(Alliance News) - James Fisher & Sons PLC said on Monday that it expects revenue to increase in its first-half, and that the board's expectations for its full-year remain unchanged.
The Cumbria-headquartered provider of specialist services to the marine, oil and gas industry said in its six months ended June 30 that its revenue was expected to be around GBP250 million, a 16% growth 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 29% decrease in underlying operating profit to GBP9.5 million from GBP13.3 million, the year prior. Underlying profit margin similarly declined to 4.0% from 5.7% the previous year.
Net bank borrowings at June 30 were around GBP147 million, compared to GBP133 million at December 31.
There was cash outflow in the first half of the year, despite asset sales generating net proceeds of around GBP20 million. The company said this was due to the unwind of working capital balances and costs connected with the GBP210 million revolvign credit facility.
"The group continues to expect net bank borrowings to reduce by the end of financial 2023, in line with its usual trading profile."
Chief Executive Officer Jean Vernet said: "We are starting to see the benefits of the operational improvements being implemented throughout James Fisher.
"Despite the uncertainty in the macro-economic environment, the group's markets remain resilient and the board's outlook for the full year remains unchanged."
The company also announced that Chief Financial Officer and Executive Director Duncan Kennedy will stand down within the next twelve months. The board has started the search for his successor, and Duncan will remain in post until his successor starts.
Shares in James Fisher were up 0.4% at 402.20 pence in London on Monday afternoon.
By Will Neill, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved
