James Fisher 'well placed' as marine division geared for strong H2
Fisher James & Sons on Thursday reported that its first quarter was in line with expectations as its tankships and offshore oil divisions traded "well ahead" of the same period last year, while its two other divisions would be more second half weighted.
The FTSE 250 traded company said its marine support and specialist technical divisions will be more second half weighted due to the timing of projects, adding that the latter has a "strong" pipeline of opportunities.
Meanwhile, marine support was bolstered by the January acquisition of marine safety and calibration systems provider Martek, while the division's renewables business won contract for a 90 turbine windfarm being built off the Lincolnshire coast and its high voltage engineering business won a 15-year operations and maintenance contract.
The period also saw the company broaden its offering in the Middle East with the acquisition of Murjan, a near shore marine construction and maintenance services provider based in Saudi Arabia.
"With a good start to 2019, the board considers that the group's outlook for the year remains positive and that James Fisher continues to be well placed to provide further growth and value for shareholders," the company said.