James Fisher sees 'strong' start to year

14th Jun 2023 11:01

(Sharecast News) - James Fisher and Sons reported a "strong" start to the year on Wednesday, after seeing growth across all three divisions.

The 175-year-old marine services specialist said energy, defence and maritime transport had all delivered "solid" year-on-year growth in both revenues and underlying profits in the five months to 31 May.

Energy benefited from strong momentum in the artificial lift technology, well-testing and bubble curtains business, it noted, while defence had seen an improved performance following a "challenging" 2022, despite changes to the timing of certain submarine rescue contract services.

Net debt increased during the period, as expected, primarily due to costs associated with refinancing. The firm expects to reduce its overall borrowing position in the second half.

James Fisher said: "The year has started well, with good momentum across the group's three divisions, and trading was slightly ahead of the board's expectations.

"Looking ahead, although there remains uncertainty in the macroeconomic environment, the group's markets remain resilient and the board's outlook for the full-year remains unchanged."

As at 1045 BST, shares in James Fisher were up 1% at 403.84p.