11th Jan 2006 10:30
Fenner PLC11 January 2006 11 January 2006 FENNER PLC AGM STATEMENT I am pleased to report that trading conditions as described in my 9 November2005 statement to shareholders have continued favourably. In the year to August 2005 Group turnover increased 20% to £313.3m (2004£260.6m) which included £10.8m from the former Wellington Holdings plc("Wellington") businesses acquired on 20 May 2005. Turnover growth in ourunderlying businesses amounted to 16% reflecting the strong recovery in theheavyweight belting market driven by global energy demands. Group operating profit for the year before goodwill amortisation and exceptionalitems amounted to £21.3m (2004 £16.1m) and included a contribution of £1.9m fromthe former Wellington businesses. After goodwill amortisation and exceptionalitems, Group operating profit amounted to £15.8m (2004 £9.4m). This strong trading performance has enabled the Board to recommend a finaldividend maintained at 3.85p, which, together with the interim dividend,represents a total for the year of 5.825p (2004 5.825p). The underlying dividendcover for the year was 1.6 and we would hope to strengthen that position in thecurrent year. In the opening months of the current year we have continued to perform inaccordance with our expectations. Global energy demands have sustained the highlevels of order intake for our heavyweight conveyor belts in North America, theAsia Pacific regions and South Africa. The newly acquired operations of Fenner Advanced Sealing Technologies (formerlyWellington) have maintained their initial robust performance levels and arebenefiting from buoyant energy markets and new investment programmes.Satisfactory performances continue to be delivered by our North American andEuropean precision polymer businesses. With high levels of demand for our products, we remain confident of makingfurther progress in the current year. Colin CookeChairman - ends - For further information please contact: Fenner PLC 01482 626501Mark Abrahams, Chief Executive Weber Shandwick Square Mile 020 7067 0700Nick Oborne/Stephanie Badjonat This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Fenner PLC