Marine support Q1 slowdown a drag on James Fisher

James Fisher reported a 3% fall in first-half pre-tax profits as its marine support division had a slower start to the year, offsetting stronger returns from offshore oil and tankships operations.

For the six months to June 30, pre-tax profit at the marine services company fell to £20.9m as revenue rose 10% year on year to £286.9m from a year earlier.

In marine support, underlying operating profit fell to £6.6m from £10.8m a year earlier, reflecting a slow first quarter, particularly in ship-to ship services in Brazil, weak demand in South Africa and contract and doubtful debt provisions, the company said on Wednesday.

It added that ship-to-ship services improved in the second quarter with a number of marine service projects weighted to the second half.

The offshore oil division saw revenue rise 24% to £33.8m as market conditions in the oil & gas inspection and maintenance market improved. Tankships revenue increased 17% to £33.2m.

The company increased its interim dividend by 10% to 11.3p a share.