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

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.

Pre-close trading statement



Following a satisfactory end to its financial year, Fenner anticipates that its results for the year ended 31 August 2014 will be in line with expectations. Trading patterns across the Group have remained broadly unchanged since the interim management statement on 16 July 2014.

The Group has continued to re-align and restructure its activities to suit the local market conditions in each of the various regions where it operates. The Group expects to incur an exceptional charge in the second half of its financial year.

The Group's balance sheet remains strong. Net debt at 31 August 2014 was approximately £120 million (compared to £121 million at 31 August 2013).

The Group expects to release its results for the full year on 11 November 2014.

ends

Investec Sell 350.00 350.00 300.00 320.00 Retains

Final Results

· Results in line with revised expectations and impacted by currency movements

· Group revenue of £729.4 million, down 4 per cent at constant currency

· Underlying profit before taxation of £65.6 million and earnings per share of 23.3 pence

· Further progress by AEP, with record revenue at constant currency

· A resilient performance by ECS in difficult market conditions

· Increased final dividend of 8.0 pence making 12.0 pence for the year, an increase of 7 per cent

StockMarketWire.com
FinnCap reiterates hold on Fenner, target cut from 315p to 290p.

Ex-divi 29th Jan 2015 (8p)

Tempted for the divi, but chart support very tenuous at around the 200p level. Not a sector which is due to recover yet, so may let this one go.
Also goes to show what rubbish the broker's targets are.

Trading Update

Overview

Trading in the period since 11th November 2014 has been characterised by a good performance by the AEP Division and an increasingly challenging environment in the ECS Division. In response to these conditions and the anticipated impact of the fall in oil prices on demand for oil and gas products within AEP, we have further increased our focus on margin control across the Group. Whilst seeking to ensure that the Group preserves its flexibility to respond to any recovery in its markets, cost reduction programmes have been implemented or accelerated and selected capital projects have been deferred across the Group.

AEP

Trading in the AEP division overall has been in line with expectations during the period, continuing the trend of improving performance reported in the second half of last year. The recent, precipitous fall in oil prices is expected to affect demand levels in those AEP businesses directly involved in the oil and gas industry from early in calendar year 2015. The non-oil, speciality polymer businesses in AEP, which represent approximately two-thirds of divisional turnover, are expected to continue to perform in line with expectations. Notwithstanding satisfactory current activity levels in the oil and gas related businesses, cost bases are being reduced in advance of the expected reduction in demand levels arising from oil prices, which are now widely expected to remain at or around current levels. These pre-emptive cost reductions are being carefully targeted to ensure that we retain our ability to continue to develop the business effectively.

ECS

Against a continuing backdrop of global mineral oversupply and correspondingly low commodity prices, any recovery in our ECS markets continues to be deferred. Demand levels in the Americas are stable, albeit at low levels, anticipated growth in EMEA has not been achieved and margins continue to decline in Australia as a result of customer-driven price pressures. In response to these circumstances, additional cost reductions are now being implemented in all territories to further protect trading margins. With only minimal near-term capital investment required in our ECS facilities, which have been well-invested through the programmes of the past decade, cash conversion is expected to be strong.

Outlook

Our balance sheet is strong, with borrowings remaining in line with expectations. We will complete the major project to consolidate our medical manufacturing facilities in the USA, which is vital to allow continuing strategic growth. Other capital programmes for 2015 are being curtailed to include only essential or near-term payback projects. In addition, future major projects have been deferred pending improved market conditions, which is currently expected to result in significantly lower capital expenditure in 2016 than previously indicated.

In addition to ongoing programmes to aggressively manage variable costs, these new management actions will reduce the run rate of cash overhead expenditure across the group by an incremental £9m on an annualised basis.

Recognising the anticipated effect of lower oil prices and the challenging trading conditions in ECS, offset by cost reductions across the Group, we now anticipate 2015 full year earnings to be slightly below our previous range of expectations. In addition, an exceptional charge will arise from implementation of the cost savings initiated during this year. Our actions leave the group well positioned to take advantage of recovery when it occurs.

N+1 Singer Hold 195.75 201.00 201.00 Retains

finnCap Under Review 195.75 - - Under Review

What happened to the directional signal?!!! Good job I didn't base my investment strategy on it!!! ;o)

Harry :-)

Bought a few earlier @183.5 with an eye on the up coming dividend - currently in auction and I think I'll sell if I can get 20 points.

Out @205p had I bought more, I may have held.

Looks like I should have stayed in - did you buy Harry?

Credit Suisse Neutral 208.50 280.00 220.00 Reiterates

Canaccord Genuity Hold 208.50 400.00 250.00 Downgrades

Investec Hold 208.50 200.00 190.00 Reiterates

Panmure Gordon Sell 208.50 - 200.00 Reiterates

Numis Hold 208.50 - 220.00 Reiterates

Liberum Capital Hold 208.50 - - Reiterates

N+1 Singer Hold 208.50 201.00 201.00 Retains

finnCap Under Review 208.50 - - Under Review