14th Nov 2013 10:21
LONDON (Alliance News) - Marine services business James Fisher & Sons PLC Thursday said trading has continued well, with revenue for the third quarter 11% ahead of the comparable period in 2012.
In an interim management statement, the FTSE 250 company said its results for the quarter ended September 30 were in line with management's expectations, while its "strategy to focus on niche, high-growth marine services markets in fast growing regions of the world continues to deliver good growth over 2012."
During the period the group completed the sale of its 25% shareholding in Foreland Holdings Limited for an initial consideration of GBP11.4 million with potential additional consideration on the sale of two vessels owned by Foreland.
James Fisher also acquired Osiris Marine Services Limited and Osiris Underwater Engineering Limited, providers of diving and sub-sea services, for GBP3.6 million.
"Although working capital is expected to increase with the growth in the businesses anticipated in the second half, the group's strong balance sheet and record of cash generation enables it to continue to take advantage of suitable bolt-on acquisition opportunities as they arise," the company said in a statement.
The stock was trading at 1,113.00 pence Thursday morning, up 17.00 pence or 1.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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