Fenner more than doubles profits - graduate jobs

Hessle-based heavyweight belting producer Fenner more than doubled its half-year pre-tax profits to £26.6 million, news that could be of interest to engineering graduates looking for a career in the industry.

The company posted a 35% year-on-year rise in its revenues to £332.5 million for the six months ended February 28.

Its underlying operating profit reached £36.7 million during the period, up 71% year-on-year, while underlying pre-tax profit rose 93% to £31.4 million.

Fenner uses PVC, fabric and steel reinforced rubber in products such as conveyor belts and high temperature hoses.

Its markets include mining, forestry, pharmaceuticals and moving walkways.

Mark Abrahams, chairman of Fenner, said strong performance in its conveyor belting and advanced engineered products divisions helped the company boost its profits.

Mr Abrahams said: "We are well positioned in our chosen markets with clear tactical and strategic plans and a healthy financial position.

"As we enter the second half, the performance is strong and we are enjoying good levels of order book visibility. This bodes well for the seasonally stronger second half of the financial year, in which we expect to make further progress and continue to deliver growth."