Marine group enjoys buoyant period
MARINE services group James Fisher & Co said 2011 was an “excellent” year for the business, with sales and pre-tax profits both climbing by 15% to £307.6m and £29.8m respectively.
The company said that its specialist technical, defence and offshore oil divisions all enjoyed strong organic growth and that the divisions were increasingly working together to deliver multi-skilled contracts, such as one won for BP Angola won since the start of its new financial year.
James Fisher, which is based at Barrow-in-Furness, said that in its defence division revenues climbed by 30% – due partly to an £11m vessel modernisation project being carried out for the Swedish Navy.
Moreover, the proportion of its revenues being earned overseas has climbed from 35% to 60% in recent years.
Chairman Tim Harris said: “James Fisher made excellent progress in 2011, with double-digit growth rates in both revenue and profit.
“Our largest divisions, specialist technical and offshore, have strong growth records and will continue to be the prime focus for future investment in new equipment and bolt-on acquisitions.”
He added that trading in the two months of its new year had been in line with expectations.
“We continue to be well placed to provide further growth and value for our shareholders.”
