Fenner, the Hessle manufacturer of polymer products and conveyor belts, has inched back towards the black as it unveils its latest results.
The company has eked its way back from a pre-tax loss of £30 million last year to pre-tax profit of £38.1 million this year.
For the year to the end of August, underlying operating profits were up 59% reaching £59.1 million. Revenues, meanwhile, reached £655.4 million – a rise of 14%.
Encouragingly, operating profit was posted at £53.4 million which is in stark contrast to last year’s loss of £14.7 million. Moreover, net debt was down from £150 million to £101 million.
“The group’s results for 2017 show significant improvements over the previous year on all measures,” said Chief Exec Mark Abrahams.
“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.”