James Fisher labels 1H performance as 'encouraging'

James Fisher and Sons reported that the "encouraging" start to the year extended through the second quarter.

The marine engineer forecast revenues from continuing operations for the latest three months of approximately £250m.

That would represent growth of about 16%.

Modest growth in underlying profits and operating margins were also anticipated.

All three of its business units delivered growth with the Energy division's performance said to have performed "particularly well".

And within Maritime Transport, Tankships had continued to perform well.

Net debt had risen from £133m to about £147m and the company saw a cash outflow during the half, but net borrowing were seen reducing by the end of the year.

The board's expectations for the full-year were unchanged with the company's markets showing resilience although there was a "heightened" level of macro uncertainty looking out to the back half of 2023.

As of 1051 BST, shares of the company were trading 0.53% higher at 402.64p.