Fenner expects to meet forecasts for full year

9th Sep 2014 07:31

Conveyor belting and polymer products group Fenner said that trading patterns since its last update have not changed and it expects results for the year to 31 August to be "in line with expectations".The company had released a mixed trading statement in July, saying that while its Advanced Engineered Products divisions was performing well, the Engineered Conveyor Solutions business had to battle with weak sentiment in the US coal industry and tough conditions in the Australian mining market.On Tuesday, Fenner said it has "continued to re-align and restructure its activities to suit the local market conditions in each of the various regions where it operates".It expects to incur an exceptional charge in the second half of its financial year due to this restructuring.Net debt at the end of the period totalled £120m, broadly flat with the previous year.Annual results are due out on 11 November.Shares in Fenner were up 1.43% just after the opening bell on Tuesday.