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Fenner warns on earnings as commodity, oil prices stay depressed

Reuters - UK Focus

Jan 14 (Reuters) - Fenner Plc (LSE: FENR.L - news) , a maker of conveyor belts and polymer products, said it expected full-year earnings to be slightly below its previous guidance as it anticipated weak commodity prices and the steep fall in oil prices to curb demand for its products.

The company, which has already been hit by the slowdown in the global mining industry due to oversupply, said it had implemented cost-cut measures and deferred certain capital projects to control margins.

Fenner said it would take an exceptional charge related to cost cuts initiated during the year, but did not quantify it.

The company added that these actions would reduce cash expenditure across the group by 9 million pounds ($13.7 million) on an annualised basis. ($1 = 0.6588 pounds) (Reporting by Aashika Jain in Bengaluru and Roshni Menon; Editing by Gopakumar Warrier)