James Fisher sinks as outlook worsens

The price of shares in FTSE 250 marine engineering business James Fisher and Sons (LON:FSJ) fell by 18.06% to 885p (as of 9:50 GMT) after it said that conditions remained challenging in the third quarter. Revenues for the nine months ended 30th September were down by 17% on the previous year and the company now believes that full-year underlying operating profits could drop by as much as 48%.

Costs have been controlled and management said the company remained profitable despite the current state of the market.