Marine services group positive over current prospects

James Fisher, the Cumbria-based marine services group, said it remains positive about its prospects for the current financial year.

In a trading update ahead of its annual general meeting later this morning, from January 1 to date, it said the business was performing in line with expectations.

It said the first quarter financial performance at its tankships and offshore oil divisions in the first quarter is well ahead of last year.

Marine support and specialist technical will be more second half-weighted this year, due to the timing of projects, while the pipeline of opportunities in specialist technical remains strong, it said.

The renewables business within marine support won its first contract for Triton Knoll, a 90-turbine windfarm being built 32 kilometres off the Lincolnshire coast, and the high voltage engineering specialist business, EDS, has been awarded a 15-year operations and maintenance contract for offshore transmission assets at Greater Gabbard.

The group completed two acquisitions in January 2019. Martek adds to its marine offering with a range of innovative safety and calibration systems, and Murjan broadens the group’s capability and breadth of services in the Middle East.

Today’s statement said: “With a good start to 2019, the board considers that the group’s outlook for the year remains positive and that James Fisher continues to be well placed to provide further growth and value for shareholders.”