Fenner PLC (FENR) - pre-close update as expected and surely worth more than 200p?
The Group’s trading in the first half of its financial year ended 28 February 2015 continued to be characterised by a good performance by the AEP Division and challenging market conditions for the ECS Division.The robust balance sheet and free cash generation surely suggests FENR is worth more than 200p per share.
The Group is a true world leader in reinforced polymer technology, providing local engineered solutions for performance-critical applications. It operates through two divisions: Engineered Conveyor Solutions: the ECS division, trading under the Fenner Dunlop, Fenner and Dunlop brand names, is a recognised leader in the global conveying market. The division offers a unique, comprehensive suite of products and services, which serve the conveying needs of mining, power generation and bulk handling markets. The division has 40% exposure to thermal coal. Advanced Engineered Products: the AEP division uses advanced polymeric materials and technical expertise to provide high value-added solutions to customers’…