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

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.

- Ends -

Gap from early November now filled!

Investec Sell 423.15 390.00 380.00 Reiterates

Finncap Buy 423.15 532.00 532.00 Reiterates

Credit Suisse Outperform 440.55 490.00 490.00 Reiterates

Numis Add 440.55 - 475.00 Reiterates

Closed +23 day trade.

I see Lloyds have slightly reduced their holding - ex dividend next week @7.5p

Pre-Close Trading Statement

Fenner today provides an update on trading for the six months ended 28 February 2014. The Group expects to report its half year results on 23 April 2014.

The Group's results for the period ended 28 February 2014 will, as previously indicated, be below those for the first half of its previous financial year but the Board anticipates that, in constant currency terms, the outcome for the year as a whole will show modest growth compared with the previous year.

ECS's trading results for the first half of the year were in line with management expectations albeit, as previously indicated, below the first half of last year on a constant currency basis, largely reflecting the very strong trading in Australia in the first quarter of that year.

In Australia, ECS is seeing improving demand for its products, assisted by continued high levels of iron ore and coal extraction, which is being reflected in higher order books.

Amongst ECS's coal mining customers, sentiment generally remains cautious, reflecting low commodity prices. In the second half of the year, ECS's business is expected to see some benefit from higher levels of coal consumption and generally lower US coal stock piles, although the Group remains mindful of the potential impact of corporate activity in North America and uncertainty in the Ukraine.

AEP's performance during the period has been encouraging, particularly amongst those of its businesses which serve the oil and gas industry, as it has continued to make progress towards the strategic objectives for the development of its businesses globally. As previously indicated, AEP's result for the first half reflected certain customer sales being deferred from the first half of the year, which are now expected to be made up in the second half of the current year or in the following financial year, as well as the Group's incremental revenue investment in both human capital and innovation to underpin the continuation of the strong organic growth achieved in recent years in this division.

Overall, AEP is expected to make progress in constant currency terms in its seasonally stronger second half, which is anticipated to have a slightly higher weighting of revenue and operating profit than in recent years.

Since Fenner's interim management statement in January 2014, sterling has seen relatively modest movements 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 average current rates would have reduced underlying operating profit by £8.7 million to £92.8 million and underlying earnings per share by approximately 2.6 pence to 27.5 pence.

The Group's financial position remains strong. The Group expects to report net borrowings at 28 February 2014 of circa £135 million (£172 million as at 28 February 2013, equivalent to £154 million using exchange rates prevailing on 28 February 2014).

- Ends -

April 23 (Reuters) – Fenner Plc

H1 pretax profit 17.6 million stg versus 26.1 million stg year ago
H1 revenue 359.8 million stg versus 391.3 million stg year ago
Interim dividend up 7 percent to 4 penceper share
H1 dividend per share 4.0p versus 3.75p
Sentiment within US coal mining industry has remained cautious but ECS performed well in Australia, South Africa and China
Advanced engineered products delivered an encouraging performance, particularly oil & gas facing business
Further progress is anticipated in ECS's newer markets, which is expected to offset weak demand from customers in Russia, Ukraine and UK
Seasonal weighting of revenues and operating profit towards second half is expected to be slightly more accentuated than in recent years

Source text for Eikon: [ID:nRSW2324Fa] Further company coverage: [FENR.L]

Trading Update

Ouch!

"The combined effect of these factors could be to reduce the Group's underlying profit before tax by 10-15% relative to the prevailing market consensus forecast of £77.6 million."

About right so far on today's drop.

Hardly surprising....

N+1 Singer Hold 359.60 389.70 395.00 - Under Review

Finncap Hold 359.60 389.70 450.00 - Under Review

Numis Hold 341.85 389.70 - 400.00 Downgrades

Investec Sell 340.60 389.70 360.00 320.00 Retains

Espirito Santo Execution Noble Neutral 339.85 349.30 400.00 337.00 Reiterates

Interim Management Statement

Overview

The Group's recent trading results have been in line with the guidance provided in May 2014.

During the period, the Group has made good progress in re-aligning and restructuring its activities to suit the local market conditions in each of the various regions where the Group operates.

ECS

In the USA, sentiment in the coal industry is unchanged and remains weak. Whilst there has been no further deterioration in ECS's trading position since the Group's trading update in May, there are no signs that any improvement is imminent and measures are being taken to manage costs and capacity across the business.

In Australia, ECS is continuing to benefit from high levels of mineral extraction, although lower commodity prices continue to impact miners' profitability. ECS has an active programme of contract tendering and, with its modern plant and skilled workforce, expects to maintain its share of the belting market in Australia.

Notwithstanding difficult market conditions in certain of its traditional markets, ECS is continuing to make progress in newer territories.

AEP

During the period, the performance of AEP has continued to be encouraging, with trading across the division having been in line with expectations. The recent Capital Markets Event highlighted the growth opportunities in the oil & gas and medical industries, which together account for around 40 per cent of its revenue. We are encouraged by the continuing contribution to the division's results from steady growth businesses such as Fenner Drives.

In support of continuing organic growth and as previously indicated, AEP has increased its revenue investment in innovation and leadership teams this year, and this higher level of investment is expected to be at least maintained in future years.

Financial position

The Group's financial position remains strong with borrowings in line with expectations.

Financial calendar

The Company expects to issue a pre-close statement on 9 September and to release its results for its current financial year on 11 November 2014.



Forward-looking statements

Certain statements contained in this statement constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of Fenner, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements.

Who are fenners peers and rivals? It would be interesting to know the name of the company they lost out to in Australia to carry out a peer analysis.

Maybe..... All Rubber??...........

http://www.mining-technology.com/contractors/materials/allrubber/

But I think its these guys after a bit of detective work......

and one conveyor belt were delivered by DSMAC.

http://www.mining-technology.com/projects/sino-iron-project-cape-preston/

Good work, thank you.