4th Mar 2014 12:25
LONDON (Alliance News) - Marine service provider James Fisher & Sons PLC Tuesday said profit fell slightly for the full year but said its balance sheet remains strong following a number of acquisitions.
The company, which provides marine engineering services to a number of sectors including construction, defence and renewable energy, posted pretax profit of GBP46.2 million for 2013, down slightly from GBP46.4 million, even though revenue grew 14% to GBP413.7 million from GBP363.3 million a year earlier.
Last year's results benefited from a GBP20.9 million profit on the sale of subsidiary and joint ventures compared with just GBP6.6 million in 2013, it said.
However, revenue was boosted by a strong performance from James Fisher's marine support businesses and its specialist technical arm, which saw growth of 14% and 35% respectively.
The marine support business posted revenue of GBP171.3 million from GBP15.0.3 million, while the specialist technical arm recorded revenue of GBP81.9 million from GBP60.8 million in 2012.
Specialist technical's result reflects the first-time contribution from Divex Ltd, the Aberdeen-based saturation diving equipment provider acquired in March for GBP20.8 million.
James Fisher said its financial gearing has reduced to 30% from 39%, after its balance sheet was strengthened with the proceeds from businesses sold of around GBP38 million, offset by marine service acquisitions of around GBP18 million.
"Our niche businesses, which operate in demanding environments where their strong marine service and specialist engineering skills are valued and rewarded, have good growth prospects," Chief Executive Nick Henry said in a statement."James Fisher's strong balance sheet will enable us to invest in further organic growth opportunities and to make appropriate bolt-on acquisitions."
The company increased its final dividend 15% to 13.54 pence per share, up 11.83 pence, making a total dividend of 20.0 pence for the year from 17.7 pence in 2012.
The stock was trading at 1,424.40 pence Tuesday, up 34.20 pence or 2.5%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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