Robust mining and energy demand at Fenner

Reinforced polymer technology firm Fenner unveiled a 53 percent increase in pre-tax profit for the half year ended 29 February after bumper demand from its energy and mining customers.

Underlying pre-tax profit increased to £48.1m while pre-tax profit rose to £41.7m from £26.6m the previous year. Revenue for the period swelled to £412m from £332.5m previously.

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 Mark Abrahams commented, "Trading was very strong in the first half as growth drivers in our core businesses remained positive, underpinned by continuing buoyant demand from mineral extraction and energy sectors."

He added, "Notwithstanding the influence of the current macro-economic environment on some of our markets, our order book remains healthy, we are trading in accordance with expectations and we remain confident in our ability to continue to make progress in the second half of the year."

Revenue and profits at both the Engineered Conveyor Solutions ("ECS") and Advanced Engineered Products ("AEP") divisions were at record levels and significantly ahead of the previous period.

Underlining the group's confidence in future earnings, the interim dividend has been increased by 32% to 3.50p per share.

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.