Fenner's belting unit performs well despite rising debt

ERJ staff report (RD)

London - Despite rising debt, British-based conveyor belt manufacturer Fenner plc has reported “strong sales” in its coal related businesses, which represent most of its Conveyor Belting Division, the company said 12 March.

Like-for-like volumes in Fenner's industrials business, which represents the majority of its Advanced Engineered Products and about one third of Conveyor Belting, fell by 16 percent, the company added.

Fenner said net debt at 28 Feb increased to around £190 million (Euro 205 million) and expects operating profit to be down by 10 percent for the first half of the year. The devaluation of the sterling, particularly against the US dollar over the last 12 months has added around £40 million to net debt, the company added.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from Fenner PLC