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Fenner PLC (FENR.L)

FENR.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Fenner says to review exec pay after some investors express dissent
Friday, 20 Jan 2017 02:00am EST 

Fenner Plc : Board notes that Resolution 2 to approve the Annual Remuneration Report received 26 pct of votes cast against it (35,678,469 votes) . Remuneration committee will be undertaking review of remuneration arrangements during 2017 .Remuneration committee will consult with major shareholders in advance of finalising remuneration policy.  Full Article

Fenner says FY revenue at 572.5 million stg vs 666.7 mln stg yr ago
Wednesday, 16 Nov 2016 02:28am EST 

Fenner Plc : Fy operating cash flow of £62.2m, leading to year end net debt of £150.0m (similar to last year, before currency effects) . Further significant cost savings of £42m achieved . Final dividend of 2.0p, making 3.0p for year . Current year anticipated to be modestly ahead of previous expectations in addition to currency benefit. . Year-On-Year impact on underlying operating profit from currency movements estimated to be £4m . Fy underlying operating profit at £37.1m versus £56.4m . Fy underlying profit before taxation at £23.2m versus £42.5m . Group has continued to make solid progress in challenging markets . Improved performance in second half by both aep and ecs as management actions have taken effect . Oil & gas businesses increased shares in difficult markets; aep medical businesses achieved an improved result . Ecs north america refocusing/restructuring delivering to plan; further progress in australia . Group has commenced new financial year with a substantially reduced cost base . Group is experiencing a tailwind from translation of overseas earnings into sterling . Final dividend 2 penceper share . Fy revenue fell 14 percent to 572.5 million stg .Total dividend 3 penceper share.  Full Article

Fenner sells Xeridiem Medical Devices for $10.5 mln cash
Friday, 2 Sep 2016 04:01am EDT 

Fenner Plc : Disposal . Disposal yesterday of Xeridiem Medical Devices Inc to Ppc Industries Inc for a consideration of $10.5 million, payable in cash . Proceeds of sale will initially be used to reduce Fenner's net indebtedness .During year ended aug 31, 2015, Xeridiem achieved operating profit of $0.2 million before certain non-recurring items, had gross assets of about $3.2 million.  Full Article

Fenner says Q3 trading reflected further improvements
Wednesday, 13 Jul 2016 02:00am EDT 

Fenner Plc : Fenner is providing its customary trading update covering period from 1 March to 12 July 2016. . Trading results for Q3 have reflected further improvements in line with our plans. . Performance is against backdrop of our principal markets having shown no recovery and, in some cases, having deteriorated further . In response to these conditions, group has succeeded in achieving further benefits from operational efficiencies and market share gains. . AEP's medical businesses have continued to perform well and secant relocation programme is now entering testing and certification phase . Although industrial businesses are seeing some fragility in their wider markets, new product initiatives are offsetting these effects. . In Northern Hemisphere, ECS's industrial businesses have remained stable whilst us coal industry continues to be challenging . Refocussing of our North American business remains on track. . In Australia, ECS's operational improvements have mitigated on-going pricing pressures from customers in mining industry. .Board expects that group will achieve an overall outcome for financial year ending 31 August 2016 in line with previous expectations.  Full Article

Fenner says High Court approves capital reduction
Wednesday, 6 Jul 2016 11:51am EDT 

Fenner Plc : Co today received confirmation of High Court in London approving Fenner's reduction of share capital . Capital reduction .Reduction and cancellation created 127.98 million pounds of additional distributable reserves out of co's share premium account, merger reserve.  Full Article

Fenner CEO Nicholas Hobson steps down with immediate effect
Wednesday, 8 Jun 2016 02:14am EDT 

Fenner Plc : Nicholas Hobson, CEO, has stepped down from board with immediate effect, and will be leaving group after serving his contractual notice period . Nick will be on garden leave for period of notice to enable him to continue with treatment for his ill health . Has commenced processes to identify external candidates for positions of ceo and non-executive chair .Until a permanent CEO is identified, Mark Abrahams has agreed to step back into role of CEO and relinquish his chairmanship of company.  Full Article

Fenner Plc says interim dividend rebased to 1.0p per share
Wednesday, 27 Apr 2016 02:00am EDT 

Fenner Plc:Says interim dividend of 1.0p has been rebased to a level more appropriate to the group's current, albeit cyclically depressed, earnings.Says interim dividend for year ending Aug. 31, 2016 is due for payment on Sept. 7, 2016 and so has not been recognised as a liability at Feb. 29, 2016.Says it will be paid to shareholders on register on July 29, 2016.  Full Article

Fenner Plc says to restructure N.American conveyor belt unit
Wednesday, 13 Jan 2016 02:18am EST 

Fenner Plc:Restructuring of ECS Americas and AGM update.Refocusing and rationalisation of its conveyor belt manufacturing facilities in north america in response to significantly changed dynamics in us coal industry.Envisaged that these measures will result in a reduction of over 20 per cent of ECS americas' headcount which, at Dec. 31 2015, stood at just over 800.Significant additional savings in support functions, overheads and administration, measures to address underperforming non-belt manufacturing activities.Majority of retrenchments are expected to be completed by end of january 2016.Savings will offset impact of further recent volume declines seen in business.Sees in FY17, financial returns of ECS Americas will start to return towards historic levels, despite revenues being less than one-half of those achieved at peak.AEP outlook remains in line with previous expectations.Outlook for majority of group remains in line with previous expectations.Change of focus within coal sector towards those customers who are able to withstand challenges presented in their markets​.Closure of majority of belt manufacturing facility at Port Clinton, Ohio (one of two such facilities operated by ECS in North America.Annual cost savings arising from restructuring are expected to amount to 10 mln stg, commencing in second half of this financial year​.  Full Article

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BRIEF-Fenner completes restructuring of advanced sealing technlogies unit

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