Fenner sees profits up on 2010

Fenner, the polymers company, has gained 2.5% in early trading this morning after announcing that first quarter profitability is significantly better than the comparable period of 2010.

Revenues in the Engineered Conveyor Solutions division have been bolstered by strong demand from mining companies.

The Advanced Engineering Products unit has seen profits grow after gaining share in the oil and gas market. Fenner warns, however, that "the growth rate was slowed by moderate distributor de-stocking".

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The board says net debt is in line with expectations.

In today's trading update Fenner says revenue growth rates will slow as it enters a period of tougher comparatives but that, overall, the group will still make "progress".

Over the last year Fenner shares are up 18%.

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