James Fisher lifts operating profit but keeps annual expectations unchanged

James Fisher and Sons ($FSJ) increased first-half underlying operating profit by 27.9% to £14.2 million on revenue of £195.9 million, up 2.1%. Its underlying operating margin improved to 7.2% from 5.8%, while reported operating profit more than doubled to £10.3 million. Stronger demand in Defence and Maritime Transport helped offset a more difficult environment in the Energy division.

The improvement did not eliminate all losses: the group reported a £0.9 million net loss for the period, although that was narrower than the previous year’s £2.4 million loss. Management left full-year expectations unchanged, conditional on no worsening disruption in energy markets. Covenant-basis net debt was £73.3 million, equivalent to 1.5 times EBITDA. The update highlights improving operating performance, rather than a guidance upgrade or a return to statutory net profit.

Sources:

• James Fisher and Sons — half-year results, RNS