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Trading statements

Fenner comfortably ahead of previous forecasts

07 July 2017 07:17

Fenner expects full-year operating profits to be comfortably ahead of previous forecasts.

Fenner said it continued to make strong progress since 1 March, principally in new product development, augmented by a further increase in the US rig count.

It said that AEP's performance continued to strengthen across each product area.

An update said: "In particular, our Medical businesses are experiencing strong revenue growth from the development of new customer projects.

"This provides an encouraging platform for long term growth in line with our plans. In Oil & Gas, the growing order book is now translating into increased sales.

"Our Industrial businesses are performing ahead of last year, reflecting new product launches. "ECS continues to deliver the planned improvements."

Looking ahead, it said: "Trading across the group remains positive and, on the basis of the improved outlook, most notably in the medical businesses, the board anticipates that the group's operating profit for the financial year ending 31 August 2017 will be comfortably ahead of its previous expectations, with the added benefit of a reduced interest charge going forward."

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Related Company: FENR

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