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Fenner slumps as it issues another profit warning

Wed, 11th Nov 2015 10:11

(ShareCast News) - Fenner said results for the current financial year are likely to miss its previous expectations, as it swung to a loss in the year to the end of August amid difficult trading conditions.The maker of reinforced polymer technology swung to a pre-tax loss of £5.3m, compared with a profit of £29.2m in 2014, as revenue dropped to £666.7m from £729.4m.Underlying pre-tax profit slid to £42.5m from £65.6m.Fenner will pay a final dividend of 8p per share, unchanged from last year, leaving the total dividend at 12p.Chief executive officer Nicholas Hobson said: "In the financial year to 31 August 2015, the Group has faced difficult trading conditions in some of its key markets. We have responded by rigorous control of costs and the close management of cash and working capital, whilst still maintaining our ability to resume growth when market conditions allow."The company said that as a result of the recent further deterioration in the US coal industry, it is likely to achieve an outcome for the current financial year which is moderately below its previous expectations.Fenner had already issued a profit warning in July on the back of a slowdown in spending in the coal mining industry.Investec said it expects full year 2016 consensus to be reduced by around 10% following the profit warning, adding that it still sees risk to the dividend."Fenner has faced deteriorating markets for the last two years and the momentum is still downwards. The FY15 results were close enough to much-reduced expectations, but the outlook still requires a 'moderate' downward adjustment to guidance," it said, reiterating its 'sell' recommendation.At 1030 GMT, Fenner shares were down 6.6% at 143.77p.

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19 Mar 2018 17:54

UPDATE 1-French tyre maker Michelin to buy Britain's Fenner for $1.7 bln

March 19 (Reuters) - French tyre maker Michelin has agreed to buy British engineering company Fenner for 1.2 billion pounds ($1.68 billion) to increase its offering for mining and a

19 Mar 2018 17:50

Fenner Agrees Takeover Deal With Michelin At Significant Premium

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19 Mar 2018 17:35

French tyre maker Michelin to buy Britain's Fenner for $1.7 bln

March 19 (Reuters) - French tyre maker Michelin has agreed to buy British engineering company Fenner for 1.2 billion pounds ($1.68 billion) to increase its offering for mining and a

19 Mar 2018 17:24

BRIEF-Michelin Says Agreed To Buy UK's Fenner In A 1.2 Bln Pound Deal

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17 Jan 2017 15:48

Director dealings: Fenner newcomer joins board buying

(ShareCast News) - New Fenner director Michael Ducey has joined with his new board colleagues in putting his money behind the plastics group, with a £84,000 purchase of shares. Ducey, whose appointment last week was at the request of major shareholder Teleios Capital even though it was initially res

6 Jan 2017 07:39

Fenner sees FY results 'comfortably above' previous expectations

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23 Nov 2016 08:22

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16 Nov 2016 09:29

Fenner performs ahead of expectations

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16 Nov 2016 08:05

Fenner Loss Widens But Currency To Boost New Year Performance

7 Nov 2016 09:29

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