Fenner – 396.4p

16 January 2013 – interim management statement

Overall trading has remained in line with management expectations. The Engineered Conveying Solutions division (ECS) experienced  varying demand patterns in Australia whilst other regions of the world showed steady demand.  The Advanced Engineered Products (AEP) division’s activity rates have reflected the pockets of de-stocking, already highlighted. It is expected that activity levels will improve in the second half. The three acquisitions made in September 2012, in this division, have all performed well.  The shares are now on a rating of over 11x and on balance we have moved our recommendation to HOLD.


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