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

8p. I guess it's all in the price - we shall see

StockMarketWire.com
Fenner confirms that its trading performance in the first half of the financial year has remained in line with the expectations included in the AGM trading update issued on 13 January, notwithstanding that end markets continue to be challenging, most notably oil & gas where the North American rig count has reduced further.

Net debt at 29 February was approximately GBP156m (28 February 2015: GBP177m at constant exchange rates).

The group expects to release its Half Yearly Report on 27 April 2016.

StockMarketWire.com
Fenner expects to achieve an overall outcome for the financial year ending 31 August in line with previous forecasts, save for the small currency related increase in earnings due to the depreciation of sterling.

It says trading results for the third quarter have reflected further improvements in line with its plans.

This performance is against the backdrop of its principal markets having shown no recovery and, in some cases, having deteriorated further. In response to these conditions, the group has succeeded in achieving further benefits from operational efficiencies and market share gains.

An update says: "AEP's medical businesses have continued to perform well and the Secant relocation programme is now entering the testing and certification phase. Although the industrial businesses are seeing some fragility in their wider markets, new product initiatives are offsetting these effects.

"Whilst the recent small increase in the US rig count, combined with market share gains, is expected to benefit our oil/gas businesses, given lead times, the effect of this is most likely to be felt in the new financial year.

"In the Northern Hemisphere, ECS's industrial businesses have remained stable whilst the US coal industry continues to be challenging. The refocussing of our North American business remains on track.

"In Australia, ECS's operational improvements have mitigated on-going pricing pressures from customers in the mining industry.

"Cash flow during the period has reflected normal seasonality and has remained within the range of the Group's expectations. However, due to the recent significant deterioration in the value of sterling against the US dollar, the Group's net debt at the year-end is likely to be above previous expectations, entirely due to currency translation.

"The depreciation of sterling will also benefit the translation of the Group's overseas earnings albeit that, given the timing, the impact in the current financial year will be marginal. In any event, the underlying net debt to EBITDA ratio, as measured by the Group's lenders using constant currencies, will not be significantly impacted."

Peel Hunt today reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 190p (from 180p).

StockMarketWire.com
Fenner's revenues fell to £572.5m in the year to the end of August from £666.7m and underlying operating profits of £37.1m were down from £56.4m.

The group posts a pre-tax loss of £30.3m - up from £5.3m - but says it has continued to make solid progress in challenging markets and there was an improved performance in the second half by both AEP and ECS as management actions took effect.

It says the current year is anticipated to be modestly ahead of previous expectations in addition to currency benefit.

Chief executive Mark Abrahams said: "The Group's results were ahead of our expectations at the time of the Annual General Meeting in January 2016, assisted by currency. Management actions have started to outweigh market pressures.

"The Group has made important progress in repositioning those businesses which have been most affected by market conditions. We achieved another strong performance in terms of generating cash and controlling costs.

"Taken as a whole, the Group has commenced the new financial year with a substantially reduced cost base and with several of the leading indicators for the Group's businesses showing a more positive trend.

"As a consequence, we now anticipate that the outcome for the current year will be modestly ahead of our previous expectations. In addition, the Group is experiencing a tailwind from the translation of overseas earnings into sterling, with the year-on-year impact on underlying operating profit from currency movements estimated to be £4m based on exchange rates prevailing during the early part of the new financial year."

StockMarketWire.com
Fenner's trading in the first quarter has been satisfactory and reflects the progress it has been making in all its businesses, an update ahead of its annual general meeting today says.

Looking ahead it says: "Whilst market conditions remain similar to those reflected in our November statement, we are performing well and gaining traction from market share gains and from our refocusing of the businesses. As a consequence, the board envisages that the group's results for the current financial year will be comfortably above previous expectations."

Peel Hunt not today:
"AEP is seeing an improving trend in order intake and customer enquiries in Oil & Gas, reflecting its strengthening market position and a further rise in the US rig count. The Medical businesses are performing well and in line with expectations. ECS – some increase in order intake in North America, from very low levels.
Outlook – whilst market conditions remain similar to November, the group is enjoying market share gains. As a consequence, the Board envisages that the Group's results for the current financial year will be comfortably above previous expectations.
Forecasts: We expect to increase our August 2017 PBT by c10% to £34m (12.8p). The group is clearly now on an upward trajectory and we anticipate more material upgrades for FY2018E as the key end markets continue to recover, enhanced by further market share gains. On our indicative forecasts, the shares are trading on an August 2017 PER of 18.5x, falling to 15x August 2018 & 1.3% yield. We are increasing our target price to 300p and upgrade our recommendation to Buy."

Peel Hunt today reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 330p (from 300p)

Fenner PLC announces that its Advanced Sealing Technologies group of businesses has completed the final part of its restructuring to reposition its CDI European operations, it having completed the disposal of its Norwegian business on Monday, 13 February 2017. This sale enables CDI to centralise the European business back into its principal operation in Houston, Texas which is where CDI's main customer base is located. CDI has retained its operation in Singapore, which is also a key market for its products.

The restructuring will enable CDI to continue to concentrate on building market share, strengthening its market position and building on its customer service capabilities while also enhancing its product innovation and new product offering in what is a competitive environment. CDI will be able to operate on a leaner more efficient and cost effective basis as a result of this restructuring.

CDI designs and manufactures custom seals for upstream oil and gas applications and is the Group's largest oil & gas related business.

The gross assets disposed with this transaction equate to less than 1% of Advanced Sealing Technologies' gross assets.

Peel Hunt today reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 360p (from 330p).

StockMarketWire.com
Fenner's underlying pre-tax profits more than doubled to £16,5m in the six months to the end of February - up from £8.1m last time.

Revenues rose to £307.4m from £276.8m and the group made a pre-tax profit of £13.8m against a loss of £23.1m a year ago.

The group said revenue was assisted by market share gains and exchange rates and underlying operating profits rose by 60% £24.0m - 27% up at constant currencies.

Chief executive Mark Abrahams said: "It is pleasing that the restructuring of the group has created a platform from which we are now growing and making steady market share gains. We look forward to maintaining this momentum."

Citigroup today reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 380p (from 348p).

JP Morgan Cazenove today reaffirms its neutral investment rating on Fenner PLC (LON:FENR) and raised its price target to 275p (from 255p).

Peel Hunt today (24/04/17) reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 380p (from 360p).

finnCap today (25/04/17) reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 385p (from 335p).

StockMarketWire.com
Fenner expects full-year operating profits to be comfortably ahead of previous forecasts.

Fenner said it continued to make strong progress since 1 March, principally in new product development, augmented by a further increase in the US rig count.

It said that AEP's performance continued to strengthen across each product area.

An update said: "In particular, our Medical businesses are experiencing strong revenue growth from the development of new customer projects.

"This provides an encouraging platform for long term growth in line with our plans. In Oil & Gas, the growing order book is now translating into increased sales.

"Our Industrial businesses are performing ahead of last year, reflecting new product launches.

"ECS continues to deliver the planned improvements."

Looking ahead, it said: "Trading across the group remains positive and, on the basis of the improved outlook, most notably in the medical businesses, the board anticipates that the group's operating profit for the financial year ending 31 August 2017 will be comfortably ahead of its previous expectations, with the added benefit of a reduced interest charge going forward."

StockMarketWire.com
Fenner - through its subsidiary Fenner Conveyor Belting (South Africa) (Pty) - has signed a long term agreement with Bearing Man Group (Pty) Ltd for BMG to distribute Fenner Conveyor Belting products in specified territories in sub-Saharan Africa.

Fenner said that as part of this arrangement, BMG was acquiring the ECS service operations and related assets in South Africa.

Fenner said its South African conveyor belt plant would supply BMG with conveyor belting for South Africa and the other specified territories.

Fenner chief executive Mark Abrahams said: "This is an exciting opportunity for both Fenner and BMG and further strengthens the long term relationship that exists between the companies.

"This transaction will enable both companies to harness their respective strengths and develop the sales opportunities in South Africa and the wider Sub-Saharan territories for conveyor belting using the well-respected, and well established branch and distributor network operated by BMG, one of the strongest operators in Africa."

Peel Hunt today reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 425p (from 380p)

StockMarketWire.com
Fenner's underlying operating profits rose by 59% to £59.1m in the year to the end of August.

Revenues were up 14% at £655.4m and the group posted an operating profit of £53.4m compared with a loss of £14.7m last time.

Other highlights:
- Underlying pre-tax profit of £45.3m (up 95%) and underlying earnings per share of 17.7p (up 111%)

- Free cash flow of £69.0m (up 78%); net debt of £101.5m (2016: £150.0m), representing 1.2 times EBITDA

- AEP like-for-like revenue up by 11%; underlying operating profit of £43.9m (up 29% at constant currencies)

- Increased final dividend of 2.8p (up 40%) making total dividend for the year of 4.2p

Chief executive Mark Abrahams said: 'The group's results for 2017 show significant improvements over the previous year on all measures.

'These improvements illustrate the strength of the group's responses to the difficult trading conditions faced by the group in many of its principal markets over recent years and particularly reflect our continuing commitments to customer service, product development and operating efficiency.

'As we enter the new year, the outlook is strengthening.

'The group's momentum is being maintained with each of our businesses seeing opportunities and encouraging developments.

'We believe the coming year will see further progress across the group, notwithstanding the significant macro-economic uncertainties around the world.

'Overall, given the structural growth opportunities that the group has created, the board anticipates that the outcome will be above its previous expectations.'

Citigroup today reaffirms its buy investment rating on Fenner PLC (LON:FENR) and raised its price target to 425p (from 400p).

StockMarketWire.com
Fenner expects operating income for the current financial year to be about its previous forecasts, according to update issued ahead of today's annual general meeting.

The group said it had a robust start to its financial year as it continued to transition from recovery to sustainable growth.

It said all businesses were performing well, with generally increasing order intakes and further benefits from on-going efficiency enhancements.

It said: 'The board envisages that, due to the recent increases in order intake in ECS, the consistent strength of AEP and the general strengthening of trading across the group, Fenner will achieve an operating outcome for the current financial year which is above its previous expectations.

'Looking beyond the current year, the group's strengthening market positions, an increasing expectation of the returns from its on-going investment in product development, the reduced US tax rate and the depth of expertise across the group's management team make the board increasingly confident about the future progress of the group.'

Anyone still holding this?

Bid today.

I bought at 196 and sold at 285. I thought I did well at the time!

Sadly not CC. Have dipped in & out over the years, but missed the surge this time.
No info on the bidder yet.