UK-based polymer technology company Fenner Plc (FENR.L) Monday stated that it expects results for fiscal 2010 to be at the high end of its expectations.
The manufacturer of industrial belting and other polymer-based products said it saw continuing momentum in its performance during the final two trading months of fiscal 2010. This led to a significant year-over-year increase in underlying operating profit performance, Fenner noted.
The company, which was founded in 1861 as a manufacturer of leather belting, also stated that the trading environment for its conveyor belting operations in the mining sector remains strong, supported by thermal coal extraction. These operations are showing increasingly high margin run rates on the back of volume improvements and process efficiencies.
Fenner is organized mainly into five units: Fenner Dunlop for conveyor belting, Fenner Drives for power transmission belting, Fenner Precision for precise power transmission applications, James Dawson for polymeric products and Fenner Advanced Sealing Technologies for sealing products.
The company stated that the Advanced Engineered Products division has returned to historic margin run rates with improvements across its spectrum of operations.
For fiscal 2010, the company's net debt is estimated to be below GBP 115 million.
The company also stated that it enters the first quarter of fiscal 2011 with confidence, driven by robust order visibility and satisfactory throughput rates for operations. Operating margins through 2011 are projected to be enhanced by new product initiatives and benefits from the company's recent investment programs.
In addition, Fenner said its acquisitive growth program is continuing and is expected to yield incremental benefits in the current year.
In fiscal 2009, the company earned GBP 4.5 million, or US$6.97 million, or 2.6 pence per share on revenues of GBP 499.4 million or US$773.30 million
FENR.L is trading at 217.40 pence, up 5.60 pence or 2.64%, on a volume of over seven thousands shares.
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