Redefinition of business segments

RNS Number : 4581J

Fisher (James) & Sons plc

17 July 2013

 



Embargoed for release

7am on 17 July 2013

James Fisher & Sons Plc (FSJ.L)

Redefinition of business segments

Following the acquisition of Divex Limited ("Divex") on 5 March 2013, James Fisher & Sons plc ("JFS") today announces a revised definition of its reported operating segments, which better reflects the nature of the Group's businesses and, in accordance with IFRS 8, is consistent with the way in which management views and manages the businesses.

The Group previously reported four operating segments:

-      Specialist Technical

-      Offshore Oil

-      Defence

-      Marine Oil

JFS will report its interim results to be announced in August 2013 and thereafter under the revised operating segments, with the following changes:

·      The fendering, mooring and strain business will be transferred out of the Specialist Technical segment into a new Marine Support segment. 

·      Offshore Oil remains unchanged.

·      The Defence segment is to be combined with Divex and our nuclear activities within Specialist Technical. 

·      The Marine Oil segment will be renamed 'Tankships'. 

The revised operating segments will therefore be reported as follows:

Business segment		Business activities
Marine Support		Fendering, mooring and strain gauge applications
Specialist Technical		Subsea services including submarine rescue and saturation diving; nuclear decommissioning and testing
Offshore Oil		Services and equipment supplied globally to offshore applications
Tankships		Coastal delivery of clean petroleum products

James Fisher and Sons plc	Stuart Kilpatrick	Group Finance Director	01229 615 503
FTI Consulting	Richard Mountain Sophie McMillan		020 7269 7291

Segments as previously reported
£m		2010	2011	2012
Revenue
Specialist Technical		116.6	141.5	194.8
Defence		21.3	28.1	23.3
Offshore Oil		58.5	71.2	83.4
Marine Oil		71.9	66.8	61.8
Total		268.3	307.6	363.3
Operating profit
Specialist Technical		18.5	19.8	22.4
Defence		5.3	5.5	2.4
Offshore Oil		11.0	12.8	17.2
Marine Oil		0.7	1.1	2.4
Common costs		(3.0)	(3.1)	(3.1)
Total		32.5	36.1	41.3
Capital employed
Specialist Technical		80.9	87.6	89.8
Defence		19.9	23.3	19.3
Offshore Oil		97.5	103.9	113.2
Marine Oil		44.5	42.1	32.8
Central		(24.8)	(26.5)	(28.1)
Total		218.0	230.4	227.0
Segmental data as redefined
* proforma data is based on the assumption that Divex was owned throughout the 3 year
period. Divex was acquired on 5 March 2013 and its results are for the year ended
30 November in each year and are included within the Specialist Technical segment.
£m		2010	2011	2012
Revenue
Marine Support		98.7	117.3	157.3
Specialist Technical		80.6	86.6	95.0
Offshore Oil		58.5	71.2	83.4
Tankships		71.9	66.8	61.8
Proforma *		309.7	341.9	397.5
Divex		(41.4)	(34.3)	(34.2)
Reported revenue		268.3	307.6	363.3
Operating profit
Marine Support		17.5	18.4	19.3
Specialist Technical		10.5	9.5	9.6
Offshore Oil		11.0	12.8	17.2
Tankships		0.7	1.1	2.4
Common costs		(3.0)	(3.1)	(3.1)
Proforma *		36.7	38.7	45.4
Divex		(4.2)	(2.6)	(4.1)
Reported operating profit		32.5	36.1	41.3
Capital employed
Marine Support		66.0	72.2	74.7
Specialist Technical		65.9	70.6	60.8
Offshore Oil		97.5	103.9	113.2
Tankships		44.5	42.1	32.8
Central		(38.3)	(39.4)	(41.3)
Proforma *		235.6	249.4	240.2
Divex		(17.6)	(19.0)	(13.2)
Reported capital employed		218.0	230.4	227.0

 

END

 

 

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