Interim Management Statement

RNS Number : 0381R

Fisher (James) & Sons plc

14 November 2012

 



14 November 2012

James Fisher and Sons plc

Interim Management Statement

James Fisher and Sons Plc (FSJ.L) ('James Fisher'), the leading Marine Services Company, today announces its Interim Management Statement for the period from 1 July 2012 to date.  The pattern of trading has continued from the first half with revenue for the third quarter 14% ahead of the previous year and results in line with management's expectations. The Company's focus on Asia Pacific and other developing regions and its strategy to leverage UK marine service skills overseas has helped to deliver strong growth in the first nine months of 2012.

The Group's largest divisions, Specialist Technical and Offshore Oil have continued to perform well and the Group has invested further in new equipment to increase future organic growth. As previously signalled, our Defence business is experiencing a slower second half and will report a lower financial result in 2012. However this will be more than offset by growth in our other divisions. Marine Oil has continued the progress that it achieved in the first half.

The Group remains cash generative and combined with support from our banks is able to take advantage of suitable bolt-on acquisition opportunities as they arise.

Overall James Fisher's strategy to focus on the faster growing regions of the World and to have limited exposure to North America and Continental Europe is reflected in its strong trading performance. The Company remains well positioned to deliver further growth and value for our shareholders.

Contacts

James Fisher and Sons plc	Nick Henry	CEO	020 7614 9508
FTI Consulting	Richard Mountain Sophie McMillan		020 7269 7186

 

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