LONDON (Jan. 14, 2010)—Fenner P.L.C. has said the initial months of the current financial year have been "most encouraging."
In a statement the company said, "Across the Group, revenues generated from the mining sector have remained robust and our technical weaving medical business has made further progress. Elsewhere, the signs of recovery in our industrial businesses are becoming increasingly apparent."
The statement goes on to say that de-stocking has now largely ended, while re-stocking is beginning, which is giving a further boost to sales and revenues. Fenner said its ability to respond rapidly to customers who are short of materials adds to its competitive performance.
The company said revenue declines have slowed but operating profit has increased. In particular, December, normally a quiet month, yielded better than expected profits with order books strengthening in our major operations, Fenner said.