Fisher turnaround on course as maritime group targets higher margins
Barrow-in-Furness marine services group, James Fisher has said it has made good progress on its turnaround strategy as it confirmed pre-tax profits of £54m on turnover of £437.7m.
Jean Vernet
Jean Vernet, Chief Executive Officer, commented: “I am encouraged by our 2024 performance, ending the year in a stronger financial position and with our business better positioned to take advantage of supportive end markets. We delivered underlying operating profit in line with our upgraded expectations and have significantly deleveraged the Group. The disposals provided funds to pay down our debt, re-finance our facilities on improved terms and strengthened our balance sheet as a result – providing a stable platform for growth with a more resilient capital structure.
“As we complete the second year of our business turnaround, I am pleased with the implementation of the One James Fisher model. We have an aligned organisation that can capitalise on our collective strength, with world-leading capabilities that will help us generate sustainable growth.
“As we move into the next chapter of the turnaround, we will continue to utilise our people, expertise and innovation to address our customers’ biggest challenges, across the geographies in which we operate.
“February 2025 year-to-date trading was in line with management expectations. Subject to geopolitical uncertainties, the Board remains confident on delivering further progress this year, working towards our medium-term financial targets of 10% underlying operating profit margin and 15% ROCE.”
In Maritime Transport, the group completed the planned sale of the Raleigh Fisher, in December 2024, for around £10m.
The group strengthened its balance sheet, significantly reducing debt through the sale of non-core businesses, notably RMSpumptools in July and Martek Marine in September, alongside improved cash management.
In September 2024, James Fisher refinanced and secured a single committed facility of £95m, consisting of a three years £75m Revolving Credit Facility and a £20m term loan for five years.
