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

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

I haven't. I still think this sector is out of favour, particularly as their customers are mostly within the mining industry, which is on it's knees atm. Sub 200p is likely again, imo.

Acquisition of Charter Medical Limited ("Charter")

Fenner is pleased to announce that its wholly owned subsidiary Fenner Drives, Inc. has acquired 100% of the share capital of Charter from its parent company Lydall, Inc. a publicly traded company (NYSE: LDL) headquartered in Connecticut. Charter will be integrated into Solesis Medical Technologies ("Solesis"), part of Fenner's AEP division.

The consideration of US$29.9m was satisfied in cash at completion and the transaction is expected to be earnings enhancing immediately upon acquisition.

Charter manufactures specialty single-use assemblies and Class I and Class II medical devices for the collection, processing, storage and filtration of biological and bioprocessing fluids. Charter also produces bio-containers and fluid management sets that serve a range of life science applications including biopharmaceutical manufacturing, cell therapy and cryogenic storage. Charter is a single site company based in Winston-Salem, North Carolina.

As at 31 December 2014, unaudited gross assets acquired were US$6.9m with underlying EBITDA (1) of US$3.3m for the 12 months to 31 December 2014 on sales of US$19.6m.

The entire workforce of Charter have become employees of Fenner upon completion and will continue to be led by General Manager, Mr. Gael Peron.

Looking better Harry?

Not for me yet, I'm afraid.

Gap closed for now +7.1%.