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Fenner profit slumps on weak demand for conveyor belts
April 23, 2014 / 6:31 AM / in 3 years

Fenner profit slumps on weak demand for conveyor belts

April 23 (Reuters) - Fenner Plc said its first-half pretax profit slumped 32 percent, hurt by weak demand for its industrial conveyor belts and a delay in sales of advanced polymeric materials.

Fenner, which makes conveyor belts for industries such as coal and iron ore mining, said it expected demand for its machinery to pick up in newer markets, offsetting slow demand from customers in Russia, Ukraine and the UK.

Pretax profit for the six months ended Feb. 28 fell to 17.6 million pounds from 26.1 million pounds a year earlier.

Revenue declined 8 percent to 356 million pounds. (Reporting by Aashika Jain in Bangalore; Editing by Gopakumar Warrier)

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