Fenner plc reports healthy full-year profits on higher sales

ERJ staff report (DS)

London -- Fenner plc as reported revenues for the 12 months to 31 August 2009 up by 14 percent to £499.4m (2008: £437.8m), assisted by acquisitions. Underlying operating profit (before exceptional items) held up well at £41.3m (2008: £49.3m), underpinned by the strength of the mining and medical sectors and cost reduction initiatives.

Conveyor Belting revenues increased by 24% to £361.8m (2008: £292.2m), benefiting from robust coal sector demand; underlying operating profit was £30.8m (2008: £29.1m)

Colin Cooke, Chairman, commented, "Each of our businesses have restructured costs appropriately to meet demand levels prevalent during the year, however they have retained the skills and ability to respond to the current volume pick-up. We are seeing early but clear signs of underlying improvements in our markets and the benefits of market share gains in a number of areas.

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Press release from Fenner