REG - Fisher (James) - Disposal of three businesses

James Fisher And SonsAnnouncement

19/12/2022 07:00

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RNS Number : 0783K  Fisher (James) & Sons plc  19 December 2022

This announcement contains inside information

 

19 December 2022

 

James Fisher and Sons plc

Disposal of three businesses

 

 

James Fisher and Sons plc (FSJ.L) ('James Fisher', the 'Group'), the leading
marine service provider, announces the sale of three businesses, in two
separate transactions.

 

Sale of Mimic and Strainstall

 

Mimic and the UK operations of Strainstall have been sold to the BES Group for
an initial cash consideration of £13.6m. In addition, up to £3.9m of further
cash consideration may be payable in Q1 2023 based on performance in the last
quarter of 2022.

 

Both Mimic and Strainstall each hold leading positions in their respective
markets, but the Board has concluded that they will be better able to continue
their development outside of James Fisher, in line with the Group's previously
stated strategy to rationalise and focus the Group's portfolio. The proceeds
will be applied to reducing the Group's net borrowings.

 

The results of the combined businesses are reported within the Marine Support
division. In the year ended 31 December 2021, they generated combined revenue
of £8.7m and profit before tax of £0.8m. At 30 June 2022, the gross assets
of the businesses were approximately £7.4m. Existing management and staff
will transition with the businesses to the new owners.

 

Sale of Prolec

 

In addition, James Fisher has completed the sale of Prolec to Kinshofer Gmbh,
part of Lifco AB. In the year ended 31 December 2021, Prolec contributed
revenues of £4m to the Marine Support division. Existing management and staff
will transition with the businesses to the new owners. The disposal further
demonstrates the Board's commitment to a strategy of rationalising the
Group.

 

Commenting on the disposals, James Fisher's Chief Executive Officer, Jean
Vernet, said:

"The sale of Prolec, Mimic and the UK operations of Strainstall represent a
clear demonstration of our strategy to rationalise and focus the portfolio, as
well as strengthening our financial position. We believe the transactions
represent good value for James Fisher's shareholders and in BES and Lifco, we
have found buyers of quality. We wish them and the staff at each of the
businesses continued success and thank them for their hard work and dedication
to James Fisher over many years."

 

 

For further information:

 James Fisher and Sons plc  Jean Vernet       Chief Executive Officer   01229 615400

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

                            Susanne Yule

 

 

The person responsible for making this announcement on behalf of the Company
is Duncan Kennedy, Chief Financial Officer, James Fisher and Sons plc.

 

LEI: 213800J975E5OYR6S216

 

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