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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Fenner plc    FENR   GB0003345054

FENNER PLC (FENR)
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Fenner : UK's Fenner FY profit, revenue beat estimates on order uptick

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11/15/2017 | 09:03am CET

Fenner Plc posted a 59 percent jump in underlying operating profit on Wednesday, as improved order intake and robust growth across its businesses aided the engineering firm in beating estimates.

Fenner's advanced engineered products (AEP) unit, that generated 45 percent of the group's annual revenue, recorded an 11 percent rise in revenue, helped by growth at its U.S. oil & gas and medical businesses.

The company, which makes polymer products and conveyor belts for industrial customers including miners, said operating profit rose to 59.1 million pounds for the year ended Aug. 31 from 37.1 million pounds a year earlier.

Revenue rose 14 percent to 655.4 million pounds.

Analysts were expecting full-year revenue of 639.84 million pounds, and an operating profit of 47.1 million pounds, according to Thomson Reuters I/B/E/S.

Engineering companies had been hard hit as customers in the oil, gas and mining businesses cut orders, and waited longer than usual to replace parts in the face of a widespread slump in commodity prices.

Like its peers, Fenner has also been forced to cut jobs and save costs to combat the fall in orders.

Fenner said the outlook for the firm is "strengthening", entering into 2018.

"Overall, given the structural growth opportunities that the group has created, the board anticipates that the outcome will be above its previous expectations," Chief Executive Mark Abrahams said.

(Reporting by Justin George Varghese in Bengaluru; Editing by Amrutha Gayathri and Sunil Nair)

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Financials ( GBP)
Sales 2018 671 M
EBIT 2018 65,9 M
Net income 2018 31,3 M
Debt 2018 64,3 M
Yield 2018 1,21%
P/E ratio 2018 25,65
P/E ratio 2019 20,28
EV / Sales 2018 1,26x
EV / Sales 2019 1,16x
Capitalization 780 M
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 3,85  GBP
Spread / Average Target -4,2%
EPS Revisions
Managers
NameTitle
Mark Simon Abrahams Chief Executive Officer & Director
John Pratt Executive Director & Group Finance Director
Geraint Anderson Non-Executive Director
Chris Surch Senior Independent Director
Michael Elliott Ducey Non-Executive Director
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