James Fisher Q3 sales up 11%

JAMES Fisher and Sons, the listed Cumbria-based marines services group, said it is continuing to perform well and revenues in the third quarter were 11% ahead of 2012.

It said in a trading update from July 1 its “strategy to focus on niche, high growth marine services markets in fast growing regions of the world continues to deliver good growth over 2012.2

 

Providing investors with a recap on corporate activity – the group sold its 25% stake in Foreland Holdings for an initial consideration of £11.4m and then acquired Yorkshire firm Osiris Marine Services for £3.25m – James Fisher said it was still looking for opportunities.

It said: “Although working capital is expected to increase with the growth in the businesses anticipated in the second half, the Group’s strong balance sheet and record of cash generation enables it to continue to take advantage of suitable bolt-on acquisition opportunities as they arise.”

 

Looking ahead the company said its strategy was dellvering and it “remains well positioned to deliver further growth and value for shareholders”.