James Fisher backs full-year guidance as revenues rise

Marine services company James Fisher backed its outlook for the year on Friday as it posted a 14% jump in revenue for the 10 months to the end of October.

The group said its marine support division continues to show good growth from its services to the renewables sector and from global ship to ship services.

It has now secured all three five-year maintenance contracts covering topside, subsea and high voltage services for the London Array, 175 turbine, 630 megawatt, offshore wind farm.

In addition, the company's specialist technical division has completed the sea trials for the first submarine rescue vessel that was delivered to the Indian Navy in March and the associated milestone payment is expected to be received shortly. The second vessel is currently passing through factory acceptance testing and is due to be shipped by the end of November.

The offshore oil business performed "marginally better" than expectations in the period, it said. The levels of vessel utilisation that were achieved by its tankships division in the first half continued into the third quarter.

"Overall James Fisher continues to make good progress and the outlook for the year remains unchanged."