Fenner reports strong growth in third quarter

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Fenner reports strong growth in third quarter

Post  Administrator on Fri Jul 22, 2011 5:19 pm

Fenner reports strong growth in third quarter
19 July 2011

London -- Fenner PLC said it has seen strong trading since it released its half year results on 27 April 2011.

In a statement issued 18 July, the group said, "In the Conveyor Belting division, demand patterns from the coal sector have been robust with end users placing orders to secure forward supplies. A continued recovery was evident in industrial markets which added volume to plant throughput. We have experienced a period of rising input costs in an environment of escalating raw material prices which has necessitated selling price adjustments. Margins have been maintained ahead of those of the prior year."

The statement continued, "The Advanced Engineered Products businesses have made excellent progress. Demand for our niche critical application product offerings has been extremely strong. Our seals business has continued to experience high demand from the oil and gas and general hydraulic sectors. The integration of Multiseals in Singapore, which was acquired in April 2011, is progressing well with satisfactory trading in the short period of ownership. The Precision Polymers business had a solid third quarter of trading, well ahead of the comparable period in the previous year, underpinned by economic recovery and growth in new markets. Our Medical business continued to flourish from new organic investment and the development of incremental revenue streams."

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