Choose Cumbria
Nick Henry James Fisher

James Fisher sees increase in profits and revenues

Published on: Thursday 30th August 2018

One of Cumbria's best known companies is celebrating an increase in profits and revenue for the first half of this year.

Marine services company James Fisher and Sons saw a 12 per cent growth in revenue from £232.5m in the first six months of 2017, to £260.5m in the same period this year.

Its half-yearly profit before tax was £21.7m - 20 per cent up on last year's 18.1m.

With underlying profits in the first half of the year at £24.5m - 18 per cent up on last year's £20.7m - the company is looking forward to a strong second half year as it looks to deliver a major submarine project for the Indian Navy.

For shareholders the interim dividend in James Fisher shares is up 10 per cent from 9.4p to 10.3p.

Nick Henry, chief executive officer with James Fisher, said its board was confident the group's outlook for the year was positive and that it would continue to be well placed to provide further growth and value for shareholders.

"We have had an encouraging first half, with particularly strong performances for our marine support and specialist technical divisions," he said.

"We continue to invest in those companies with the best prospects for organic growth and to track a number of interesting acquisition prospects.

"Our cash conversion is strong and a significant working capital unwind is expected in the second half subject to successful delivery of the second submarine rescue vessel to the Indian Navy."

Earlier this year James Fisher's marine services division scooped a £50 million 10-year contract with an unnamed energy company.

The contract involves the management of three vessels, oil transfer operations, buoy maintenance and diving operations in support of a UK refinery.

James Fisher was founded in Barrow in 1847 as a ship-owning business transporting haematite from quarries in Cumbria around the world. It also has a base in Egremont.

It now has divisions covering defence, renewable energy, marine and off-shore oil, ports and nuclear.

Subscribe to our newsletter: get a glimpse of what it's really like to live and work in Cumbria.