James Fisher revenue up but warns over slowdown in offshore oil division

James Fisher and Sons posted a rise in revenue on Friday but warned that the full-year contribution from its offshore oil division will be lower than last year.

In the ten months to the end of October, revenue was up 7% compared to the same period a year ago. The company said its marine aupport activities continue to show good growth, with ship to ship volumes boosted by new operations in Brazil and its renewables businesses is gaining further momentum with the award of the first work package for the East Anglia One windfarm development.

The specialist technical business made good progress against its order book, with trading levels similar to last year despite some slowing in nuclear decommissioning work.

In the offshore oil arm, however, Fisher said the pick-up in activity levels highlighted in the interim results has not been maintained into the Autumn. As a result, the second half contribution from this division will be ahead of the first, but its full year result will be lower than last year.

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