Fenner sees 30% rise in revenue

Reinforced polymer technology manufacturer Fenner saw its revenue rise 30% during the year ended 31 August.

Revenue rose to £718.3m from £552.5m, while operating profit rose 67% to £82.5m (2010: £49.3m).

Profit before tax was up 87% to £69.6m to £37.2m.

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Chairman Mark Abrahams said: "Our robust business strategy, with customer focused operations, has enabled strong organic growth across the group. This has been complemented by three acquisitions during the year and a further acquisition shortly after the year end.

"The new year has begun with our businesses performing well. While we note the uncertainty over the global economic outlook, trading in our core businesses remains in line with our expectations. Given the fundamental drivers of end user markets and our ability to respond to the external environment, the prospects for the group remain good."

The board has recommended an 11% increase in its dividend to 8p.

Basic earnings per share rose from 14.6p to 24.6p. Cash at the end of the period rose to £104.3m (2010: £44.7m).

The share price rose 1.89% to 355.1p to 08:54.

NR