REG - Fisher (James) - AGM Trading Statement

James Fisher And SonsAnnouncement

05/05/2022 07:00

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RNS Number : 3694K  Fisher (James) & Sons plc  05 May 2022

5 May 2022

James Fisher and Sons plc

AGM Trading Statement

 

James Fisher and Sons plc (FSJ.L) ('James Fisher', 'the Group'), the leading
marine service provider, today issues a trading update for the first quarter
of 2022 ("the period") prior to its Annual General Meeting to be held today at
11am.

Revenue in the period was £109.9m (2021: £109.3m).

The Offshore Oil and Tankships divisions delivered good growth against a
comparator period adversely impacted by the pandemic.

As expected, Specialist Technical revenues in the period were lower as a
result of a number of projects nearing completion. Both JFD and JFN continue
to work actively on the conversion of a number of significant new long term
project opportunities.

Marine Support revenues in the period were at a similar level to the prior
year. Fendercare's higher margin ship-to-ship transfer business continues to
see subdued market demand, exacerbated by the uncertainty caused by the
current geopolitical environment; consequently, management is restructuring
the business to reduce the cost base. The Marine Contracting businesses have
started the year well, underpinned by the Swordfish being fully utilised in
the period. The commencement of projects won, some of which will have been
delayed from the first half of the year, will ensure a good performance
through the busiest summer months.

The Group remains committed to its strategy of exiting non-core businesses and
expects to make further progress during 2022.

The Group's full year outlook remains unchanged.

 

 

For further information

 James Fisher and Sons plc  Eoghan O'Lionaird  Chief Executive Officer   020 7614 9508

                            Duncan Kennedy     Chief Financial Officer
 FTI Consulting             Richard Mountain                             020 3727 1340

 

 

 

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