Fenner PLC Trading Update (7027T)
2015年7月22日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
TIDMFENR
RNS Number : 7027T
Fenner PLC
22 July 2015
22 July 2015
Fenner PLC
("Fenner" or "the Group")
Trading Update
Fenner presents its scheduled trading update covering the period
since the end of the first half of its financial year on 28
February 2015.
During the period, AEP's industrial, medical and other non-oil
businesses, which represent more than two-thirds of AEP's revenue,
continued to perform well as a result of stronger demand and new
business wins. Secant Medical has completed the first phase of its
major facility consolidation as planned and integration of Charter
Medical is proceeding on schedule.
AEP's principal businesses serving the oil/gas sector
experienced reduced order intake from February which, as
anticipated, impacted trading results from April onwards to an
extent consistent with movements in industry metrics. Demand for
Mandals hoses used in hydraulic fracturing has remained at very low
levels.
Demand levels for ECS products and services in North America are
reflecting sequentially lower production levels in the coal mining
industry, the impact of which is being partially offset by good
progress and generally improving demand from the bulk materials
sector. In APAC, ECS has continued to see volume and price declines
as the mining industry responds to the deteriorating outlook for
commodities. ECS's trading in EMEA has also remained under
pressure.
We continue to restructure and re-align our engineering,
manufacturing and service capabilities to focus on segments of the
conveyor market which value the efficiency improvements possible
through adoption of our integrated solutions model. As part of this
process, various resources, previously engaged on new customer
capacity, are being re-focused on the aftermarket. In addition, the
previously announced downsizing of ECS's UK workforce has been
completed and similar measures were recently implemented in
China.
Balance Sheet and Financing
During the period, the Group's net debt has remained in line
with expectations, reflecting the increased focus on the Group's
working capital. In addition, capital expenditure is being
maintained within the range previously indicated.
Outlook
Leading indicators in the mining and energy industries are not
yet showing any signs of recovery and we anticipate the recent
challenging market conditions will continue. Nevertheless, we
remain encouraged by the focussed way in which the ECS and oil and
gas businesses are responding to cost management initiatives.
We expect the strong performance by the industrial, medical and
other non-oil businesses within AEP to continue for the remainder
of the year and we anticipate that, for AEP as a whole, the outcome
for the year will be in line with previous management
expectations.
However the recent developments in ECS's businesses will result
in full year Group earnings, after recognising a lower tax rate,
being slightly below previous management expectations.
Cash exceptional costs in the current financial year arising
from our programme to restructure and refocus our business are
expected to remain in line with previous guidance at below
GBP10m.
--- ENDS ---
Analyst and Investor conference call
A conference call for analysts and investors will be held at
8:00 a.m. (UK time) today to discuss this statement. Participants
can join the call on 020 3059 8125 (international dial-in + 44 20
3059 8125). A recording of this conference call will be available
for 7 days on 0121 260 4861 (in the United States dial 1 866 268
1947 and in all other international locations dial + 44 121 260
4861) using the access code 1382682 followed by #; a replay
facility will also be available through the company's web-site
www.fenner.com.
For further information please contact:
Fenner PLC
Nicholas Hobson, Chief
Executive Officer 01482 626500
John Pratt, Group Finance 01482
Director 626500
Weber Shandwick Financial
020 7067
Nick Oborne 0700
Notes to editors:
Fenner PLC is a world leader in reinforced polymer technology,
providing local engineered solutions for performance-critical
applications. The Group operates through two divisions:
Advanced Engineered Products: the AEP division uses advanced
polymeric materials and technical expertise to provide high
value-added solutions to customers' most challenging engineering
problems. Customers are spread across a variety of end-user
segments, including oil & gas, medical, construction,
transportation, automation and general industrial. AEP's trading
names are recognised globally and include CDI Energy Products, EGC
Critical Components, Hallite, AIP Precision Machining, Fenner
Precision, Fenner Drives, James Dawson, Mandals, Secant Medical,
Charter Medical and Xeridiem
Engineered Conveyor Solutions: the ECS division, trading under
the Fenner Dunlop, Fenner and Dunlop brand names, is a recognised
leader in the global conveying market. The division offers a
unique, comprehensive suite of products and services, which serve
the conveying needs of mining, power generation and bulk handling
markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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