Fenner operating income above forecasts

Fenner expects operating income for the current financial year to be about its previous forecasts, according to update issued ahead of today's annual general meeting.

The group said it had a robust start to its financial year as it continued to transition from recovery to sustainable growth.

It said all businesses were performing well, with generally increasing order intakes and further benefits from on-going efficiency enhancements.

It said: 'The board envisages that, due to the recent increases in order intake in ECS, the consistent strength of AEP and the general strengthening of trading across the group, Fenner will achieve an operating outcome for the current financial year which is above its previous expectations.

'Looking beyond the current year, the group's strengthening market positions, an increasing expectation of the returns from its on-going investment in product development, the reduced US tax rate and the depth of expertise across the group's management team make the board increasingly confident about the future progress of the group.'

At 8:25am: (LON:FENR) Fenner PLC share price was +25.6p at 454.6p