Dull business but cracking chart, great dividend and ad hoc takeover rumours. I'm happy to settle for that kind of dull!

JP Morgan Cazenove retains neutral on Fenner target cut from 420p to 340p

Interim Management Statement

Summary

The Group has continued to make progress and, in the period under review, achieved revenue and earnings in line with management expectations.

The Group reconfirms its expectation of an outcome for its current financial year in line with that anticipated in April 2013, at the time of its Half Year Results.

In light of the improving prospects in both Advanced Engineered Products ("AEP") and the majority of the Engineered Conveyor Solutions ("ECS") businesses and notwithstanding current conditions in the Australian mining industry, the Group looks forward to a return to growth in its 2013/14 financial year.

Trading

During the period under review, the ECS division in North America achieved order levels and revenues which showed continuing improvement from the uncharacteristically soft demand in the second half of 2012. ECS's business in Australia was, as anticipated, impacted by the widely reported and continuing pressures on expenditure in the mining industry. ECS's businesses in other locations generally continued to trade well.

In the AEP division, activity levels have continued to improve following the destocking experienced in the early months of the financial year. There has been a particularly strong performance by Fenner Advanced Sealing Technologies, which is benefitting from the strength of its industry-leading brands and technologies, its exposure to the oil & gas industry as well as recent acquisitions. Other AEP businesses have also generally performed well and in line with previous expectations.

Balance sheet and financing

The Group's balance sheet remains strong with borrowings at a level consistent with management's expectations.

Disposal

On 29 April 2013, the Group sold Svenska Brandslangfabriken AB, a non-core business in Sweden, which was acquired as part of the Mandals businesses on 3 September 2012. Net cash proceeds before selling costs were SEK 46.4m (£4.6m at current exchange rates).


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Solid results, good reaction from the market.

Reassuring results, like the mention of the Australian difficulties. Will add.

BRIEF-Fenner says looks forward to returning to growth18 Jul 2013 - 07:11

LONDON, July 18 (Reuters) - Fenner PLC : * In the period under review, achieved revenue and earnings in line with management expectations * Reconfirms its expectation for its current financial year in line with that anticipated in April 2013 * Looks forward to a return to growth in its 2013/14 financial year. ((London Equities Newsroom; +44 20 7542 7717)) ((For more news, please click here [FENR.L]))

.

Were going high high higher.......

http://www.youtube.com/watch?v=6lo7BjX6WXg

Numis Add 335.05 - 380.00 Reiterates

N+1 Singer Hold 335.05 330.00 330.00 Retains

Investec Hold 335.05 335.00 330.00 Reiterates

Added first thing this morning, flying!

Citigroup Buy 339.35 457.00 415.00 Retains

Good update this am.
Took profit @ 389p

Lilkewise but looking to get back in as I believe this has further to go.

Investec Sell 399.55 405.00 370.00 375.00 Downgrades

Final Results

Finncap Buy 406.85 407.30 - 460.00 Upgrades

12+ month high @467.60472.50p.

Results later today.

A bit of a pull back since the recent high - today could be interesting.

Interim Management Statement

The Group has continued to make progress towards its strategic objectives against a generally improving macro-economic environment.

ECS's trading results for the period were in line with management expectations albeit, as anticipated, below the levels for the comparative period of the previous financial year, largely reflecting very strong trading in Australia in the first quarter of that year.

Continued high levels of iron ore extraction in Australia, which have led to some easing of constraints on mines' operational expenditure, and further progress by ECS in hard rock mining in other regions have benefitted ECS's trading and order book.

ECS order intake rates typically decline during the winter. This year, the normal seasonality has combined with a number of factors, including corporate activity amongst our coal mining customers, to make ECS's forward order visibility in these markets more limited than usual.

AEP's trading and outlook are encouraging and have reflected generally improving macro-economic conditions. AEP is continuing to target opportunities in the oil & gas and medical industries and, as previously indicated, has increased revenue investment in both human capital and innovation to underpin a continuation of the strong organic growth achieved in recent years in this division.

It is now envisaged that AEP's revenue and operating profit will be slightly more weighted towards the second half of this financial year than previously anticipated, mainly due to the deferral of certain customer sales from the first half of the year to the second.

The expected full year outcome is unchanged in constant currency terms.

During the period, sterling has continued to strengthen against all the major currencies in which the Group's revenues are generated. Translation of the Group's results for its financial year ended 31 August 2013 using rates as at 31 December 2013 would have reduced underlying operating profit by approximately £9 million.

The Group's financial position remains strong, with net borrowing being in line with expectations.

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Gap from early November now filled!