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CONT. 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. Whilst the Group's borrowings remain in line with our expectations we anticipate increasing our rate of organic investment across a range of development opportunities. On 27 May 2011 we announced a placing of US$ 200 million of private placement loan notes with maturities of 10 and 12 years at an average coupon of 5.3%. These notes have enabled us to further expand our funding sources and extend our debt maturity profile. With trading results comfortably meeting our expectations, we remain confident in the outlook for the remainder of the current year.
Interim Management Statement Fenner PLC today issues an update of events since its half year results which were released on 27 April 2011. Trading across the Group in the third quarter of the financial year has been strong with continuing growth in both the Conveyor Belting and Advanced Engineered Products divisions. During this period, revenue has increased significantly over the comparable period of the previous year at constant exchange rates. 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. On 4 July 2011 we announced the acquisition of Statewide Belting Services Pty Ltd. Based in Burnie, Tasmania, the business specialises in the provision of belting products, accessories and installation services to the mining and manufacturing industries in Tasmania. This acquisition extends the geographic coverage of our Australian service network.
http://investegate.co.uk/Article.aspx?id=201107180700085307K
Nick Hobson, CEO of Fenner PLC, commented that "Statewide represents a further strategic piece of the Fenner Dunlop Australia ("FDA") service network and will broaden the reach of our value added service model. Moreover it reinforces FDA's position as the leading provider of conveyor products, solutions and service to the buoyant mining and resource markets in Australia".
Fenner is pleased to announce that on 1st July 2011 its wholly owned subsidiary Enerka Apex Belting Pty Ltd acquired 100% of the share capital of Statewide, which is a privately owned company based in Burnie, Tasmania. Fenner acquired gross assets valued at 30 June 2010 at AUD$3,945,000. Statewide specializes in the provision of belting products, accessories and installation services to the mining and manufacturing industries in Tasmania.
http://www.investegate.co.uk/Article.aspx?id=201107040700066471J
Fenner acquires Multiseals Pte Limited ("Multiseals") Fenner is pleased to announce that its wholly owned subsidiary Fenner Singapore Pte Limited has today acquired 100% of the share capital of Multiseals which is a privately owned company based in Singapore. Total consideration for the acquisition is Singapore $14.425 million of which $3.6 million will be satisfied by the issue of 480,367 shares in the Company. Application for listing of the shares will today be submitted to the Council for the Stock Exchange. Multiseals manufactures and distributes seals to the oil and gas industry in the Asia-Pacific Region. This strategic acquisition will allow Fenner Advanced Sealing Technologies ("FAST") to exploit the expanding Asian aftermarket for its Oil & Gas products. The Asia-Pacific Oil & Gas market has a history of strong drilling and completion activity to support escalating regional energy demands and is estimated to be growing at a rate of 11% per annum. Many of the Fenner Oil & Gas customers have established manufacturing and service facilities in Singapore. This acquisition enables Fenner customers to purchase custom- manufactured products locally. Multiseals will give FAST instant recognition in the region and a platform for growth. As part of the growth strategy, Multiseals' offerings will expand to include the full range of the oilfield products supplied by CDI Seals® in Houston, Texas, USA, a part of FAST. CDI Seals® and Multiseals have previously partnered to provide engineered designs, materials, and solutions to meet customer specific requirements. Additionally, the partnership combines both companies' custom moulding and high performance machining capabilities. Multiseals will also manufacture and support the recently launched Tuff Breed® range of oilfield expendables which includes well service packing ("WSP") products specifically designed for hydraulic fracturing and pressure pumping operations in oil & gas developments. Overall this is a very exciting opportunity for Fenner and indeed for Multiseals. Fenner is a world leader in the field of reinforced polymer engineering. Products include conveyor belting for the mining and power generation markets; precision motion control products for the office automation and mechanical equipment markets; sealing products for the mining, hydraulics and energy industries; technical fabrics and polymer products for the medical device industry.
Again for Fenner, watch this space http://www.investegate.co.uk/Article.aspx?id=201104270700095003F
The sharp increase in profitability experienced in the first quarter at Fenner (FENR) has been maintained to the half-year end in both its conveyor belting and advanced engineered products divisions, the conveyer belt maker announced in a pre-close trading statement. The group said first half trading was characterised by both volume and margin improvements across its principal business units with increasing benefits from its capital investment programmes and improved trading conditions. Fenner shares rose 12.35p to 353.35p.
Pre-Close Trading Statement We are pleased to confirm that the sharp increase in profitability experienced in the first quarter has been maintained to the half year end in both our Conveyor Belting and Advanced Engineered Products divisions. First half trading has been characterised by both volume and margin improvements across our principal business units with increasing benefits from our capital investment programmes and improved trading conditions as we ended our second quarter. This has culminated in a significant increase in operating profit compared to the comparable period last year which was still suffering from the impacts of the economic downturn. The positive operating cash flow performance has resulted in net borrowings finishing in line with our expectations at an estimated £119m (2010 £169.2m). The integration of our Australian Service expansion (BBV) has proceeded successfully since the acquisition was announced in November last year, and the early indications of a rewarding partnership are encouraging We expect to report our interim results on 27 April 2011.
http://www.investegate.co.uk/Article.aspx?id=201103070700154098C
Profit growth continues at Fenner Date: Monday 07 Mar 2011 LONDON (ShareCast) - Conveyor belt maker Fenner said that the sharp increase in profitability experienced in the first quarter has been maintained to the half year end in both its Conveyor Belting and Advanced Engineered Products divisions. "First half trading has been characterised by both volume and margin improvements across our principal business units with increasing benefits from our capital investment programmes and improved trading conditions as we ended our second quarter," said Fenner in a company statement. The group, whose belts are mostly used in the mining industry, said it had seen a significant increase in operating profit compared to the same period a year earlier which was still suffering from the impacts of the economic downturn. Net borrowings are in line with company expectations at an estimated £119m, down from £169.2m previously. Fenner added that the integration of its Australian Service expansion has proceeded successfully since the acquisition was announced in November last year. "The early indications of a rewarding partnership are encouraging," it said.
leave your money in for a bit longer, more to come
IMHO This share seemed to be my kind of share...... slowly quietly gaining modest gains no sudden volitility. However Is this view wrong? Did I miss something or was it just the fact that the AGM notice indicated nothing exciting due to happen in this quarter so people have focused elsewhere?
today, obviously see a bargain and know the upside that will be from here
looks like a nice inverse head and shoulders might be in play on the 3 month chart above. good be very profitable if it plays out
looks good for plenty more upside from here i reckon
I recently sold out at 208 for a quick profit and am tempted to dive back in. However it looks like there has been a declining head and shoulders during April and May. Do people think this is too short a time frame to show a decent change in direction especially as FENR has proved very robust today in the light of the FTSE going down and the fundementals still looking good?
Purchased a small holding in these as they look like a solid company with good prospects and should be able to bounce back. As with a lot of other stocks oversold on this one and unfairly dragged down. IMO. Hoping for a short term price of 210-215. within next few weeks. Recently managed a similar recovery.
and a profitable one to all those in this share. DYOR and always invest wisely
within the next few weeks. DYOR and always invest wisely
bringing home the goods. Excellent results--- positive news--- their speciality market showing increased demand.......DYOR and always invest wisely
and this share justs keeps on getting better. I was in engineering for several years. Fenners products were always sold at a premium price to that which their competitors charged. I am assured by those still dealing with fenner and their products that this is still the same today. DYOR and always invest wisely
putting money into this share is better than stealing money from the banks.What we have is a sound well managed company that will shortly be highly profitable