REG - Fisher (James) - AGM Trading Statement

James Fisher And SonsAnnouncement

14/06/2023 07:00

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RNS Number : 6114C  Fisher (James) & Sons plc  14 June 2023

14 June 2023

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 five month
period ended 31 May 2023 ("the period") ahead of its Annual General Meeting to
be held today at 11am.

Divisional trading

The Group's three divisions (Energy, Defence and Maritime Transport) have all
started the year well, delivering solid year-on-year growth in both revenue
and underlying operating profit in the period.

The Energy division has continued its strong momentum in the artificial lift
technology, well-testing and bubble curtains businesses. New bubble curtain
projects have been won on the East Coast of the USA, an important and growing
market opportunity for the Group. This is further demonstration of the Group's
strength in developing new and differentiated products and services and
playing an active part in the energy transition. Having secured two vessels on
seasonal charters, the subsea projects businesses have a good pipeline of work
for the busy summer months ahead in the North Sea.

After a challenging 2022, the Defence business is showing improved
performance, despite some changes to the timing of certain submarine rescue
contract services. Sales of diving equipment are ahead of last year,
consistent with the increased activity that we are seeing in our own subsea
businesses. The sales pipeline remains robust and we are confident in securing
new projects in the second half.

The Maritime Transport division continues to see high utilisation of its
tankers and the addition of the Sir John Fisher and Lady Maria Fisher dual
fuel vessels to the fleet has been welcomed by customers. Ship-to-ship ("STS")
transfer activity has remained stable and the Group has secured one additional
retainer agreement for its Liquified Natural Gas STS services.

Financial position

Net borrowings, as expected, increased in the period. This is in part due to
the costs of refinancing the Group's borrowing facilities (as announced on 7
June 2023), together with the normal seasonal working capital outflow in the
period. The Group expects to show progress in reducing its overall borrowing
position in the second half of the year in line with its usual trading profile
and the continuing focus on deleveraging the balance sheet as previously
indicated.

Summary and outlook

The year has started well, with good momentum across the Group's three
divisions and trading in the period was slightly ahead of the Board's
expectations. Looking ahead, although there remains uncertainty in the
macroeconomic environment, the Group's markets remain resilient and the
Board's outlook for the full year remains unchanged.

 

For further information:

 James Fisher and Sons plc  Jean Vernet       Chief Executive Officer   020 7614 9503

                            Duncan Kennedy    Chief Financial Officer
 FTI Consulting             Richard Mountain                            0203 727 1340

                            Susanne Yule

 

 

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