REG - Fisher (James) - Full Year Trading Update and Notice of Results

James Fisher And SonsAnnouncement

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RNS Number : 8115Q  Fisher (James) & Sons plc  29 January 2026

29 January 2026

James Fisher and Sons plc

('James Fisher', 'the Group')

 

Full Year Trading Update and Notice of Results

Underlying operating profit ahead of expectations, with improved margin

 

James Fisher and Sons plc (FSJ.L), a leading marine services company providing
innovative solutions across energy, defence and maritime transport, provides
an update on trading for the year ended 31 December 2025 ('FY25'), ahead of
its full year results on 12 March 2026.

Highlights

 ·             Improved overall trading performance through the second half, on the back of
               largely supportive end markets
 ·             Revenue expected of c.£395m represents like-for-like revenue growth of c.4%
 ·             Strategic improvement initiatives benefited Group underlying operating profit,
               which is anticipated to be ahead of current market expectations(1) at c.£28m
               with an improved margin of c.7%
 ·             Net debt / EBITDA maintained within target range of 1.0-1.5x
 ·             Continued momentum in Defence with recent contract wins improving FY26
               visibility

 

Jean Vernet, Chief Executive Officer, commented: "I am encouraged by our
continued progress in 2025, where good second half delivery is anticipated to
result in a full year underlying operating profit performance ahead of market
expectations. We have made further progress across our key strategic
priorities, bringing us closer to our medium-term targets and enabling the
businesses to focus increasingly on their long-term growth opportunities.

"Throughout the year we followed our core principles of 'focus, simplify and
deliver' resulting in a streamlined business portfolio, strengthened product
base and international expansion. Despite softness in oil and gas in the
second half, overall market conditions remain largely supportive, and we have
entered 2026 well positioned to deliver further progress."

 

FY25 Trading

Trading improved seasonally in the second half where conditions, outside of
some softness in well testing, remained largely supportive across key end
markets.

Revenue of c.£395m grew 4% like-for-like, adjusted for 2024 disposals(2) and
the staged closures of the IRM Middle East and Africa businesses.

Underlying operating profit increased to around £28m, with an improved margin
of c. 7% reflecting continued focus on productivity gains, supply chain
efficiencies, decommissioning turnaround and business mix.

Net debt / EBITDA is maintained within our target range of 1.0-1.5x. A more
robust balance sheet which was delivered through a disciplined approach to
cash management provides a solid platform for growth.

Overall the Energy Division delivered a solid operating profit performance in
its two core portfolios of Energy Services and Renewables, across oil and gas
and offshore wind, albeit with mixed performance in certain product lines.

The Defence Division delivered an improved performance with continued momentum
on new contract awards. The order book includes a number of strategic wins
including the recent award of a contract to provide the Polish Navy with deep
saturation diving and submarine rescue capability.

Maritime Transport delivered strong results, with good utilisation in
Tankships and increased seasonal activity in ship-to-ship transfer operations.

 

Outlook for the year ending 31 December 2026

We remain confident in delivering further progress, which is once again
expected to be seasonally weighted towards the second half.

 

Full year results

James Fisher expects to announce its full year results for the year ended 31
December 2025 on 12 March 2026.

 

 

Notes

 1.  Consensus mean underlying operating profit (continuing operations) £25.5m
 2.  RMSpumptools and Martek; FY24 revenue £31.7m

 

For further information:

 James Fisher and Sons plc                     020 7614 9503

 Karen Hayzen-Smith, Chief Financial Officer

 Alma Strategic Communications                 020 3405 0205

 Justine James / Sam Modlin                    jamesfisher@almastrategic.com (mailto:jamesfisher@almastrategic.com)

 

 

Notes to editors

James Fisher and Sons plc is a leading provider of unique marine solutions in
Energy, Defence and Maritime Transport. The Group pioneers safe, innovative
solutions that solve complex customer challenges for industries and
governments around the world.

 

For more information visit www.james-fisher.com (http://www.james-fisher.com/)

 

 

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