Fenner on course despite raw material increases

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Date: Friday 18 Jul 2008

LONDON (ShareCast) - Buoyant demand from the mining sector is keeping conveyor belt maker Fenner on course despite a surge in raw material prices especially in the US.

"We are mindful of the uncertain economic conditions in some of our industrial markets. However, the energy and commodity markets we serve remain positive, and this, together with our value added strategy, has enabled us to maintain margins, despite rising raw material costs. This, underpinned by the resilience of our order books, gives us confidence in our expectations for the current financial year," it said.

Fenner added that its heavyweight conveyor belting businesses have experienced high levels of demand with continued strong margin performances in Asia Pacific where the service operations are at capacity. The Americas business has seen good revenue growth, but has also experienced rapidly rising raw material costs, which is constraining margin growth in the very short term.

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