28th Apr 2023 12:34
(Alliance News) - James Fisher & Sons PLC said on Friday reported improved revenue and a swing to profit in 2022, as it looks to turn a corner after a "disappointing financial performance over the past couple of years".
The Cumbria-headquartered company, which provides specialist services to the marine, oil and gas and other industries, said it swung to a pretax profit of GBP14.5 million in 2022, from a loss of GBP28.9 million loss in 2021.
James Fisher said revenue for 2022 increased by 8.1% to GBP478.1 million from GBP442.4 million the previous year.
James Fisher said it will not pay a final dividend in 2022, having also not paid one the previous year. It said it intends to rectify the issue "once circumstances permit".
James Fisher said one of its key priorities this year will be reducing net debt and "deliver a value enhancing return on capital employed".
It plans to focus its portfolio on businesses with attractive end markets and competitive advantage, and divest businesses which meet neither requirement.
Chief Executive Officer Jean Vernet said: "Since I joined the group in September 2022, I am pleased to report that progress has been made both strategically and financially. We have a new leadership team in place ready to address the challenges that we currently face.
"In a macro-economic environment that remains uncertain for 2023, we expect our industry verticals to be robust. Our 2023 priority is to show significant progress in our turn-around plan by implementing the simplification of our divisional structure, and by delivering on key change management objectives. Our trading in Q1 2023 gives us confidence in the out-turn for the year."
Shares in James Fisher were up 0.7% in London on Friday at 322.16 pence.
By Emma Curzon, Alliance News reporter
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