James Fisher trading in line; all three divisions doing well

Marine services group James Fisher said trading from 1 January to date has been in line with management expectations, with all three divisions continuing to trade well.

The FTSE 250 company said customer sentiment in the offshore oil sector has improved but activity remained subdued during the period.

Fisher said that the year as a whole, its Marine Support businesses are well placed, with growth in ship to ship operations, the renewables sector and its international subsea services. Meanwhile, the Specialist Technical division continues to benefit from the strong performance of its JFD subsidiary in the hyperbaric equipment and submarine rescue sector, outweighing some slowing of orders in the Nuclear business.

Tankships is trading in line with the good results achieved last year, while in Offshore Oil, the level of enquiries has improved and current prospects suggest a slightly slower first half will be followed by a stronger performance in the second half ahead of the same period last year.

"With the growth of our marine service activities in Marine Support, an increased proportion of our revenues are earned in the summer months. When combined with the expected pattern of trading in Offshore Oil this year, this means that trading in the first half is likely to be similar to last year with growth weighted to the second half.

"For the year, the group's outlook remains positive and the board believes that James Fisher continues to be well placed to provide further growth and value for its shareholders."

At 0850 BST, the shares were up 0.2% to 1,644p.