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Fenner hit by increased costs

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Date: Wednesday 30 Apr 2008

LONDON (ShareCast) - Shares in industrial conveyor belts specialist Fenner fell after it revealed a drop in half year profit.

Pre-tax profit fell to £13.9m for the six months ended 29 February 2008 compared with £15.9m the same time a year earlier. This reflected a £1.3m increase in finance costs and exceptional costs of £1.7m. Sales increased 8% to £201.1m.

Pre-tax profits excluding amortisation and exceptionals rose 14% to £16.1m helped by strong demand for conveyor belts at energy companies. Operating profit at the division rose 28% during the six months to £12.9m.

Its advanced engineering products division, which makes precision motion control products and sealing products for the mining and energy industries, saw operating profits rise to £9.7m from £9.3m.

Fenner said it had started the second half well.

"The healthy order books in our core businesses have been sustained in the initial months of the second half, which underpin the confidence in our capability to enhance our earnings for 2008. We expect to maintain the momentum that has been established over recent years," Fenner said.

An interim dividend of 2.2p a share has been recommended, up from 2.075p the last time.

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