HULL, England (Nov. 9)—Conveyor belt maker Fenner P.L.C. reported fiscal 2001 operating earnings of $20.2 million were on par with 2000, while sales rose 5.6 percent to $239.4 million. During the year ended Aug. 31, gains in market share and increased profitability in Fenner's European and South African conveyor belt businesses helped offset difficulties in the U.S., the firm said. "While conditions in North America have not seen any material change since June, conditions in the U.K. and South Africa remain favorable," said Fenner Chairman Colin Cooke. "We believe that our businesses have been more resilient to the downturn in the global economy than our competitors as a result of particular strengths we have built, most notably market share." Looking forward, Cooke said cost reductions and other benefits arising from the integration of UniPoly Enerka conveyor belting business will further improve the group's performance.
Fenner sales stable, earnings up in 2001
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].