Its shares plunged 12%, or 48.5p, to 341.2p
Lucy Tobin30 May 2014
A conveyor-belt business might expect to see the cash just roll in — but FTSE 250 firm Fenner today issued a profit warning.
The conveyor belt specialist, which mostly makes them for the mining industry, warned that it could miss City expectations for full-year profit due to the weak US coal industry, as well as its failure to seal an Australian iron ore contract.
The company, which also has medical and engineering arms, said underlying pre-tax profit would be 10% to 15% lower than current expectations of about £77.6 million for the year to September.
That sent its shares plunging 12%, or 48.5p, to 341.2p. “In the USA, trading conditions have deteriorated and are showing no prospects for imminent improvement,” Fenner added.
