Fenner reports an increase in first-quarter profitability

Reinforced polymer technology manufacturer Fenner has seen a sharp increase in first quarter profitability compared to the slower trading period of the prior year.

In its advanced engineered products division, margins being achieved at the last financial year’s end have been sustained through the new year’s first quarter and activity levels were ahead of those experienced before the downturn.

The conveyor belting division is benefiting from increased efficiency and factory throughput, facilitated by the recent capital investments and current strong order books.

Net borrowings, after the initial consideration from the BBV acquisition and seasonal outflows, are in line with the company’s expectations.