29th Apr 2005 13:21
Fisher (James) & Sons PLC29 April 2005 James Fisher Chairman's AGM Statement James Fisher and Sons plc, the marine services provider, today held its AGM inBarrow-in-Furness at 12 noon. Tim Harris, Executive Chairman, made the followingstatement to shareholders: "I am pleased to report that trading for the first three months has been in linewith management expectations. We have also continued to expand our marinesupport service division, since the last financial year end 31 December 2004. Aspart of "Operation Cumbria", our project to grow our nuclear decommissioningbusiness by acquiring complementary companies in the North West, we bought HarshEnvironment Systems Limited in January for £1.6 million in cash. In March, weannounced the acquisition of the FenderCare group of companies, which are marketleaders in supplying large scale pneumatic fenders to the shipping, offshore,port, construction and defence industries, for a maximum of £12 million in cash.Both of these businesses operate in very relevant sectors and will contribute toprofits in the first half of this year. 2005 has also seen further progress in Tankships' modernisation programme. InFebruary, Cumbrian Fisher started trading, having been delivered in December2004 and in late February, we took delivery of her sister vessel, Clyde Fisher,which entered service this month. We have also agreed terms for the sale ofLough Fisher for completion at the end of June and will incur a book loss ofaround £1 million on the sale. Oceanic Princess, one of our two cable ships, hasreturned to activity this month after two years in lay-up. Following a dry-dockin Singapore, she is currently employed in seismic testing work off Indonesiawith BP as the ultimate customer. This is a positive development but it is stillpremature to predict the end of the depression in the cable ship market whichhas prevailed for the last three years. Although we have not been a relevant employer of the Merchant Navy OfficersPension Fund for quite a number of years, a recent court case has determinedthat all employers of relevant officers, back to 1978, should share theliability for the fund's deficit. This will add around £3 million to theCompany's own pension deficit of approximately £12 million and we intend to takeaction to deal with both of these deficits. Your Company is in good heart and has a clear strategy of developing its marineservice activities, which will continue to be the growth driver and where thereare many opportunities for expansion of business activities, in the UK andoverseas. The Group is well placed to continue to grow profits, therebyincreasing value for our shareholders." ENDS For further information: James Fisher & Sons plc Binns & Co PR LtdTim Harris, Chairman 01229 615 400 Peter Binns 07768 392 582 Paul McManus 07890 541 893 Matt Ridsdale 020 7153 1484 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
James Fisher and Sons