James Fisher hauling in eastern profits

23rd Aug 2011 10:00

James Fisher and Sons, the Asia focused marine services firm, saw revenues rise 12% in the first six months of 2011 compared to 2010. Total revenues were at £148m and underlying pre-tax profits stood £14.3m by the end of June, up 5% on the previous year.The business model of James Fisher is to leverage marine skills, for instance ship-to-ship oil transfer, and sell them into the burgeoning Asian market.This strategy is augmented by oil and gas operations and on defence projects, for instance a modernisation of the Swedish Navy's submarine rescue vehicle. Commenting on the results, chairman, Tim Harris, said: "These encouraging results confirm the effectiveness of the company's strategy of taking UK based skills and applying them in the vast and fast growth marine service markets of Asia and the developing world. We are investing in those companies with the best record and prospects for organic growth and continue to track a number of interesting acquisition prospects.  Our cash conversion is strong and with a reasonable level of gearing, we have the ability to invest further in bolt-on acquisitions to strengthen our existing operations."The share price was up 3% in early trading.BS