Fenner increases its 2017 interim dividend by 40%

DividendMax Ltd.

Fenner increases its 2017 interim dividend by 40%

Revenue up 11% to £307.4m, assisted by market share gains and exchange rates

Underlying operating profit up 60% (27% at constant currencies)

Underlying operating margin strongly ahead in both divisions

Underlying earnings per share up 117% to 6.3p

Dividend per share up 40% to 1.4p

Strong cash flow resulted in net debt reducing to £144.7m (£28.7m lower than February 2016 at constant currencies) and net debt/EBITDA of 1.9 times (at constant currencies)

Expected outcome for the year above previous expectations at the operating profit level with a further benefit to earnings from a lower tax rate in the current financial year

Mark Abrahams, Chief Executive Officer, commented:

"It is pleasing that the restructuring of the Group has created a platform from which we are now growing and making steady market share gains. We look forward to maintaining this momentum."

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