Fisher (james) & Sons Dividends - FSJ

Fisher (james) & Sons Dividends - FSJ

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Stock Name Stock Symbol Market Stock Type
Fisher (james) & Sons Plc FSJ London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 303.50 12:32:24
Open Price Low Price High Price Close Price Previous Close
300.50 299.50 303.50 303.50
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Industry Sector

Fisher (james) & Sons FSJ Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

bottomfisher: Excellent news that James Fisher (FSJ) has found a new chief executive less than a week after the surprise announcement that Eoghan O’Lionaird was quitting. He had been hired in late 2019 to turn round the over-indebted company. But the slump in the company’s share price, from over £20 at the time of his appointment, to less than £4 now, is a reminder that Fisher’s long promised recovery is taking a lot longer than expected to materialise, and cannot all be blamed on the effects of Covid, war in Ukraine, and a sharp global slowdown. The less good news is that the speed of the appointment was no doubt helped by the fact that Jean Vernet, Fisher’s new ceo, was looking for a new job after being subject to a management reshuffle at Smiths Group where he headed John Crane, Smith’s largest division. He has an engineering degree, spent over a decade at Schlumberger (an excellent training ground for the offshore business),and prior to joining Crane was CFO of Expro, the offshore energy services provider, during its successful turnaround. Clearly, he has considerable experience working in the offshore energy sector, and as ceo of Crane one of the world’s largest providers of engineered technology, ran a global business which in terms of revenue and staff is roughly twice as large as James Fisher, and much more profitable. Fisher’s new ceo ticks all the right boxes in terms of his CV. Let’s hope that he has more luck than his predecessor.
bottomfisher: The key issue here is the competence of Fisher's new management team. IMHO the jury remains out on whether the new chairman, ceo and FD are up the job of turning this company round in a reasonably short space of time. None of them appear to have worked in the shipping/marine support industries, and whilst this is not a necessary pre-requisite for a successful turnaround (indeed it can sometimes be a hindrance) there is no real evidence yet from the string of downbeat announcements that the new management team is making anything more than slow progress in restoring Fisher (FSJ) to its former blue chip status. I am a long term holder of both FSJ and PZ Cousins (PZC), another former blue chip which had lost its way. I might be wrong, but so far I have a lot more faith in PZC's new CEO and FD, brought in from similar industry backgrounds, to turn that company round.
illiswilgig: 1aconic - Good spot on the ship-to-ship transfers in the med - thank you for that. I always thought that the downturn in the ship-to-ship xfr was doubly bad luck for FSJ on top of everything else. cheers
1aconic: Yes, fully agree. Elements of the last few reports did look (hopefully not just wishful thinking) like there were strong elements of spring cleaning out bad news and overhangs from previous management. Like you, I'm hopeful (but who knows) that was completed in FY21 and have personally more than tripled my original holding since October's slump. Unfortunately the earlier ones were over 500, but I still consider that a respectable price here. This is so thinly traded that when (if?) postive news does start to flow the rise(s) could possibly (fingers crossed) be as dramatic as the falls. That theory is hopefully backed by the share price movements that started to happen in March following all the talk of governments doubling down on investment in renewables. Unfortunately the FY21 report killed off that momentum! There are perhaps some signs of at least some potential positive news tomorrow. A phrase that really jumped out at me from FY21 was "Return to Fendercare record highs from 2020 is not expected "absent significant volatility in the oil price""... well, there's certainly been no shortage of that. Even mainstream media have commented that ship-to-ship” transfers of oil in the western Mediterranean have surged over recent months. Hopefully that's oil of all origins not just Russian, which i'd prefer FSJ to avoid being involved with. Revenues from Fendercare aren't the long term answer here but they'll be very, very helpful in smoothing the transition.
illiswilgig: FSJ RNS yeeterday on 300k new share options for execs to vest in 2025 based upon 2024 performance - 2 years from now. I don't normally pay much attention to the detail of share award criteria regarding them as a salary topup system with the thresholds generally set far too low - but in this case it is very clear on the criteria and makes useful reading for an insight into the boards current assessment of future eps. The criteria cover eps 50% of award, total shareholder return 30% and ROCE 20%. Below 66p eps zero shares vest. From 66p to 76p a sliding scale from 25% to 100% vest. Similarly for TSR cf FTSE250. Below FTSE250 median zero vest. From median to upper quartile 25% to 100% and for ROCE below 11% zero vest. 25% - 100% from 11% to 13% If the current challenging environment extends - then 66p eps is an ok result and 76p is a modest improvement. I'm ok with that. At a multiple of 12x (well below fishers historic multiple of 20x) that corresponds to a shareprice of 792p to 912p in two years time. Over 2x return on current share price As it happens I expect more - because I expect the environment for renewables, nuclear, defence, decommissioning and even O&G to improve. My share price target for 2024 is 1200p These criteria seem well set, the award is modest abd most of all its very clear. Best of all it gives some insight to board thinking right now - that 66p eps and 11% roce is their base case. Below that management get null points! Its hard to find funds right now - as I live off my investments - but when funds allow I will continue to add below 380p as I rarely see profitable companies with good products in growing markets at such low valuations. Seems mispriced to me, cheers all,
kinwah: I've played this stock in the past when it was a highly-rated growth stock which only ever seemed to go up. I think some fund managers are still stuck with it in their portfolios from those days and are taking opportunities to exit whenever there is some volume. There are undoubtedly some good businesses in the FSJ portfolio and I can see corporate interest in acquiring them. It's probably too early but I've started tucking a few away for an eventual recovery/break-up. £3.60 seems a bargain compared to the £15 or so at which I exited last time.
bouleversee: Oh, Illis, what a lovely optimistic temperament you have. I had been feeling very depressed (not just about this) and your rational resume of the state of play at FSJ has lifted my spirits. Let's hope your predictions are correct. Money is not the most important thing but it has been very saddening to see what was a great and profitable company decline in this way so I am hanging on in the hope that FSJ's reputation will be restored and my one time large gains will gradually be clawed back. Renewables are even more essential now and thanks to Mr. P. I think there is justification for regenerating North Sea activity so hopefully there will be more opportunity for FSJ to pick up work. You have provided some cheer; let's hope the good luck follows!
illiswilgig: Well that was a wild ride. Well done to anyone who sold some at close to the £5 - seems to have been a classic case of buy the rumour and sell the news. Perversely I am quite reassured by the results. Given the context. Only 3 months ago the share price was below £3, the risk of a placing seemed high - and the statement that they would remain within the covenants always seems to promote the risk of the reverse. The underlying results were as expected. Revenue and operating profit were in line with my (reduced) expectations and the net debt/ebitda as well so the headroom on the covenants was also as expected. Which under the circumstances - is a lot better than people were expecting just a few months ago. Not great - but I do find it reassuring when figures are consistent. It's a start. Cash generation was good under the circumstances (delivery and milestones on 4 large projects delayed over the year together with new contract signings). £58m which allowed them to pay down some debt, invest £20m in their growing businesses and reduce net debt by £25m due to the growing cash figure. NB - net debt including leases reduced by only £12m - due to new leases signed on tankers which obscures the progress. The exceptional write-offs were much larger than I expected. But again the context is important - the CFO, Chairman and 2 new NED's joined in the second half of the year - a fresh set of eyes is good, and I'd be surprised if a new CFO and Chairman were not intending to reset expecations to a level they can meet and likely exceed. As these are mostly non-cash (though the £3.1m litigation charge was a nasty surprise and I'd like to see more detail upon this - and any future expectations) then the written down asset values should help reduce future write-downs and provide a tail-wind of profits in the event of asset sales. I expect the 4 project milestones to increase cash generation in 2022 as working capital is unwound and accelerate the paying down of debt - which has to be the top priority alongside increasing ebitda and operating profits. I think this much reduces the risk of a placing to raise fresh capital. It would make sense, but the large shareholders, particularly the Sir John Fisher Foundation which is not in a position to participate,are unlikely to support the dilution unless absolutely necessary. And from these figures results its not. I'd prefer they pay the debt right down before returning to paying a dividend, to maximise investment in the business and future growth, but again I expect the large shareholders will be influential in a return to dividends as soon as possible. I'd not be upset provided it doesn't materially affect reducing debt and investment. I keep an eye on the web-site and monitor the number of vacancies and press releases. Job vacancies have increased recently, either because everyone is leaving or because they are taking on new staff, you choose, and are now running at around twice the recent lows. They've also just chartered am 80m support vessel for their North Sea work this season - which may indicate significant increase in renewable work this season. It's been a difficult time for Fisher shareholders. I previously stated I expected the share pice recovery to start this spring. I think these results support that but the share price got ahead of itself at 520p last week. It will take a while to get over that - and I imagine that brokers who were caught out are scrambling to reduce their forecasts which won't help. I expect steady progress in the next few months and am looking forward to the H1 trading update. Cheers and good luck all,
wunderbar: I decided to exit FSJ today. Reason was very simple. Results were awful, full of write-downs, bad debts, bad acquisitions, litigation costs, underperformance, underestimation of headwinds, not to mention lack of forward guidance. In short, these results were tantamount to a profit warning. Underlying operating profit was £28m. However, Loss before tax was £29m. Notably, Fisher incurred an impairment charge of £29.2m against the company’s marine support and offshore oil divisions. I wasn’t expecting an overall loss and clearly neither was the market hence share price down 23%, -113p @ 386p. What a shocker. I had high hopes for this stock and it was my intention to hold for at least a year but after reading full year report I just couldn’t find any positives or reason to hold (as hard as I tried). In fact I thought overall tone of the report was very gloomy/negative. As such I decided to bail out. In my short time as a shareholder it’s been one hell of a volatile ride having initially bought in November @ 370p, Dec @ 308p and Jan @ 405p. I actually sold 30% of my holding on Monday @ 480p as the inexplicable steep rise seemed too good to pass up (with hindsight wish I’d sold the lot). Unbelievably the share price topped out at 527p only yesterday morning! Today I sold the rest of my holding @ 386p. Very galling having a large chunk of my profit wiped out so quickly but given the dire results and magnitude of today’s fall I consider myself very lucky to have come out of this with any profit whatsoever. I’d now class FSJ as a boom or bust stock. In months/years to come I'll either look back on this share with deep regret for selling out near historic lows or I’ll be breathing a huge sigh of relief should things deteriorate further. As always, time will tell. My hunch is FSJ at some point will tap shareholders for cash via a rights issue. I certainly don’t see any dividends being paid out in the foreseeable future. Best outcome for shareholders in short/medium term might well be a takeover noting the company is currently valued at only £194m with net debt of £186m. I think the next 12-24 months are going to be critical in determining FSJ’s future. Peel Hunt have subsequently reduced their financial year 2022 adjusted EPS forecast by 12 per cent to 32.8p, and cut its financial year 2023 projection down by a quarter to £34m. And that seems to be the problem for Fisher, a worrying trend of downward revisions, reduced profits, and a market valuation eroding at an alarming rate.
bottomfisher: James Fisher would probably find it almost impossible to raise fresh equity even if it wanted to. Leaving aside the slump in its share price, FSJ’s biggest shareholder, the Sir James Fisher Foundation, owns close to 23% of the company, and is not in a position to stump up fresh cash since virtually all of its capital is tied up in FSJ shares. The foundation, set up in 1980 to help the vulnerable and disadvantaged in FSJ’s home town of Barrow in Furness, was donating over £3m a year to around 150 charities in the local area before FSJ axed its dividend. Clearly, the foundation cannot be happy with FSJ’s recent share price performance. One option would be for it to diversify its income by seeking a buyer for all or part of its stake in the 175-year-old shipping company. The foundation does not appear to have a representative on the James Fisher board but one should not underestimate its influence behind the scenes.
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