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

James Fisher And SonsAnnouncement

Tue 07:00

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RNS Number : 8858S  Fisher (James) & Sons plc  29 July 2025

 James Fisher and Sons plc

('James Fisher', 'the Group')

 

Half Year Trading Update and Notice of Results

Solid first half performance; trading in line with expectations

 

James Fisher and Sons plc, a leading marine services company providing
innovative solutions across energy, defence and maritime service, announces an
update on trading for the six months ended 30 June ("HY25"), ahead of its half
year results on 9 September 2025.

 

HY25 Highlights

 

 ·             Solid overall trading performance in the first half, supported by ongoing
               structural trends in key end markets, and continued strategic progress
 ·             Underlying operating profit (UOP) expected to be around £11m
 ·             Margin improvement, driven by self-help initiatives and enhanced supply chain
               efficiency, enabled investment for growth, including new technology and
               product development
 ·             Full year expectations are unchanged, with a typical second half performance
               weighting, underpinned by a strengthening Defence order book
 ·             Net debt  / EBITDA expected to be c.1.7x, reflecting front loaded capital
               investment to support future growth

 

Jean Vernet, Chief Executive Officer, commented:

"I am pleased to report another period of solid trading and continued
strategic progress through the James Fisher turnaround. Market conditions
remain largely supportive in most of our key end markets, and we are focused
on delivering on the next chapter of our business turnaround, positioning the
Group for growth. Continued progress towards our medium-term targets of 10%
UOP and 15% ROCE will be reached through a combination of further self-help
initiatives, improved divisional performance, supply chain integration and
recovery for the Defence Division."

 

Ongoing structural trends in key end markets support robust trading

 

Conditions in key end markets remained largely supportive through the first
half of 2025, despite growing macro-economic uncertainties. This, alongside
our focus on margin improvement, has enabled the Group to deliver a solid
performance.

 

After adjusting for the impact from disposals and business closures, revenue
is expected to be in line with H1 2024, while the Group delivered a c.14%
margin-led increase in underlying operating profit to around £11m. Net debt /
EBITDA is expected to be c.1.7x, slightly above our target range of 1.0-1.5x,
due to the seasonal working capital outflow in H1, combined with timing of
c.£19m investment targeted on our seven key focus sub-segments within Energy
and Defence, and our tankships fleet replacement programme. This included
investment in the Group's new product development (NPD) programmes within
Bubble Curtain, Tactical Diving Vehicles, submarine capabilities and the next
generation multi-role rebreather.

 

The Energy Division saw encouraging performance in Energy Services, most
notably within Well Services. Decommissioning has substantially turned around
prior year losses, whilst Inspection, Repair and Maintenance (IRM) needs
further improvements, which is a focus for the second half.  The major port
infrastructure project in Mozambique was successfully completed in the first
half.

 

The Defence Division outlook is supported by increased global investment in
defence budgets and the business made important steps forward in the first
half to grow in strategic markets including Northeast Asia and the US.

 

In Maritime Transport, Tankships delivered a solid performance in the first
half of 2025 underpinned by high utilisation and contracted rates. Despite
strong activity in Brazil, Fendercare was impacted by no LNG ship-to-ship
activities.

 

Delivering on the next chapter of turnaround, positioning the business for
growth

As announced at Full Year results in March, James Fisher has entered the next
chapter of its business turnaround to position the Group for growth. In the
first half, the Group continued to make targeted investments to drive future
growth, whilst progressing on its path towards the UOP strategic target of 10%
and ROCE target of 15%. These targets will be reached through a combination of
further self-help initiatives, improved business unit performance, supply
chain integration and revenue recovery in the Defence Division.

 

Trading in line with market expectations

 

With performance typically weighted to the second half, trading in the early
part of July has been in line with expectations, and the Board remains
confident in delivering further progress in 2025.

 

Half year results

 

James Fisher expects to announce its interim year results for the six months
ended 30 June 2025 on 9 September 2025.

 

- Ends -

 

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 / Rebecca Sanders-Hewett        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)

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation. The person responsible for arranging the release
of this announcement on behalf of James Fisher is Victoria Hames, Company
Secretary.

 

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