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James Fisher and Sons profit falls on weaker margins

By BFN News | 09:38 AM | Thursday 27 February, 2020

Marine services provider James Fisher and Sons reported a lower annual profit as margins were hurt amid headwinds in is marine support business. For the year ended 31 December 2019, pre-tax profit fell to £47.8m from £55.4m, whiel revenue increased 10% to £617.1m. Underlying operating margins reduced by 30 basis points to 10.7% mainly due 'to the issues impacting the result in marine support, which were only partially offset by improvements in offshore oil and tankships, the company said. 'With the offshore renewable energy sector continuing to grow robustly and the oil and gas market for our niche services recovering, the leading position held by a number of our businesses across a broad spread of services in diverse geographical locations underpins the board's confidence in the group's ability to provide continued growth in shareholder value,' James Fisher and Sons said. At 9:38am: (LON:FSJ) Fisher James Sons PLC share price was -43p at 1771p Story provided by

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