Shipping still sluggish for James Fisher
MARINE and engineering services group James Fisher said the slow economy is continuing to hamper progress in its coastal tanker business.
In a management statement covering the four months from July 1 the Barrow-in-Furness company said there had been no improvement in its James Fisher Everard division despite stronger performances across the group.
“Trading for James Fisher Everard remains the most affected by the present challenging economic environment and there has been no improvement over the second quarter,” said the group.
The winter season and the strengthening continental economy should have been positive influences, said the statement, but there had been “no sign” of improved volumes of a stronger spot market – where docked ships agree to take cargo immediately for other companies.
Across the group James Fisher said trading in the third quarter was in line with management expectations. The specialist technical division continues to trade strongly and the nuclear arm has been bolstered by the £5.25m acquisition of MB Faber in August.
A refinancing of James Fisher’s submarine rescue joint venture in Singapore completed four months later than expected in August. The delay affected the 2009 result, said the group, but full payment has now been recieved reducing the group’s financial gearing.
The company is continuing to monitor possible acquisition targets to strengthen its marine support divisions. It said these opportunities were “more plentiful and less subject to competition” during the recession.
