James Fisher cuts guidance after weak summer

Underlying pretax profit fell 39% to £9.2m in the six months to the end of June from a year earlier as revenue fell 9.5% to £233.7m. The company proposed no interim dividend.

James Fisher said first-half performance was in line with its expectations and that trading improved markedly in the second quarter. But weaker than expected trading at the Fendercare division and lower orders at the JFD subsea business, as well as suspended projects in Mozambique, affected trading after the first half.

The company said it now expected annual underlying operating profit to be about the same as 2020. It had previously said profit would be higher than in 2020.

Chief Executive Eoghan O'Lionaird said: "Looking beyond 2021, forward-looking order books in our long-cycle businesses are strengthening following high levels of tendering activity and contract wins year-to-date which gives the board confidence in the group's future prospects."

James Fisher shares fell 6.1% to 958p at 12:58 BST.