Fisher (James) & Sons PLC
30 April 2004
JAMES FISHER & SONS PLC
CHAIRMAN'S AGM STATEMENT
James Fisher & Sons Plc ('Fisher'), the leading marine services provider, today
held its Annual General Meeting at 12.00 noon in Barrow-in-Furness.
Prior to the formal proceedings of the AGM, Tim Harris, Chairman, made the
following trading update in his statement to shareholders.
'Trading in the new financial year to date has met management expectations. Our
two acquisitions, Scan Tech Air Supply and James Fisher MIMIC, made towards the
end of last year, have settled in well and strengthened our Marine Services
Division, which is now the largest contributor to overall group profits. We
remain committed to expanding this division both by organic growth and further
acquisitions.
In the Tankships division, we have since our financial year to end 31 December
2003 completed two ten-year bareboat charters for the 12,800 dwt vessels under
construction with the Samho yard in Korea. As a further part of our fleet
renewal programme, we have also placed orders for two new 5,000 dwt vessels to
be built in Damen Galati, Romania, for delivery in November 2005 and June 2006.
We are at an advanced stage of finalising third party bareboat charters with no
residual value risk for James Fisher for these ships. The delivery of these
ships is the next stage in James Fisher's fleet development plans and will
maintain our position with the most modern fleet amongst tanker operators on
the UK coast.
In the Cable Ships division, despite some cable laying contracts being recently
awarded and the market showing very early signs of recovery, we have not yet
obtained further work for Oceanic Princess and Oceanic Pearl. However, we
continue to be paid under their current charters which extend until 2006 with
General Dynamics. We have decided to sell the Nexus for scrap at her written
down value as the costs of putting her back into class and service were
escalating.
We continue to pursue our strategy of developing our Marine Service businesses
including Tankships, which forms a key part of the Group's marine services
business, and believe we are well placed to continue growth in profitability and
dividends for shareholders.'
ENDS
For further information
James Fisher and Sons plc
Tim Harris, Chairman
Angus Buchanan, Chief Executive
Tel: 01229 615503
Binns & Co PR
Peter Binns
Paul McManus
Tel: 020 7786 9600
Mob: 07980 541 893
This information is provided by RNS
The company news service from the London Stock Exchange
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