Overseas growth keeps James Fisher buoyant
MARINE services group James Fisher’s focus on overseas markets has paid off with third quarter sales up 14% on last year.
The Barrow-in-Furness-based business began as a regional shipping firm in 1847 and now operates globally serving a range of sectors such as nuclear and oil and gas.
In an interim management statement covering July to November the group said: “The company’s focus on Asia Pacific and other developing regions and its strategy to leverage UK marine service skills overseas has helped to deliver strong growth in the first nine months of 2012.”
It added: “Overall James Fisher’s strategy to focus on the faster growing regions of the world and to have limited exposure to North America and continental Europe is reflected in its strong trading performance. The company remains well positioned to deliver further growth and value for our shareholders.”
It said its largest divisions, specialist technical and offshore oil, have continued to perform well and the group has invested in new equipment to support organic growth.
But the defence business, which handles jobs such as submarine rescue, saw a slower second half and, “will report a lower financial result in 2012”, but this will be offset by growth in other areas.
“The group remains cash generative and combined with support from our banks is able to take advantage of suitable bolt-on acquisition opportunities as they arise,” added the company.
