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Annual Results

James Fisher revenues rise

01 March 2017 07:59

Marine service provider James Fisher and Sons' underlying pre-tax profits rose by 11% to £45.8m in the year to the end of December.

Revenues were up 6% at £466.0m and the final dividend of 17.6p per share is up from 68.5p last time.

On a statutory basis, pre-tax profits fell 3% to £44.9m and diluted earnings per share of 78.7p were 1% lower.

Chief executive Nick Henry said: "Underlying profit before tax grew by 11% to £45.8m (2015: £41.2m) reflecting the continued resilience of the James Fisher business model with its well-balanced spread of activities across the marine sector and international markets.

"This is supported by a robust balance sheet and consistently strong cash generation.

"Our Marine Support and Specialist Technical divisions have started 2017 with strong order books and a number of active prospects.

"Trading volumes in Tankships are stable and we are seeing some early signs of improved activity in Offshore Oil.

"We therefore have a positive view of the year ahead and are confident of the Group's potential to provide further growth and value for our shareholders in the future."

The group also announced that its joint venture company, Wuhu Divex Diving Systems, has been awarded a contract by Shanghai Salvage to supply a mobile, 12 man saturation diving system capable of diving to depths of 300m.

The system is due for delivery in the second half of 2018.

Mobile systems can be deployed on several vessels in the Shanghai Salvage fleet and support salvage, subsea installation and intervention projects in an efficient and cost-effective manner.

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