LONDON (Nov. 11, 2009)—Fenner P.L.C. posted lower profits on higher sales for the year ended Aug. 31, and management viewed the results as satisfactory in a poor economic climate.
Revenues rose 14 percent to $831.5 million, thanks in part to acquisitions, the company said. Fenner has underlying operating profits before exceptional items of $68.8 million, compared with $82.2 million a year earlier.
The company reported its net profits fell to $7.7 million from $43.2 million the previous year.
Conveyor belting sales rose 24 percent to $602.5 million, benefiting from robust coal sector demand, the firm said.
The company restructured costs throughout the year to appropriately meet demand, Chairman Colin Cook said, and signs are starting to show that markets are improving.