Energy Voice | James Fisher and Sons profits take see steady increase

Westhill-based firm James Fisher and Sons has seen profits take a steady increase in the first six months of 2018.

A provider of marine engineering services for the offshore market, the firm saw pre-tax profit rise from £17.1 million in 2017, to £21.5 million in 2018.

Marine support brought in £127.2m in the first half of 2018, while specialist technical made £78m and offshore oil £27.7.

Underlying profit growth was achieved at all divisions with marine support and specialist technical achieving the highest growth at 21% and 19% respectively.

The firm pointed to services provided to the large scale offshore wind projects, such as the London Array development and the ScottishPower Renewables’ 714 megawatt East Anglia 1 offshore wind farm.

Chief Executive Officer, Nick Henry, said: “We have had an encouraging first half, with particularly strong performances from our Marine Support and Specialist Technical divisions. We continue to invest in those companies with the best prospects for organic growth and to track a number of interesting acquisition prospects.

“Our cash conversion is strong and a significant working capital unwind is expected in the second half subject to successful delivery of the second submarine rescue vessel to the Indian Navy.

“The Board 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.”

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