Shares in Fenner jumped 14% in early trading on Friday
Shares in Fenner Plc rose more than 14% in early trading on Friday as the Hessle-based Polymer manufacturer told investors it envisaged Group full-year results to be "comfortably" above previous expectations.
In an update prior to its AGM on 11 January, the Group said trading in Q1 had been satisfactory, reflecting the progress the business was making across divisions.
Fenner's principal oil & gas business, CDI, has seen an improving trend in order intake and customer enquiries, which management say reflects its strengthening market position, and a further rise in the US rig count.
Its medical businesses has performed in line with expectations, whilst its industrial business, ECS, has made progress after its on-going restructuring programme.
Broker N+1 Singer said it was another positive update from Fenner, confirming that the tide is moving in their favour:
"The share price had slipped back in recent weeks and we now expect it to trade back towards and maybe beyond our TP of 256p. We remain at Hold for now but are increasingly encouraged that the worst is behind the Group and that the various management initiatives (as well as improving market conditions) are taking effect."