James Fisher sells loss-making nuclear services business

Marine services provider James Fisher said on Monday that it has sold its nuclear services division for a nominal consideration of just £3.

The loss-making business - JFN - was sold to Myneration Limited, a wholly-owned investment vehicle of Rcapital. Existing management and staff will remain with the business as it transitions into new ownership and Rcapital will provide JFN with a £3m secured revolving credit facility to fund growth going forward.

JFN is a supplier of specialist engineering, manufacturing and technical services to the UK's nuclear decommissioning industry.

James Fisher also provided a brief update on trading. For the year to the end of December 2022, it expects to report revenue from continuing operations of around £475m, up from £442.4m in 2021, while underlying operating profit is expected to be in line with 2021.

Chief executive Jean Vernet said: "The sale of JFN is a further step in the implementation of our strategy to rationalise and focus the portfolio and, taken together, the business and asset disposals made over the last three months are important steps in streamlining the group's operations and strengthening the balance sheet."

At 1135 GMT, the shares were down 4.2% at 374p.