London – Fenner plc is continuing to make “strong progress” in its markets. Helped by new product development and a further increase in the US rig count, the group said in a trading update.
The performance of the group’s AEP (Advanced Engineered Products) division has continued to strengthen across each product area, according to the statement issued 7 July.
“In particular, our medical businesses are experiencing strong revenue growth from the development of new customer projects,“ said Fenner. “This provides an encouraging platform for long term growth in line with our plans.”
In the oil & gas sector, Fenner reported that a growing order book was now translating into increased sales. Its industrial businesses, meanwhile, were “performing ahead of last year, reflecting new product launches.”
Regarding its struggling ECS (Engineered Conveyor Solutions) division, Fenner said that this unit – a major supplier of conveyor belts and systems, was continuing “to deliver the planned improvements.”
Fenner concluded that the improved outlook, particularly in medical, pointed to operating profit for the full fiscal year – ending 31 Aug – coming in “comfortably ahead” of previous forecasts.
The UK group expects to release results for its financial year on 15 Nov.