Trading Update

RNS Number : 9816G

Fisher (James) & Sons plc

26 November 2015

 

26 November 2015

James Fisher and Sons plc

Trading Update

James Fisher and Sons plc (FSJ.L) ('James Fisher'), the UK's leading marine services company, today publishes its trading update for the four month period from 1 July 2015.

Revenue for the four months was 4% lower than the comparable period last year.  Trading conditions in Offshore Oil continued to be tough, particularly in the Norwegian market.  Our other three divisions performed well.

Specialist Technical made good progress with delivery against its order book and the Tankships division had a particularly strong quarter.  Marine Support benefited from the businesses acquired in the first half and from growth in the ship to ship transfer market.  Revenues in Offshore Oil were sharply lower compared with the prior year as customers continued to postpone discretionary expenditures in the inspection, maintenance and repair markets served by our businesses. We continue to scale our businesses to reflect the challenging conditions in the oil & gas sector.

The Group remains well placed on a number of significant contract bids for which final confirmation continues to be awaited.  With decisions on these contracts still pending, earnings for the full year ending 31 December 2015 are likely to be at the lower end of market expectations.

Contacts

James Fisher and Sons plc	Nick Henry	CEO	020 7614 9508
FTI Consulting	Richard Mountain		020 3727 1370

 

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