Full steam ahead for buoyant Fisher
MARINE, nuclear and defence engineering services group James Fisher revealed a hike in sales and profits as it revealed a new £22m banking facility.
Barrow-in-Furness-based Fisher, a long-established name in the sector, revealed double-digit growth in turnover, profits and dividend in the six months to June 30, as its focus on high margin business sectors bear fruit.
Revenue in the period rose 13.9% to £130m, while profits rose 18% from £11m to £13m.
In line with this strong showing Fisher, a member of the FTSE 250, increased its half-year dividend by 10% to 4.8p per share.
Last week the company revealed it was buying Lancashire-based nuclear decommissioning company M B Faber or up to £5.25m
Chairman, Tim Harris, said: “In the first half strong organic growth overseas led by the specialist technical division more than offset the recessionary issues in the UK market.
“Encouragingly, our nuclear cluster has begun to perform well and the defence division, unquestionably a world leader in specialist submarine rescue, is beginning to produce good revenue growth. Prospects for both remain promising.”
He told shareholders that the company was “well placed” to continue to produce good growth and value.
The new banking facility, arranged by Yorkshire Bank’s Manchester-based corporate and structured finance team, will provide Fisher with an additional facility to provide further headroom for working capital and to support the company’s acquisition strategy.
Owen Malton, corporate director with Yorkshire Bank corporate and structured finance said: “We are delighted to provide a funding package to this market leading North West plc, especially given the robust track record delivered by a strong and prudent management team.”
The Yorkshire Bank facility will run alongside a £25m facility arranged last year with Barclays.
