James Fisher set fair after fruitful start for marine services

James Fisher & Sons said all four of its divisions "appear well set" for the year after the first four months of the year traded in line with directors' expectations.

The marine support division has won a "significant number" of contracts in marine services and offshore renewables in the period, including a £50m, 10-year ship management contract with a UK-based, international integrated energy company last month.

JFD, a subsidiary in the specialist technical segment, received a £24.5m milestone payment after it delivered the first of two rescue submarines and associated equipment to the Indian Navy.

In a statement ahead of its annual shareholder meeting, where Charles Rice hand over the chairman role to senior independent director Malcolm Paul, the board said new contracts for JFD's swimmer delivery vehicles "have firmed up this business' medium term outlook".

Offshore oil was "showing signs of recovery", the FTSE 250 group said, with orders received for maintenance and repair services increased from April, while downhole connectors business has shown "good growth" since the start of the year.

"Looking ahead, all four of our divisions appear well set with marine support and offshore oil leading the way.

"The board therefore believes that the group's outlook for the year is positive and that James Fisher continues to be well placed to provide further growth and value for shareholders."