1st May 2014 08:51
LONDON (Alliance News) - James Fisher and Sons PLC Thursday said revenue in the first quarter was "strongly ahead" of the same period a year earlier, with good demand for its offshore services across international markets and in the North Sea.
In an interim management statement for the period January 1 to date, the marine services provider said its specialist technical businesses have benefited from their strong order pipeline during the period.
The FTSE 250 company said its marine support business has had a slower start to 2014 with a number of projects being weighted to the second half. Its tankships arm, however, continues to make progress due to a combination of contracts wins and further action to tighten capacity.
James Fisher noted it completed two bolt-on acquisitions in the the first quarter. It bought Dorset-based Subsea Vision Ltd for GBP2.5 million to add to its marine services arm and Sweden-based Defence Consulting Europe AB for GBP3.7 million which has "added to our product offering in the swimmer delivery vehicle segment of the defence market".
The stock was trading at 1,333.40 pence Thursday morning, up 42.40 pence or 3.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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