Sept 8 British engineering company Fenner Plc
said it expected to report full-year results at the top
end of market expectations, buoyed by the weakening of the pound
in recent months.
** Fenner, which has been hurt by a global commodity slump,
said results for the year ended Aug. 31 would be in line with
expectations after excluding the currency impact.
** Sterling fell to its lowest against the U.S. dollar since
1985 in June, after Britain's historic vote to leave the
** The company's shares were up 4.96 percent at 186 pence at
0702 GMT on the London Stock Exchange.
** Fenner said in January that it would will cut a fifth of
the workforce at its conveyor belt business in the Americas as
it attempts to weather a prolonged slump in the demand for U.S.
** The company also warned at the time that full-year pretax
profit and revenue would be lower due to "further deterioration"
in the U.S. oil and gas industry.
** Analysts expect the company to report a full-year pretax
profit of 21.53 million pounds, with revenue of 567.40 million
pounds, according to Thomson Reuters I/B/E/S.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by