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

Recent Broker Target SPs range from 237p to 290p and that still looks miserly.

Date Broker name New Price Old price target New price target Broker change

19-Jul-10 Brewin Dolphin Buy 225.30p 270.00p - Reiteration

19-Jul-10 Collins Stewart Buy 225.30p 237.00p - Reiteration

02-Jul-10 Panmure Gordon Buy 192.30p 290.00p - Reiteration

"Fenner, the industrial conveyor belt maker, expects results for the year to 31st August 2010 to be at the top end of market expectations. The trading environment for its conveyor belting operations in the mining sector remains strong, while the Advanced Engineered Products division has returned to historic margin run rates with improvements across the spectrum of operations, the company said."

StockMarketWire.com
Fenner, a global engineer specialising in reinforced polymer technology, will release its final results on 10th November '10.

StockMarketWire.com
Fenner is extending its reach in the Australian mining industry with the takeover of BBV for up to A$63.95m.

Fenner said its subsidiary, Fenner Dunlop Conveyor Services, has exchanged contracts to enter into a joint venture with Belle Banne (Victoria), Leading Edge Conveyor Solutions and associated interests - together BBV - that will lead to its acquisition.

Belle Banne (Victoria is based in the State of Victoria, Australia, and Leading Edge Conveyor Solutions Pty is based in Queensland.

Both companies are providers of conveyor maintenance services and products to the mining industry and materials handling industries.

The acquisition will increase the domestic presence of the Fenner Dunlop operations in Australia, trading as Fenner Dunlop Australia and enable its to extend its provision of conveyor engineering, conveyor related products and other value added services to the mining and industrial markets throughout Australasia.

BBV earned profits before tax of A$6.6m in the year to the end of June.

Fenner says the transaction is expected to be earnings enhancing immediately upon acquisition.

I've bought 2 lots today with the chart position mainly alerting me alongside China's never ending appetite for all things commodity meaning much work for FENR.

StockMarketWire.com
Conveyor systems producer Fenner reported a year of strong progress, reflecting market recovery, increased market penetration and growth in market share.

Fenner said demand levels gained momentum as the year progressed, with a marked improvement in the second half.

Revenue increased by 11% to 552.5m.

Underlying operating profit grew by 38% to 57m, while underlying pre-tax profit rose 49% to 46.3m and reported pre-tax profit was 37.2m (2009: 5.6m).

Underlying EPS grew by 40% to 17.9p.

Net cash inflow from operating activities improved by 84% to 66.8m.

Dividend per share for the year was raised to 7.2p (2009: 6.6p).

Conveyor Belting continued to grow at a healthy rate; underlying operating profit grew by 31% to 40.5m on revenues up 8% to 389.5m.

Advanced Engineered Products saw a continuously improving trend throughout the year, with growth from recovery in industrial markets and customer restocking; underlying operating profit1 grew by 43% to 22.6m on revenues up 18% to 163m.

The Group raised 35.2m of equity finance during the year to fund acquisitive growth. MRI Medical, Belle Banne Victoria and Leading Edge Conveyor Solutions have been acquired.

Fenner said the current year has commenced strongly with all businesses performing well.

Fenner Completes Joint Venture Arrangements with BBV
Further to the announcement on 5 November 2010 that Fenner had exchanged contracts to enter into a Joint Venture with BBV, Fenner confirms that all conditions precedent have been met and that the formal Joint Venture arrangements were completed on 9th November 2010 and the final part of the transaction relating to associated interests completed on 30th November 2010.

Fenner is a world leader in the field of reinforced polymer engineering. Products include conveyor belting for the mining and power generation markets; precision motion control products for the office automation and mechanical equipment markets; sealing products for the mining, hydraulics and energy industries; technical fabrics and polymer products for the medical device industry.

StockMarketWire.com
Fenner started with buy rating at Citigroup, target price 348p.

Up another 5% today nice results and broker upgrades.

FENR at all time high.

trying to break through 400p.

Goes ex-divi 27th July '11 (2.65p)

Through 400p at last.

StockMarketWire.com
Fenner reveal strong third quarter trading with revenues up significantly at constant exchange rates.

The group says in the conveyor belting division, demand patterns from the coal sector have been robust with end users placing orders to secure forward supplies.

A continued recovery was evident in industrial markets which added volume to plant throughput.

It adds: "We have experienced a period of rising input costs in an environment of escalating raw material prices which has necessitated selling price adjustments.

"Margins have been maintained ahead of those of the prior year."

Fenner says that with trading results comfortably meeting its expectations, it remains confident in the outlook for the remainder of the current year.

FENR got some strong broker backing, forward P/E of just under 12 to 2012, still very cheap....

Fenner PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

FinnCap
10-08-11 BUY 74.00 25.70 8.00 82.50 29.10 9.50
Westhouse Securities
10-08-11 BUY 72.50 25.50 8.00 84.00 29.50 8.80
Brewin Dolphin
08-08-11 BUY 72.60 24.67 7.60 82.00 27.94 8.10
The Royal Bank of Scotland NV
08-08-11 BUY 74.21 25.47 7.95 84.98 28.94 8.70
Arden Partners
05-08-11 BUY 72.50 25.50 7.95 84.00 29.40 8.70
Peel Hunt
04-08-11 BUY 71.98 24.59 8.20 85.46 29.31 9.50
Panmure Gordon
02-08-11 HOLD 72.30 24.60 7.88 87.30 29.70 9.06
Fairfax IS
18-07-11 BUY 70.00 24.30 7.90 79.00 27.20 8.70
Numis Securities Ltd
18-07-11 ADD 74.00 25.70 8.00 82.00 28.50 8.60
Broker Name Withheld 3
18-07-11 HOLD 71.50 25.20 8.00 77.50 26.70
Investec Securities
12-07-11 HOLD 71.05 24.44 8.00 78.52 27.00 8.40
Fyshe Horton Finney Ltd
13-06-11 BUY

2011 2012
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 72.48 25.07 7.95 82.61 28.53 8.83
1 Month Change 2.50 0.59 0.01 1.81 0.36 0.05
3 Month Change 3.12 0.68 0.04 2.77 0.61 0.10


GROWTH
2010 (A) 2011 (E) 2012 (E)

Norm. EPS 8.97% 72.92% 13.78%
DPS 0.00% 20.48% 11.02%

INVESTMENT RATIOS
2010 (A) 2011 (E) 2012 (E)

EBITDA 74.90m 104.67m 117.20m
EBIT 49.10m 80.50m 88.60m
Dividend Yield 1.93% 2.33% 2.58%
Dividend Cover 2.20x 3.15x 3.23x
PER 23.55x 13.62x 11.97x
PEG 2.63f 0.19f 0.87f
Net Asset Value PS 43.78p 152.12p 170.95p


Hemscott Premium.

StockMarketWire.com
Pre-tax profits at reinforced polymer technology specialist Fenner jumped by 87% to 69.6m in the year to the end of August.

Revenues rose by 30% to 718.3m and operating profits were up 67% to 82.5m.

The group reported strong organic growth while three acquisitions during the year broadened market reach and increased exposure to aftermarkets.

Chairman Mark Abrahams said: "Our robust business strategy, with customer focused operations, has enabled strong organic growth across the group.

"This has been complemented by three acquisitions during the year and a further acquisition shortly after the year end.

"The new year has begun with our businesses performing well.

"While we note the uncertainty over the global economic outlook, trading in our core businesses remains in line with our expectations.

"Given the fundamental drivers of end user markets and our ability to respond to the external environment, the prospects for the group remain good."

StockMarketWire.com
Fenner's first quarter profitability is significantly higher than last time as the strong levels of demand seen at the end of the last financial year have continued.

The company says order rates are in line with expectations.

Fenner says most of the growth in the first quarter has been generated organically.

The effect of businesses acquired has complemented its growth profile and is helping to establish a broader, more resilient group.

At the beginning of the second quarter, Fenner acquired Allison Custom Fabrication Inc, based in Allison, Pennsylvania, which specialises in the design, engineering, machining and metal fabrication of customised material handling equipment.

This acquisition strengthens the Fenner Dunlop strategy of being the supplier of choice for engineered conveyor solutions in the Americas, enabling mining customers to enjoy integrated solutions for improving the safety and total cost of ownership of materials handling, in both underground and above ground applications.

Revenues in the engineered conveyor solutions division have been bolstered by strong demand from the mineral extractive industries.

Profits have benefitted from the continuing higher factory utilisation and efficiency seen in the second half of last year.

Revenues and profits in the advanced engineered products division have grown compared to last year, due to high demand and market share gains in oil and gas, medical and industrial OEM markets.

But Fenner says the growth rate was slowed by moderate distributor de-stocking.

Net borrowings, after acquisitions payments, seasonal outflows and investments to support growth, are in line with our expectations.

StockMarketWire.com
Fenner's second quarter trading continued to be strong, with operating profit for the first half significantly ahead of last year.

Fenner has experienced positive trading conditions, supported by steadily growing demand from the mineral extraction/energy sectors, and market share gains.

Operational efficiencies that were seen in the second half of last year have driven improved margins in both the engineered conveyor solutions and advanced engineered products divisions.

Fenner says that as the group enters the second half of its financial year, healthy order book levels support its expectation of continued positive trading.

Gone long on FENR Fenner. Jumped gun on lower indicators a little but its in good nick and trades on a forward P/E of just over 11 to 2013. Too cheap. Results 25th of April, hoping we get a good run up to them.

Fenner FENR

Arden Brokers issued a BUY Note today.

Date Company Name Broker Rec. Price Old target price New target price Notes

02 Apr Fenner PLC Arden Partners Buy 438.05 - - Retains