Fenner ‘moves from recovery to growth’

Underlying operating profit came in at £59.1 million (€70.0 million), 59% higher than last year, on revenues up 14% to £655.4 million, according to Fenner’s full-year report.

Fenner’s Advanced Engineered Products (AEP) division contributed a 29% rise in underlying operating profit to £43.9 million. This was achieved on 11% higher sales of £294.0 million from product areas including: sealing systems; belts, hoses and 'elastomeric solutions'; and medical.

Underlying operating profit at Fenner’s other division Engineered Conveyor Solutions (ECS) increased 46% –at constant currencies – to £24.1 million.

There was, however, a 2.1% drop in sales – to £361.4 million – at ECS, which supplies heavy-duty conveyor belting and related services to mining and industrial markets .

“ECS achieved much higher profitability despite higher raw material prices and the mining supplies market showing few signs of sustained recovery,” commented Fenner.

Overall, the group’s results showed “significant improvements over the previous year on all measures,“ said CEO Mark Abrahams, noting that Fenner had faced difficult trading conditions in many of its markets over recent years.

“We believe the coming year will see further progress across the group, notwithstanding the significant macro-economic uncertainties around the world," added Abrahams.