Interim Management Statement

RNS Number : 9577S

Fisher (James) & Sons plc

14 November 2013

 



Embargoed for release

7 am 14 November 2013

James Fisher and Sons plc

Interim Management Statement

James Fisher and Sons Plc (FSJ.L) ('James Fisher'), the leading Marine Services business, today announces its Interim Management Statement for the period from 1 July 2013 to date.  Trading has continued well with revenue for the third quarter 11% ahead of the comparable period in 2012 and results were in line with management's expectations.  The Company's strategy to focus on niche, high growth marine services markets in fast growing regions of the world continues to deliver good growth over 2012.

During the period the Group completed the sale of its 25% shareholding in Foreland Holdings Limited for an initial consideration of £11.4m with potential additional consideration on the sale of two vessels owned by Foreland. The Group also announced the acquisition of Osiris Marine Services Limited and Osiris Underwater Engineering Limited, providers of diving and sub-sea services, for £3.25m.

Although working capital is expected to increase with the growth in the businesses anticipated in the second half, the Group's strong balance sheet and record of cash generation enables it to continue to take advantage of suitable bolt-on acquisition opportunities as they arise.

Overall, James Fisher's strategy of focusing on fast growing niche markets is confirmed by its trading performance and the Company remains well positioned to deliver further growth and value for 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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