12th Jan 2005 10:30
Fenner PLC12 January 2005 12 January 2005 FENNER PLC Fenner is the world leader in the global conveyor belting market and itsproducts include light and heavyweight conveyor belting for the mining and powergeneration markets, and precision motion control products for the computer,copier and mechanical equipment markets. AGM 2005 CHAIRMAN'S STATEMENT In my statement to shareholders on 10 November 2004, I reported that the resultsfor the second half of the year had confirmed our expectations of a recovery inour North American heavyweight conveyor belting business, supported by a betterperformance in continental Europe and increased profitability in all of ourmanufacturing operations. Turnover increased by 5% during the year to £260.6m (2003 £248.5m) reflecting arecovery throughout our markets. Group operating profit for the year beforegoodwill amortisation and exceptional items reached £16.1m (2003 £12.0m). Groupearnings per share after goodwill amortisation and exceptional costs increasedto 2.23p (2003 6.66p loss). The continued recovery in underlying profitability reinforces the dividendpolicy adopted in recent years. The Board recommends a final dividend maintainedat 3.85p, which together with the interim dividend of 1.975p, represents a totalfor the year of 5.825p (2003 5.825p). The worldwide resurgent demand for coal, at significantly higher prices, hassustained the high level of orders for our heavyweight conveyor belting products- particularly in North America. As expected, raw material input costs driven byhigh oil prices, supply constraints and unprecedented demand present a constantchallenge to our businesses. The weakness of the US dollar continues to impinge on profits in our specialistpolymer operations. However, these businesses continue to grow, especially inthe area of silicone hose products. With strong order levels and buoyant demandacross most operations, our outlook remains unchanged for an improved result forthe six months to February 2005 and we are confident of further progress in theremainder of the year. Colin CookeChairman - ends - For further information please contact: Fenner PLC 01482 626501Mark Abrahams, Chief ExecutiveRichard Perry, Finance Director 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