UK's James Fisher and Sons falls on revenue weakness in defence division
08/02/2024 08:56
** Shares of James Fisher and Sons FSJ.L fall as much as
7.8% to 308p, top pct loser on FTSE Small Cap .FTSC index
** Oil & gas and marine services provider says 2023 revenue
from larger project orders in defence division was lower than
anticipated as customers extended procurement timelines
** Co says it ceased operations at Subtech Europe in
December last year, after business incurred losses over a number
of years due to increased competition and lower utilisation
** Peel Hunt analysts say decline in net debt to 140 million
pounds at H2 end from 147 mln pounds at first-half end was
slightly lesser than their expectations
** Brokerage cuts PT on stock to 400p from 430p
** FSJ at session low as at 0841 GMT, stock had lost ~21% in
2023
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))