Updates

Fenner

June 2013

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Conveyor belt maker Fenner's interims were slightly below expectations, largely reflecting de-stocking by its mining customers.Engineering Conveyor Solutions, the conveyor belt business, reduced sales 10% to Â£266m with operating profit down 28% to Â£39.8m due to low demand levels in the US coal market, although at least the outlook is better thanks to improving order levels on the back of strengthening natural gas prices. Trading in Australia, its other main market, was stable in Q1 but weaker in Q2 as its mining customers looked to reduce costs on the back of falling commodity prices amidst concerns over a slow-down in China's economic growth. Within Fenner's smaller Advanced Engineering Products division, which provides ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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