Member Article

Expectations for Hessle’s Fenner remain high despite drop in revenue

Hessle-based Fenner, a manufacturer of polymer-based industrial products such as beltng, has reported a decrease in revenue.

Reported revenue was at £359.8 million (2013: £391.3 million), representing a fall of 3%.

Nicholas Hobson, CEO, commented: “During the period, the Group continued to make important progress towards its strategic objectives, positioning the Group for further long-term growth in each of its two divisions.

“ECS is performing well in Australia, where it has entered the second half of the year with an improving order book. Like-for-like comparatives are expected to continue to improve as the year progresses.

“In the USA, ECS’s revenue and order intake do not yet reflect favourable trends in the energy industry, such as rising natural gas prices and reductions in utility coal stockpiles, which are expected to lead to a recovery in coal production and in demand for ECS products and services.

“Further progress is anticipated in ECS’s newer markets, which is expected to offset weak demand from customers in Russia, Ukraine and the UK.

“AEP is expected to continue to make progress towards stated strategic objectives which underpin future growth and continues to be an area of primary focus for acquisitions. As previously indicated, this year the seasonal weighting of revenues and operating profit towards the second half is expected to be slightly more accentuated than in recent years.

“On this basis, the Board’s expectations for the outcome for the year as a whole remain substantially unchanged.”

This was posted in Bdaily's Members' News section by Clare Burnett .