Fenner lifts dividend by nearly a third

Industrial conveyor belt maker Fenner reported a stellar increase in profit and revenue for the year and lifted its dividend payment by 31 per cent.

Profit before taxation rose 27% in the 12 months ended August 31th to £88.6m while underlying pre-tax jumped 30% to £103.9m. Revenue for the year was up 16% to £830.6m. Underlying earnings per share rose 28% to 36.1p.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Chairman of the reinforced polymer technology firm Mark Abrahams commented: "We remain mindful of the current global economic uncertainty. Given both anticipated end market trends and the very strong first half last year, we expect our performance to be more heavily weighted to the second half of the current year."

He added: "As a result of our investment programme over recent years, Fenner is a much stronger and more resilient business serving a more diverse customer base. The fundamentals of our core markets underpin healthy, long-term growth, and we continue to be encouraged by the number of identified opportunities for sustained value creation."

Underlining its confidence in future earnings, Fenner is recommending a dividend of 10.5p per share, up 31% from last time.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.