Fenner, the Hessle-based manufacturer of reinforced polymer technology, has grown revenue by 11% to £307.4 million.
This company attributed this growth to market share gains and exchange rates.
For the half year ended 20 February, the company grew underlying operating profit by 60%, with the operating margin reported as “strongly ahead in both divisions” – Engineered Conveyor Solutions and Advanced Engineered Products.
Expected outcome for the year above previous expectations at the operating profit level with a further benefit to earnings from a lower tax rate in the current financial year
CEO 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.”
This follows the company’s earlier reports in January, where it said it was “performing well” and benefiting from both the refocusing of its business and from market share gains.