Earnings continue to rise at James Fisher

FAST-growing marine services group James Fisher has reported sales and earnings growth across the group.

Sales in the year to December rose 8% to £268.3m and the group saw a 5% lift in pre-tax profits to £25.9m.

After stripping out acquisition costs profits rose 9% to £27.1m.

The quoted business, which secured a £27.5m refinancing deal with Barclays at the start of the month, began as a regional shipping business in 1847 and now operates globally serving a range of sectors such as nuclear and oil and gas.

It has carried out five acquisitions over the past 18 months and plans to continue its growth organically and with more deals.

Its largest division, specialist technical, which handles specialist mooring equipment and ship-to-ship oil transfers, has seen revenue grow from £5.8m in 2002 to £116.6m. Last year acquisitions in Australia gave the business a springboard to the pacific market and underlying profits grew by 10% to £17.6m.

The offshore oil arm reported a 13% fall in underlying profits to £10.9m largely due to a slower market in the first half. Profits in the defence business, which carries out submarine rescue, jumped 40% to £5.2m, and the marine oil division returned to profit (£700,000) after suffering a £1.6m loss in 2009.

Chairman, Tim Harris, said: “2010 was an encouraging year in which the group demonstrated good growth, a strong operating cash flow and reduced gearing despite challenging conditions. 
 
“Trading to date for 2011 is in line with management expectations. James Fisher has a proven marine service strategy and track record for achieving organic growth, strong cash generation and successfully finding and integrating “bolt-on” acquisitions. It continues to be well placed to provide further growth and value for our shareholders.”

The final dividend has been increased by 10% to 9.7p making a total of 14.7p for the year.