More jobs are expected to go in Fenner’s automotive division as it battles to stem losses following a slow-down in orders from Rover.
The company refused to rule out further job losses if car industry production does not pick over the next few months. Chief executive Mark Abrahams said he did not expect the automotive business to make any profit this year, but insisted that losses would be reduced.
Fenner supplies rubber mouldings to Rover and was forced to spend £3m on redundancies and restructuring last year.
The automotive division is Fenner’s weakest-performing operation – the firm’s other businesses, conveyor belts and fluid power, achieved double digit profit margins. Fenner’s full year results revealed profits on continuing operations down from £22.6m to £16.05m.