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Thursday 26 March, 2020

Fisher (James)

Covid-19 Update

RNS Number : 6363H
Fisher (James) & Sons plc
26 March 2020
 

 

26 March 2020

 

 

James Fisher and Sons Plc (FSJ.L)

 

Covid-19 Update

 

James Fisher & Sons Plc ("James Fisher" or the "Group") is providing an update on management actions to offset the potential impact of Covid-19 on the Group. The health and safety of our people is of paramount importance and we have implemented a range of actions to protect our colleagues, customers and suppliers.

 

Whilst Group trading in the first two months of 2020 is ahead of prior year, the potential impact of Covid-19 is difficult to predict with any degree of certainty. Given this position, we have proactively taken steps to reduce costs, to optimise cash flow and to protect liquidity.

 

These actions include the deferral of discretionary capital expenditure; a hiring freeze; and, with effect from 1 April 2020, the salaries and fees of each member of the James Fisher Board will be reduced by 20%. Furthermore, the Board has decided that the final dividend for the year ended 31 December 2019 of 23.4 pence per share should be suspended until further notice. The Group will continue to monitor the developing situation and further actions will be taken as necessary.

 

The Group has a strong balance sheet and good liquidity. Excluding IFRS 16, net debt at 31 December 2019 was £203m, with c.£42m of headroom. In addition, the Group signed a new  30m revolving credit facility on 20 March 2020.

 

The Group will provide a further update at its AGM to be held on 30 April 2020.

 

 

For further information:

 

James Fisher and Sons plc

Eoghan O'Lionaird

Stuart Kilpatrick

Chief Executive Officer

Group Finance Director

020 7614 9508

FTI Consulting

Richard Mountain

Susanne Yule

 

0203 727 1340

 

 


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