Interim Management Statement

RNS Number : 8857W

Fisher (James) & Sons plc

13 November 2014

 



13 November 2014

James Fisher and Sons plc

Interim Management Statement

James Fisher and Sons Plc (FSJ.L) ('James Fisher'), the leading Marine Services Company, today announces its Interim Management Statement for the period from 1 July 2014 to date.  Revenue for the third quarter showed good growth against the comparable quarter in 2013 and overall trading was in line with management's expectations.  

Offshore Oil performed well in the quarter with continued growth in the offshore markets of Africa, South America and the Far East offsetting weakness in the Norwegian market.  The majority of this division's work is in maintenance and production activities rather than exploration.  The recent decline in the oil price has not impacted current trading and this division is expected to show a significant uplift on last year.

In Marine Support, after an improvement in the second quarter, ship to ship transfer volumes slowed again in the third quarter, particularly in the Far East where a slower market reflected both the broader economy and the current high inventory levels of oil in storage afloat and on shore.

Our Specialist Technical division continued to trade strongly.  During the quarter, Divex secured its third saturation diving system order since its acquisition in March 2013.  Combined with a larger and more diverse order book in Nuclear decommissioning, this division is well positioned for the future.

Our Tankships division continued its progress and is benefitting from improved utilisation compared to 2013.

Overall, James Fisher's strategy of focusing on niche businesses within developing marine service markets is producing good growth over last year and this is expected to continue through the final quarter.  The Company remains well positioned to deliver further increases in value for shareholders.

Contacts

James Fisher and Sons plc	Nick Henry	CEO	020 7614 9508
FTI Consulting	Richard Mountain		0203 727 1374

 

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