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Strong pound knocks Fenner
Fenner, the maker of reinforced polymer technology, posted a drop in annual profits and revenue yesterday, reflecting currency headwinds and difficult trading conditions in the US and Australia.
Pre-tax profit fell to £29.2m in the year ended 31 August from £66.4m the previous year. Revenue dropped to £729.4m from £820.6m.
The strength of sterling against currencies in other countries, where the group does business, offset a strong performance at its advanced engineered products arm.
Chief executive Nicholas Hobson issued a statement, saying: “We have entered the financial year with the group well placed to respond to the opportunities and challenges which we are facing.”