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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fisher (james) & Sons Plc | LSE:FSJ | London | Ordinary Share | GB0003395000 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 300.00 | 300.00 | 304.00 | 304.00 | 296.00 | 296.00 | 31,496 | 16:35:26 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Deep Sea Frn Trans-freight | 520.9M | -11.1M | -0.2205 | -13.79 | 153.06M |
TIDMFSJ
RNS Number : 1487G
Fisher (James) & Sons plc
17 July 2023
17 July 2023
James Fisher and Sons plc
Half year trading update
James Fisher and Sons plc (FSJ.L) ("James Fisher" or the "Group"), today provides an update on trading for the six months ended 30 June 2023 ("the period"), ahead of the publication of its Half Year results on 21 September 2023.
Trading summary
The Board is pleased to report that the encouraging start to the year was maintained through the second quarter. Group revenue from continuing operations in the period is expected to be c.GBP250m, representing growth of c.16% compared to the same period in 2022. Underlying operating profit and operating profit margin from continuing operations are both expected to show modest growth compared to the same period in 2022, with the revenue uplift more than offsetting increased investment to strengthen core capabilities within the Group, including the formation of our Business Excellence team.
All three divisions delivered revenue and profit growth compared to the same period in 2022, with the Energy division performing particularly well following strong market demand for well-testing, bubble curtain and artificial lift products and services. Defence is expected to report a modest profit for the period compared to a modest loss in 2022. Within the Maritime Transport division, Tankships has maintained its good performance, with high tanker utilisation and solid day rates for spot charters. Fendercare's ship-to-ship transfer business has stabilised at levels in line with H2 2022.
Financial position
Net bank borrowings at 30 June 2023 were c.GBP147m, compared to GBP133m at 31 December 2022. The normal seasonality of the business, unwind of working capital balances and costs associated with the GBP210m new revolving credit facility have led to a cash outflow in the first half of the year despite asset sales generating net proceeds of c.GBP20m in the period. The Group continues to expect net bank borrowings to reduce by the end of the 2023 financial year, in line with its usual trading profile.
Outlook
The Group enters the second half of the year mindful of heightened macro-economic uncertainty, however the Group's markets remain resilient and the Board's expectations for the full year remain unchanged.
Jean Vernet, Chief Executive Officer, commented:
"I am pleased with the Group's first half performance, with all three divisions contributing to revenue growth of 16%, alongside a modest improvement in margins. We are starting to see the benefits of the operational improvements being implemented throughout James Fisher. These, combined with the previously announced business and asset disposals and the refinancing concluded in June, provide us with a stronger platform for the future. Despite uncertainty in the macro-economic environment, the Group's markets remain resilient and the Board's outlook for the full year remains unchanged."
For further information:
Chief Executive Officer James Fisher and Sons Jean Vernet Chief Financial plc Duncan Kennedy Officer 020 7614 9503 Richard Mountain FTI Consulting Susanne Yule 0203 727 1340 -------------------------------------- --------------
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(END) Dow Jones Newswires
July 17, 2023 02:00 ET (06:00 GMT)
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