2012 Preliminary Results
Fenner PLC, a world leader in reinforced polymer technology, today announces preliminary results for the year ended 31 August 2012.
Highlights
Record financial performance
- Revenue up 16% to £830.6m
- Underlying operating profit up 30% to £118.8m; operating profit up 30% to £107.6m
- Underlying profit before taxation up 30% to £103.9m; profit before taxation up 27% to £88.6m
- Underlying earnings per share up 28% to 36.1p; basic earnings per share up 23% to 30.3p
- Strong free cash flow of £63.0m (2011: £53.7m)
- ROCE increased to 24% (2011: 20%)
Dividend per share increased by 31% to 10.5p per share, in recognition of increased quality of earnings and confidence in the future
Engineered Conveyor Solutions ("ECS") underlying operating profit1 increased by 38% to £84.4m on revenues up 16% to £593.4m
Positive trading conditions for most of the year driven by record levels of coal and iron ore extraction; some slowing of order intake from the US coal sector towards the end of the year but coal stockpiles have been reducing for several months
Advanced Engineered Products ("AEP") underlying operating profit1 and revenues both increased by 14% to £43.6m and £237.2m respectively
Growth underpinned by strong demand from the oil and gas sector and investment to broaden geographic coverage; some small pockets of destocking
Strategic initiatives to create a strong, growing and resilient Group progressed well, supported by organic and acquisitive investment
Confident in further opportunities for long-term value creation
