Fenner charts return to growth

Brokers are, too. N+1 Singer is pencilling in adjusted pre-tax profit of £93m, giving adjusted EPS of 31.6p, up from £87m and 30.1p in 2013. Much will depend on the core conveyor belt division where profit slumped by a quarter last year to £63m. Crucially, sentiment among mining customers both in the US and Australia is gradually improving, and a resumption of more normal industry maintenance and replacement practices will clearly benefit Fenner. And, while the weak Australian currency is a headwind in terms of translating Aussie profits back into sterling, chief executive Nicholas Hobson "would pick a weak Aussie dollar every time. It's what makes our customers profitable and confident enough to keep mining".

Even more promising is the higher-margin rubber seals and plastic parts unit, Advanced Engineered Products (AEP). It made a record operating profit of £46.8m in 2013 and demand from oil & gas and medical customers is growing fast. There's plenty of self-help still feeding through, too, and the division should have little trouble smashing last year's weak interim numbers.