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6 Sep 2010 07:00
6 September 2010
Fenner PLC
PRE-CLOSE STATEMENT
The final two trading months of our 2010 financial year have seen sustained momentum in our performance giving rise to a significant year on year increase in our underlying operating profit performance.
The trading environment for our conveyor belting operations in the mining sector, underpinned by thermal coal extraction, remains strong. In addition to volume improvements, the process efficiencies are generating increasingly high margin run rates in these operations.
The Advanced Engineered Products division has returned to historic margin run rates with improvements across the spectrum of operations.
In light of these performances we anticipate full year results to be at the top end of our expectations for 2010.
Net debt is estimated at less than £115M.
We enter the first quarter of our 2011 financial year with confidence. Those of our businesses with order horizons have robust visibility and our just in time operations are experiencing satisfactory throughput rates. New product initiatives and benefits from our recent investment programmes are expected to enhance operating margins through 2011. Our acquisitive growth programme remains ongoing and is expected to yield incremental benefits in the current year.
Disclaimer
Certain statements in this report are forward-looking. These forward-looking statements reflect our current expectations concerning future events and actual results may differ materially from current expectations or historical results. Such forward looking statements are subject to risks and uncertainties, including specific economic or business conditions particularly in the US and energy markets, and significant increases or volatility in the price and availability of raw materials.
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For further information please contact:
Fenner PLC 01482 626501
Mark Abrahams, Chief Executive
Weber Shandwick Financial 020 7067 0700
Nick Oborne/Stephanie Badjonat
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