2013 Half Year Results
Fenner PLC, a world leader in reinforced polymer technology, today announces its results for the half year ended 28 February 2013.
Highlights
• Robust performance in a challenging operating environment and against record comparable results last year
• Revenue of £391.3m (2012: £412.0m); underlying profit before taxation of £35.8m (2012: £48.1m)
• Dividend per share increased by 7% to 3.75p per share (2012: 3.50p), reflecting confidence in the Group's earnings prospects
• Improving order levels in Engineered Conveyor Solutions in North America; pressures continue in Australia; strong trading elsewhere
• Advanced Engineered Products saw good progress in new applications and emerging markets and strong performance by acquired businesses; activity levels continue to improve after quieter start to year following customer destocking
• Acquisitions during the period performing well and ahead of expectations
• Confident of a return to growth in our 2013/2014 financial year
Mark Abrahams, Chairman, commented:
"Fenner has delivered robust half year results in a challenging operating environment. While, as anticipated, results are below the comparable record performance last year, the first half saw further progress towards our strategic objectives and encouraging evidence of improvement in most of our markets.
"We remain mindful of the continuing global economic uncertainty and ongoing pressures in our Australian business. We expect that our accelerating trading momentum elsewhere in the business will result in a heavier than normal performance weighting this year towards the second half and we are confident of a return to growth in our 2013/2014 financial year."
