James Fisher annual profit boosted by marine support growth

James Fisher & Sons’ annual profit rose 10% fuelled by strong growth at the company's marine support division.

Underlying pre-tax profit for the year to the end of December rose to £50.3m from £45.8m a year earlier as revenue increased 9% to exceed £500m for the the first time at £505.4m.

The marine service provider proposed a total dividend of 28.7p a share, up 10%, and said it had a positive view of the year ahead.

Marine support, James Fisher’s biggest division, increased profit by 17% to £24.5m, helped by new business in Brazil, the Middle East and offshore renewables.

Profit also rose at the specialist technical and tankships operations. At the offshore oil unit profit fell 9.5% to £3.8m after a pickup in business over the summer faded later in the year.

Nick Henry, James Fisher’s chief executive, said: "James Fisher had another good year in 2017. The strength of the group's business model with its broad spread of activities across the marine sector, its strong international presence and its ability to innovate and grow new businesses gives the board a positive view of the year ahead and confidence of the group's potential to provide further growth and value for our shareholders in the future."