Fisher (James) & Sons PLC
29 April 2005
James Fisher
Chairman's AGM Statement
James Fisher and Sons plc, the marine services provider, today held its AGM in
Barrow-in-Furness at 12 noon. Tim Harris, Executive Chairman, made the following
statement to shareholders:
'I am pleased to report that trading for the first three months has been in line
with management expectations. We have also continued to expand our marine
support service division, since the last financial year end 31 December 2004. As
part of 'Operation Cumbria', our project to grow our nuclear decommissioning
business by acquiring complementary companies in the North West, we bought Harsh
Environment Systems Limited in January for £1.6 million in cash. In March, we
announced the acquisition of the FenderCare group of companies, which are market
leaders in supplying large scale pneumatic fenders to the shipping, offshore,
port, construction and defence industries, for a maximum of £12 million in cash.
Both of these businesses operate in very relevant sectors and will contribute to
profits in the first half of this year.
2005 has also seen further progress in Tankships' modernisation programme. In
February, Cumbrian Fisher started trading, having been delivered in December
2004 and in late February, we took delivery of her sister vessel, Clyde Fisher,
which entered service this month. We have also agreed terms for the sale of
Lough Fisher for completion at the end of June and will incur a book loss of
around £1 million on the sale. Oceanic Princess, one of our two cable ships, has
returned to activity this month after two years in lay-up. Following a dry-dock
in Singapore, she is currently employed in seismic testing work off Indonesia
with BP as the ultimate customer. This is a positive development but it is still
premature to predict the end of the depression in the cable ship market which
has prevailed for the last three years.
Although we have not been a relevant employer of the Merchant Navy Officers
Pension Fund for quite a number of years, a recent court case has determined
that all employers of relevant officers, back to 1978, should share the
liability for the fund's deficit. This will add around £3 million to the
Company's own pension deficit of approximately £12 million and we intend to take
action to deal with both of these deficits.
Your Company is in good heart and has a clear strategy of developing its marine
service activities, which will continue to be the growth driver and where there
are many opportunities for expansion of business activities, in the UK and
overseas. The Group is well placed to continue to grow profits, thereby
increasing value for our shareholders.'
ENDS
For further information:
James Fisher & Sons plc Binns & Co PR Ltd
Tim Harris, Chairman 01229 615 400 Peter Binns 07768 392 582
Paul McManus 07890 541 893
Matt Ridsdale 020 7153 1484
This information is provided by RNS
The company news service from the London Stock Exchange
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