Offshore wind propels James Fisher FY profits

Marine services company James Fisher said full year pre-tax profits rose 17% to £55m due to solid performances from its marine support unit and growth in services provided to the UK renewables industry.

Revenue rose 13% to £561.5m as underlying profits came in 15% higher to £56.1m. The company raised its final dividend by 10% to 21.3p a share.

“Our ship-to-ship transfer operations in Brazil had another good year with further growth,” the company said.

“Our strategic goal has been to establish the group in the emerging maintenance market for offshore windfarms and during 2018 we were awarded our first long-term contract for maintenance services to the London Array in the Thames Estuary.”

During the year, the group extended its presence in and the range of services provided to the offshore wind industry and in June completed a contract worth more than £30m to provide services to the Galloper windfarm, and work had started on servicing other UK offshore windfarms, Fisher said.