28th Nov 2019 09:01
(Alliance News) - James Fisher & Sons PLC said Thursday it expects pretax profit to be "modestly below" expectations in 2019, but still ahead of 2018.
In a trading update for the period ended September 30, the marine engineering services company said that trends seen in the first half in its Offshore Oil and Tankships divisions continued into the recent period, with trading "well ahead" of the prior year.
This performance reflected improved market conditions in the oil and gas sector and the commencement of a new contract to support the UK Royal Navy's refuelling requirements in Tankships, the company said.
The Specialist Technical division continued to perform broadly in line with a year prior, while Marine Support's performance improved in the period, following a slow start to the year.
Whilst "modestly below" the board's expectations, the company said profit before tax for the full year is expected to be ahead of last year GBP56.1 million.
In August, the company said for the six months to June 30, its revenue was GBP286.9 million, up 10% year-on-year from GBP260.5 million. Pretax profit lagged behind the comparative by 2.8% at GBP20.9 million.
James Fisher shares were down 1.6% in London at 1,900.00 pence on Thursday.
By Loreta Juodagalvyte; [email protected]
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