS)

London - Belting manufacturer Fenner PLC has reported record sales for the 12 months to 31 August 2012. The company said sales increased by 16 percent to £830.6m (euro 1035 million). Underlying operating profit was up 30 percent to £118.8m; operating profit up 30 percent to £107.6m.

In the conveyor belting division, underlying operating profit increased by 38 percent to £84.4m on revenues up 16 percent to £593.4m

The Advanced Engineering Products unit saw underlying operating profit and revenues both increased by 14 percent to £43.6m and £237.2m respectively

Mark Abrahams, Chairman, commented: "The year just ended was one of excellent growth, delivering record results. Reflecting this performance, the improved quality of the Group's earnings and our confidence in the future growth of the business, the Board is recommending a 31 percent increase in the dividend for the year. As a result of our investment programme over recent years, Fenner is a much stronger and more resilient business serving a more diverse customer base. The fundamentals of our core markets underpin healthy, long-term growth, and we continue to be encouraged by the number of identified opportunities for sustained value creation."

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Press release from Fenner