Nov 7 (Reuters) - Britain’s Fenner Plc reported a 30 percent rise in full-year profit, helped by higher demand for its conveyor belts used in coal and iron ore extraction.
The industrial conveyor belt maker said recent softening in commodity prices may lead to short-term pressure on margins but would not curb demand in its core engineered conveyor solutions (ECS) division, which largely caters to the mining sector.
Lower demand from the U.S. coal sector in the second half of the year was offset by stronger demand elsewhere.
September underlying pretax profit rose to 103.9 million pounds ($166.05 million) from 80.2 million pounds a year earlier.
Operating profit from the ECS business, which accounts for about three-quarters of Fenner’s revenue, rose 38 percent 84.4 million pounds.
Total revenue increased 16 percent to 830.6 million pounds.
The company raised its final dividend to 7 pence per share from 5.35 pence a year earlier.
Shares in Fenner closed at 350 pence on the London Stock Exchange on Tuesday.