3rd Mar 2015 08:14
LONDON (Alliance News) - Marine services company James Fisher & Sons PLC Tuesday reported a rise in pretax profit and revenue in 2014 and increased its dividend by 10% on the back of a solid performance across its business, and said it has struck a deal to buy a South African marine services company.
The FTSE 250-listed company said its pretax profit ticked up to GBP49.2 million, from GBP46.2 million in 2013, as revenue rose to GBP444.8 million from GBP413.7 million.
The company said revenue across its marine services divisions grew solidly in the year, with strong profit growth in its specialist technical and offshore oil units.
James Fisher said it has proposed an increase in its final dividend to 14.9 pence per share, making its total dividend for the year 22 pence per share, against 20 pence in 2013.
"The strong result underlines our broad geographic spread and range of specialist services across diverse marine sectors. James Fisher is well placed to invest organically and to take advantage of further acquisition opportunities. Looking forward to 2015 we believe the group continues to be well placed to provide further growth and value for our shareholders," said Chief Executive Officer Nick Henry.
In a separate statement on Tuesday, James Fisher also said it has struck an all-cash deal to buy South Africa-based marine and subsea services provider Subtech Group Holdings Pty Ltd.
James Fisher will pay an initial GBP3.4 million to acquire Subtech, with a further GBP9.9 million in deferred consideration due based on the acquired company achieving profit targets in 2015 and 2017.
Shares in James Fisher rose 1.9% to 1,181.81 pence at the open on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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