26th Feb 2019 09:11
LONDON (Alliance News) - James Fisher & Sons PLC on Tuesday expressed confidence for the year ahead after reporting double-digit revenue and profit growth amid strong performances by each of its four divisions.
The marine services provider reported 17% growth in pretax profit to GBP55.4 million in 2018 from GBP47.3 million in 2017, as revenue increase by 13% to GBP561.5 million from GBP499.3 million.
James Fisher declared a total dividend of 31.6 pence, up 10% from 28.7p paid the year prior.
On a divisional basis, revenue in Marine Support segment was 18% higher at GBP279.7 million, driven by strong organic growth from across all the sectors in which the division operates.
The Specialist Technical unit saw revenue growth of 6.6% to GBP159.6 million in 2018, supported by the assembly and delivery to schedule of two submarine rescue vessels.
The Offshore Oil division increased revenue by 11% to GBP61.5 million, mainly due to market share gains in RMSpumptools, an artificial lift completion technology business, where demand for products increased.
In addition, the Tankships unit reported another strong year with revenue up 6.9% to GBP60.7 million on improved vessel operating efficiencies and the additional capacity.
"James Fisher performed well in 2018 and, with a strong pipeline of opportunities at the start of 2019, the board has a high degree of confidence for the year ahead," said Chief Executive Nick Henry.
James Fisher shares were trading 3.1% higher on Tuesday at 1,866.00p each.
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