James Fisher results don’t hook investors

1 mins. to read
James Fisher results don’t hook investors

The price of shares in FTSE 250 marine engineering business James Fisher & Sons (LON:FSJ) has dropped by 5.37% to 1,164p (as of 11:55 BST) after statutory pre-tax profits sank by 59% during the six months ended 30th June. Revenues for the period were down by 10% as COVID and the sharp drop in energy prices contributed to lower activity levels.

CEO Eoghan O’Lionaird commented: “The first half of 2020 was one of the most demanding periods the Company has faced, and the commitment, support and engagement of our employees in stepping up to the challenges has been remarkable. The Group responded swiftly to both the unprecedented headwinds presented by Covid-19 and the longer-term implications for energy demand by taking actions to reduce costs and protect the Group’s liquidity. Whilst the second half is expected to remain challenging and the outlook for our end markets is uncertain, we expect trading to improve through the second half, assuming no material deterioration in the Covid-19 situation.

James Fisher is well diversified by geographical sector and end market. The resilience of the Group, our strong liquidity position combined with swift actions taken to reduce costs, position James Fisher well for any improvement in market conditions in the second half and beyond. Whilst the financial performance in 2020 will be lower than 2019, the Group remains well placed to deliver future growth for its shareholders“.

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