James Fisher delivers 5% profit hike

MARINE services provider James Fisher hailed a robust performance as full year profits rose 5% despite trading conditions being the “most challenging for many years”.

The Barrow-in-Furness-based company, which began as a regional shipping business in 1847, and is now a global provider serving a range of sectors such as nuclear and oil and gas, said its results had been driven by a strong performance in its technical division and lower borrowing costs.

Group revenue was up 7% to £249.6m profits grew to £24.7m from £23.6m in 2008.  The company, whose services include ship-to-ship oil transfer at sea, submarine rescue and lifting equipment rentals, raised its final dividend by 2% to 8.8p per share, giving a total dividend of 13.6p.

The profits were a little below a consensus forecast of £26.3m.

Chairman, Tim Harris, said: “James Fisher produced a robust performance in 2009 despite an economic environment which was significantly more challenging than for many years. 

“The company has transformed itself over recent years and now has Marine Service divisions which are self sufficient and able to stand alone without the need for support from the strong cash flows provided by the marine oil division.”

Mr Harris said trading so far this year was in line with expectations.

“Our Marine Service divisions, which are recognised as the core of James Fisher’s marine service identity, continue to be well placed to provide further growth and value for our shareholders.”