James Fisher underlying profits up on offshore gains
Oil and gas services company James Fisher on Thursday reported a rise in underlying operating profit as its offshore and tankships divisions offset a weaker performance from marine operations.
Underlying operating profit increased 7% to £66.3m. Statutory operating profit fell to £55.6m after an impairment charge taken in 2019 relating to the group's newly acquired Murjan business in Saudi Arabia.
Pre-tax profits fell to £47.8m from £55.4m. Group revenue rose 10% higher to £617.1m including a 3% benefit from acquisitions a 1% contribution from foreign exchange movements.
Borrowings increased by £89.4m due to three business acquisitions for £14.4m and capital investment of £90.2m, the company said.
“A strong recovery in our offshore oil division, further progress in Tankships and a broadly similar year-on-year result in specialist technical, more than offset a weaker performance in marine support,” it added.
“With the offshore renewable energy sector continuing to grow robustly and the oil and gas market for our niche services recovering, the leading position held by a number of our businesses across a broad spread of services in diverse geographical locations underpins the board's confidence in the group's ability to provide continued growth in shareholder value."