Shares in Fenner, the conveyor belting and fluid power equipment maker, slipped last week after the company reported a fall in full-year profits and warned of ‘challenging’ conditions in current trading.
Chairman Colin Cooke said that maintaining last year’s level of profit will be challenging in view of the continued strength of the pound and the economic downturn in the UK.
Pre-tax profits for the year to August fell from £18.5m to £15.2m, but this reflected a £6.9m exceptional charge incurred on the sale of the power transmission business.
At the company operating level, profits rose 7% from £23.0m to £24.7m. Fenner shares finished the week at 103.5p, just 3.5p off their low for the year.