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".

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

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%.

bs