INDUSTRIAL conveyor belt maker Fenner forecast full-year results ahead of market expectations after strong trading in its fourth quarter.
The firm said yesterday trading in the final quarter to 31 August had been particularly robust in both the conveyor belting and advanced engineering products divisions.
Fenner said it would end the year with net debt of less than £110m.
“Whilst we note that uncertainty about the strength of the global economy has increased, the demand levels remain in line with our expectations,” the firm added.
“We are increasingly convinced Fenner is a higher-quality, more robust stock post management’s reshaping of the group,” said Investec in a note.
City A.M. Reporter