James Fisher delays FY earnings, revenues seen higher

Marine services group James Fisher delayed its annual earnings date on Friday but said it expects to report a rise in full-year earnings.

James Fisher will now post its annual earnings on 28 April, pushed out from their original date of 28 March, in order to provide the group with an opportunity to complete ongoing discussions in relation to its existing debt facilities.

However, revenues from continuing operations were pegged to be approximately £475.0m, up from £442.4m a year earlier, while underlying operating profits from continuing operations were expected to be broadly in line with those seen in 2021.

In terms of recent trading, James Fisher said it had made an "encouraging start" to 2023, with year-on-year growth in revenues and a small underlying operating profit.

"Whilst the economic climate more generally remains challenging, the group has made clear strategic and financial progress over the last few months. With the benefit of a more focused portfolio and reinvigorated strategy, the board is confident that the group can carry forward this momentum through 2023, driving further financial and operational improvement," said James Fisher.

As of 0840 GMT, James Fisher shares slumped 10.03% at 281.60p.

Reporting by Iain Gilbert at Sharecast.com