STOCKS NEWS EUROPE-Fenner up on results, positive outlook

Shares in Fenner Plc (FENR.L) rise as much as 4 percent after the conveyor-belt maker posts strong full-year results and says it sees improvement in its major markets as well as benefits from cost cuts and an end to destocking by customers.

"The outlook looks positive," Numis Securities analyst Nick Webster says while increasing his 2010 pretax profit estimate on the company by 6 percent to 36.5 million pounds.

Webster says: "With increasingly positive news flow across its core businesses, the benefits of its investment programme and higher operational gearing we see strong potential for further upgrades to earnings."

He maintains an "add" rating and a 192 pence price target on Fenner's stock.

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