Fenner tightening its belt
ERJ staff report (PR)
London – Weakness in the US coal industry is continuing to hamper the performance of Fenner PLC’s engineered conveyor systems (ECS) business, the group said in an interim statement.
“There are no signs that any improvement is imminent and measures are being taken to manage costs and capacity across the business,” said the London-based group’s report on the period from 1 March to 15 July.
In Australia, meanwhile, Fenner said ECS was continuing to benefit from high levels of mineral extraction, although lower commodity prices continued to impact miners' profitability.
ECS expects to maintain its share of the belting market in Australia, added Fenner, which also sees opportunities for the conveyor belts unit outside its traditional market regions.
Fenner’s advanced engineered products (AEP) unit, meanwhile, is finding growth opportunities in the oil & gas and medical industries.
These sectors together account for around 40 percent of revenue at AEP, which includes hose and sealing products in its portfolio.