James Fisher delays results by a month

Swordfish vessel sold for $24m

Maritime and engineering group James Fisher is in extended talks with bankers aimed at “addressing” its debt, the board have told markets this morning.

Results were expected to be published next Tuesday (28 March) but will be delated by a month to 28 April.

The Barrow headquartered listed group also said the audit for 2022 is “well-advanced, but ongoing, and remains subject to finalisation”. 

For the year ended 31 December 2022, the group is expecting to report increased revenues of c.£475m (2021: £442.4m).

The strategy of divesting non-core businesses will continue. The three business sales completed in December 2022 which generated c.£18.4m.

Fisher has reduced debt, helped by proceeds from the US$24m sale of the Swordfish Dive Support Vessel announced in December 2022, completed in January 2023. Continued efforts to reduce debt are ongoing.

Jean Vernet, chief executive, said important changes have also been made at the senior management level across several businesses. The company has been reorganised into three new divisions Energy, Defence and Maritime Transport.

“The Group has made an encouraging start to 2023, with performance across January and February demonstrating continued progress, in line with the board’s expectations.”

He said group revenue in January and February 2023 saw strong year-on-year growth, with divisional trends similar to those seen towards the end of 2022. On both a continuing operations and total group basis (including discontinued operations), James Fisher generated a small underlying operating profit in the period, but is expected to report a loss.

“Whilst the economic climate more generally remains challenging, the group has made clear strategic and financial progress over the last few months. With the benefit of a more focused portfolio and reinvigorated strategy, the Board is confident that the group can carry forward this momentum through 2023, driving further financial and operational improvement.”

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