Fenner confident of meeting full year expectations

12th Jul 2012 08:41

Reinforced polymer technology firm Fenner has reported 'solid progress' since March 1st, having generated revenue and earnings in line with expectations. As a result, the company remained confident of meeting its full expectations for the year. The Engineered Conveyor Solutions division continued to operate at high levels of factory utilisation and operating margins were in line with previous run rates. The division experienced some slowing of order rates from the US coal market as its customers align output with consumption following an exceptionally mild winter and uneconomic shale gas pricing. The firm is already seeing early signs that coal stockpiles are returning to more normal levels with a recovery in US natural gas prices, and of an increase in US coal export activity. Fenner's capital investment programmes are going ahead as planned and are set to bring additional capacity to operations in The Netherlands and Australia in spring 2013.The Advanced Engineered Products division has continued to perform in line with expectations, experiencing seasonally higher operating margins as the firm progresses through its second half period.The share price rose 0.94% to 377.80p by 08:57.NR