July 19 (Reuters) – British industrial conveyor belt maker Fenner (FENR.L) said it expected third-quarter underlying operating profit and revenue to be well ahead of a year ago, helped by a recovery in U.S. industrial markets.
The company, whose belts are predominantly used in the mining industry, said while trading in its advanced engineered products exceeded its own view, its seals business benefitted from good levels of demand from the oil and gas sector.
“The conveyor belting division, which was largely unaffected by the economic downturn, has continued to perform well,” Fenner said in a statement.
The company, which generates 75 percent of its revenue from outside Europe, remained confident about its short- and longer-term outlook on encouraging order flows.
Fenner, which raised about 36.3 million pounds via a share placing in April, said it would continue looking for growth through acquisition for its service business.
Shares in the company were up 0.3 percent down at 216.5 pence at 0721 GMT on Monday on the London Stock Exchange. (Reporting by Aditi Samajpati in Bangalore; Editing by Unnikrishnan Nair)