Fenner – positive IMS and seemingly good value
Solid progress during the period, achieving revenue and earnings in line with expectations.
The Engineered Conveyor Solutions (“ECS”) division continued to operate at high levels of factory utilisation and operating margins were in line with previous run rates. Strong demand in other regions, but some slowing of order rates from the US coal market as customers align output with consumption in the wake of an exceptionally mild winter and uneconomic shale gas pricing. There are early signs that coal stockpiles are returning to more normal levels with a recovery in US natural gas prices, and of an increase in US coal export activity. Capital investment programmes are proceeding according to plan and will…