3rd May 2007 07:02
Fisher (James) & Sons PLC03 May 2007 Thursday 3 May 2007 James Fisher and Sons plc AGM Statement James Fisher and Sons plc, the marine services provider, is holding its AnnualGeneral Meeting in Barrow-in-Furness today. At the meeting, Tim Harris,Executive Chairman, will make the following comments: "2006 was a productive and successful year for the Group. We delivered a strongperformance with revenue up 29% to £118.1m (2005: £91.4m) and profit fromcontinuing activities before separately disclosed items and tax up 42% to £15.9million (2005: £11.2 million). Our Marine Support Services activities accountedfor around 70% of the Group's operating profit. "2007 has started well and I am pleased to report that the integration ofEverards has progressed as planned. The integration of the commercial and shipmanagement teams is now complete; the chartering department has become one team,based in London, whilst the Everard ship management team has moved to our headoffice in Barrow. The remaining step in our plan is the full integration of theJames Fisher and Everard sea staff which we anticipate will be completed by theend of the first half. "The third of the Everard's newbuilds, Superiority, has just entered service andwe expect the fourth and final vessel, Supremity, to enter service in latesummer. Our plans for refinancing the first three Everard newbuilds as bareboatcharters are well advanced. "It has been our aim since 2002 to become the UK's leading marine servicescompany and build our Marine Support Services divisions both by acquisition andby organic growth. All three of these divisions, Offshore Oil, SpecialistTechnical and Defence, have started the year well and are trading in line withmanagement expectations. These businesses are the key focus of James Fisher'sgrowth which should now be enhanced further by the cash flow from theacquisition of Everard. "The benefits of the Everard acquisition should begin to come through in thesecond half of 2007. As already indicated, any positive impact in the firsthalf will be offset by the costs of integration, the majority of which will beincurred in this period. Overall, the Group is well positioned to continue toproduce good growth and value for our shareholders." - Ends - For further information: James Fisher and Sons plc Tim Harris, Chairman 020 7614 9508www.james-fisher.co.uk Financial Dynamics Richard Mountain / Susanne Walker 020 7269 7121 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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