Fenner's (FENR) share price has made up some ground in 2016 following precipitous declines in each of the two preceding years. Curiously, the shares gained further momentum, despite release of full-year figures that revealed a 17 per cent decline in revenues at constant currencies. Adjusted operating profits of £37.1m were down from £60.3m in the previous financial year. This apparent contradiction simply reflects growing market conviction that the group is now firmly in recovery mode.
Fenner, a Yorkshire-based manufacturer of industrial belts, seals and other specialist components, had foreshadowed results "towards the top of the current range of market expectations", but the full-year figures represent the first time in three years that the group has recorded half-on-half progress.