James Fisher chairman to step down

JAMES Fisher’s chairman, Tim Harris, has announced his plans to step down from the firm in July, when he reaches the age of 65.

He will be replaced by another of the company’s non-executive directors, Charles Rice.

Mr Harris said: “It has been a privilege to have served as James Fisher’s chairman for over ten years and it is heartening that I shall be able to leave the Company when it is not only trading very well but also has great potential for future growth.”
Mr Rice will take over as chairman on August 1.

The company also announced that trading thus far this year is ahead of management expectations, with sales growth  up 20%. However, it added that it was too early to tell whether this would be an accurate indication of its performance for the rest of the year.

The firm said that both its specialist technical and offshore oil divisions produced strong organic growth, boosted by its focus on selling its skills in the Asia Pacific market.

Its subsea defence arm has also been busy working on the £11m refit of the Swedish submarine rescue system, as we;; as bidding for other work. This, coupled with the start of a major contract in Angola means that it has used more working capital than usual, but Mr Harris added that its financial position remained “extremely strong with good underlying cash flow and ample headroom on our banking facilities”.

“James Fisher remains very well placed with a proven strategy and track record to produce good growth and value for our shareholders,” he said.