7th Sep 2009 07:00
7 September 2009
Fenner PLC
PRE-CLOSE STATEMENT
The last two months of trading have shown some signs of improvement. Accordingly we anticipate reporting results for the year ended 31st August 2009 at least in line with our expectations.
There have been increasing signs of activity pick-up in many of the Industrial businesses. Although improvement is likely to be slow, it appears that the worst of the slow-down is now behind us.
The coal businesses have been continuing strongly albeit with lower order books. In the US the cool summer conditions have contributed to suppression of coal demand, nevertheless, our targets for the performance and development of these businesses remain unchanged.
The operational gearing benefit from the reduced cost base will increasingly be felt as volumes start to increase. This, combined with the returns from our investment programme, leaves the group very well positioned to benefit from improving market conditions.
A combination of stringent working capital control and improved operating performance has reduced net borrowings to below £170m at the year end.
We expect to announce results for the year ended 31st August 2009 on 11th November 2009.
Disclaimer
Certain statements in this report are forward-looking. These forward-looking statements reflect our current expectations concerning future events and actual results may differ materially from current expectations or historical results. Such forward looking statements are subject to risks and uncertainties, including specific economic or business conditions particularly in the US and energy markets, and significant increases or volatility in the price and availability of raw materials.
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For further information please contact: |
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Fenner PLC |
01482 626501 |
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Mark Abrahams, Chief Executive |
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Weber Shandwick Financial |
020 7067 0700 |
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Nick Oborne/Stephanie Badjonat |
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