Interim Management Statement

RNS Number : 0733S

Fisher (James) & Sons plc

15 November 2011

 



15 November 2011

James Fisher and Sons plc

Interim Management Statement

James Fisher today announces its Interim Management Statement for the period from 1 July 2011 to date.  Trading for the period has been in line with management's expectations.  The Company's strong focus on Asia Pacific and other developing regions has helped to protect it from the well publicised economic problems in Europe and North America.

The pattern of trading has been consistent with that of the first half, with our specialist technical, offshore and defence divisions continuing to trade well.  In July we sold mv Audacity for £2.3 million, a further step in reducing our tankship tonnage to meet our contract cover, thereby reducing our exposure to the spot market.  Trading in this division has been quieter during the usual summer lull but has now picked up.

Strong cash generation has reduced gearing and enabled significant investment in new equipment to help generate organic growth.  Support from our banks and the facilities that we have in place mean that we are ready to take advantage of the right acquisition opportunities as they arise.  The strong dollar is currently a positive feature for James Fisher, but recent performance in the equity markets and low interest rates mean there may be some negative effect on the reported balance sheet figure for pension fund deficits at the year end.

Overall the proven resilience of James Fisher's marine service strategy and focus on the faster growing regions of the world is confirmed by the Company's recent performance in what is a difficult economic climate.  While James Fisher is not immune to a deterioration in global economic conditions, we remain well positioned to deliver further growth and value for our shareholders.

Contacts

James Fisher and Sons plc	Tim Harris	Chairman	020 7614 9508
FTI Consulting	Richard Mountain Sophie McMillan		020 7269 7291

 

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