Fenner interims target top end

Business continued to improve at industrial conveyor belt maker Fenner during the final weeks of its first half, leaving it confident of reporting results at the top end of expectations.It said trade had been helped by market share gains, customer de-stocking coming to an end and underlying market improvement. It said last September that the worst of the slow-down was behind it and then in January reported revenue declines had slowed and operating profit had increased. December, normally a quiet month, yielded better than expected profits. Net borrowings at the end of February were less than £170m notwithstanding an increase from translation impact of more than £10m since the last year end. "This represents strong positive first half cash flow at constant currency and cash inflow of approximately £20m, after investment expenditure, over the last 12 months," it said Monday. Results for the half year to 28 February are due on 28 April.