29th Aug 2018 09:05
LONDON (Alliance News) - James Fisher & Sons PLC on Wednesday expressed a positive outlook for the future growth as its profit rose 26% in the first half of 2018.
The marine service provider said pretax profit grew in the six months to the end of June to GBP21.5 million from GBP17.1 million reported for the same period a year earlier, as revenue rose by 12% to GBP260.5 million from GBP232.5 million.
On a constant currency basis, revenue increased by 14%.
James Fisher upped its interim dividend by 10% to 10.3 pence per share from 9.4p paid the year before.
The FTSE 250 stock was trading 3.1% higher on Wednesday morning at 1,840.00p per share.
The Marine Support division delivered a 21% revenue improvement to GBP127.2 million from GBP105.6 million a year prior, driven by growth in the company's ship-to-ship operations in Brazil and South East Asia, and in the offshore wind renewable energy market in the UK.
Meanwhile, the Specialist Technical and Offshore Oil segments delivered modest growth, with revenues up 7.0% and 0.7%, respectively.
The Specialist Technical unit has increased its order book during the period to GBP20 million for swimmer delivery vehicles over the next three years.
The Offshore Oil division saw an improved activity in the maintenance market, particularly in Norway, which was offset by currency headwinds.
Looking forward, James Fisher said it expects the second half of the year to benefit from the contracts secured and momentum built during the first half in its Marine Support division.
The company also said it intends to continue its investments in companies with "the best prospects" and to consider a number of acquisition opportunities.
"We have had an encouraging first half, with particularly strong performances from our Marine Support and Specialist Technical divisions," said Chief Executive Nick Henry.
"The board believes that the group's outlook for the year is positive and that James Fisher continues to be well placed to provide further growth and value for shareholders," added Henry.
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