25th Aug 2020 08:20
(Alliance News) - James Fisher & Sons PLC on Tuesday said its performance deteriorated in the first half of 2020 amid lower energy prices and coronavirus pandemic.
The marine service provider said pretax profit dropped by 59% to GBP7.1 million in the six months to the end of June from GBP20.9 million reported a year earlier, as revenue fell by 10% to GBP258.1 million from GBP286.9 million.
The company said the combination of Covid-19 and the sharp decline in energy prices resulted in projects in its subsea operations in both Renewables and Oil & Gas being deferred into the second half of 2020 and beyond. In response to these challenges, James Fisher said it has taken actions, which are ongoing, to restructure its Marine Support division.
The company has declared an interim dividend of 8.0 pence per share, reduced by 29% from 11.3p paid a year earlier.
"The first half of 2020 was one of the most demanding periods the company has faced, and the commitment, support and engagement of our employees in stepping up to the challenges has been remarkable," said Chief Executive Eoghan O'Lionaird.
"Whilst the second half is expected to remain challenging and the outlook for our end markets is uncertain, we expect trading to improve through the second half, assuming no material deterioration in the Covid-19 situation," added O'Lionaird.
James Fisher shares were trading 4.8% lower in London on Tuesday at 1,170.53 pence each.
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
James Fisher and Sons