Resilient James Fisher on target

MARINE services and shipping specialist James Fisher & Sons said its engineering work has insulated it against the downturn.

In an interim management statement James Fisher said it had started the year well and was trading in line with management’s expectations.

The Barrow-based business said growth in its specialist technical division had compensated for a decline in contract volumes carried by the group’s coastal tankers as a result of the recession.

And it expects to receive payment on capital items for work carried out on its Singaporean submarine rescue system contract by the end of June.

“The trends witnessed at the end of 2008 continued into the first four months of 2009, resulting in a performance significantly ahead of last year’s corresponding period,” said the group.

It added that the company’s strategy of focusing on niche service businesses, in which its marine service skills provide some protection against the commoditisation of pricing, had helped it, “demonstrate resilience against recessionary pressures”.

“Clearly the present economic downturn will have some effect on the Company but on the evidence to date James Fisher remains well placed, with a proven track record, to continue to produce good growth and further value for our shareholders.”