Fenner’s conveyor belt for bullish trading updates is working well. A strong second quarter means first-half operating profit will be “significantly” better than last year – news that has been greeted by a now-traditional round of earnings upgrades from City analysts.
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Not only is demand from miners and energy majors for conveyor belts increasing, but Fenner is winning market share and operational efficiencies continue to benefit profit margins, too. Money has been spent adding capacity in medical and oil & gas products, but more is being poured into ramping up its belting operation. And the company carries a “healthy” order book into the second half.
