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FTSE 250 marine services provider James Fisher and Sons (LON:FSJ) has announced that revenues for the six months ended 30th June were £260.5 million, a 12% improvement over the company’s performance in the same period of the prior year. Profits before tax also climbed by 26% to £21.5 million.
Management expect that the second half of the year will benefit from momentum built in the Marine Support division over the first six months. The offshore oil arm is well placed for an upturn in maintenance activity, but this is not expected to materially benefit the business until 2019 at the earliest.
Chief Executive Officer Nick Henry commented that: “We have had an encouraging first half, with particularly strong performances from our Marine Support and Specialist Technical divisions. We continue to invest in those companies with the best prospects for organic growth and to track a number of interesting acquisition prospects. Our cash conversion is strong and a significant working capital unwind is expected in the second half subject to successful delivery of the second submarine rescue vessel to the Indian Navy. The Board believes that the Group’s outlook for the year is positive and that James Fisher continues to be well placed to provide further growth and value for shareholders.”
Shares in James Fisher rose by 2.13% to 1,822p (as of 13:20 BST).