8 Sep 2016 07:00
8 September 2016
Fenner PLC("Fenner" or "the Group")
Pre-Close Trading Statement
Fenner confirms that during the last two months of its financial year ended 31 August 2016 trading remained as expected.
Helped in part by the translation effect on overseas earnings arising from the depreciation of sterling in recent months, the Group expects to report results for the full year which are towards the top of the current range of market expectations* and in line with the guidance, as adjusted for currency, given at the AGM in January.
A good working capital performance resulted in net debt at 31 August 2016 being approximately £150m notwithstanding the significant adverse translation impact on the Group's US dollar borrowings caused by the depreciation of sterling noted above.
The Group expects to release its results for the full year on 16 November 2016.
*as derived from Bloomberg
ENDS
For further information please contact:
Fenner PLC | |
Mark Abrahams, Chief ExecutiveJohn Pratt, Group Finance Director | 01482 62650001482 626500 |
Weber Shandwick Financial | |
Nick Oborne / Tom Jenkins | 020 7067 0700 |
Notes to editors:
Fenner PLC is a world leader in reinforced polymer technology, providing local engineered solutions for performance‐critical applications. This announcement contains inside information.