Pre-Close Trading Statement (9212Y)

TIDMFENR

RNS Number : 9212Y

Fenner PLC

08 March 2012

Fenner PLC ("Fenner")

Pre-Close Trading Statement

Fenner PLC today provides an update on trading for the six months ended 29 February 2012. The Group expects to report its interim results on 25 April 2012.

Trading in the second quarter of the financial year has continued to be strong, with operating profit for the first half significantly ahead of the comparable period last year. Fenner has experienced positive trading conditions, supported by steadily growing demand from the mineral extraction/energy sectors, and market share gains. Operational efficiencies that were seen in the second half of last year have driven improved margins in both the Engineered Conveyor Solutions ("ECS") and Advanced Engineered Products divisions.

The period saw good progress against strategic objectives:

-- The acquisition of Allison Custom Fabrication in December has further expanded the breadth of our ECS offering in North America

-- Our ability to support oilfield service customers on a global basis has been extended by the acquisition of Multiseals (Singapore) and by the presence of our branch in Brazil

-- Following the acquisition of Transeals we have re-organised the speciality sealing activities in Australia to offer continent wide service and an improved presence in the fast growing Western Australia hydraulic equipment after-market

-- Ongoing capital investments have increased capacity for strategically important medical textile, and oil and gas products. Expenditure has also been committed to create additional capacity and capability for conveyor belt used in mineral extraction.

Net borrowings, after acquisition payments, seasonal outflows and investments to support growth, are in line with our expectations.

As the Group enters the second half of its financial year, healthy order book levels support our expectation of continued positive trading.

- ends -

For further information please contact:

 
 Fenner PLC                           01482 626501 
 Nick Hobson, Chief Executive 
 Richard Perry, Finance Director 
 
 Weber Shandwick Financial           020 7067 0700 
 Nick Oborne / Stephanie Badjonat 
  / Robert Cook

This information is provided by RNS

The company news service from the London Stock Exchange

END

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