Offshore Service Provider's 'Excellent' 2012 Profits

Press Release
Thursday, March 07, 2013

UK's James Fisher & Sons plc announces its results for the year ended 31 December 2012.

Highlights:

·      Revenue increased by 18%, underlying operating profit by 14% and underlying earnings per share 15%
·      Strong performance resulting from the Group's strategy to focus on high growth niche marine services markets
·      Specialist Technical benefitted from the BP Angola contract
·      Offshore Oil saw improved market conditions in Norway, growth in Asia Pacific, Africa and South America
·      Marine Oil produced an improved result and remains profitable and cash generative
·      Net debt: ebitda of 1.2 times (2011: 2.1); gearing of 39% (2011: 75%) and strong cash conversion of 132%
·      Sale of non-core TRE business for £25.5m in cash realising a profit of £20.9m
·      The Board is recommending a 10% increase in the total dividend to 17.70p per share (2011: 16.08p per share)
·      Announced: Acquisition of diving and subsea equipment business Divex Limited for an initial cash consideration of £20-m

Commenting on the results, Chief Executive Officer Nick Henry said:
"James Fisher had an excellent year in 2012, demonstrating the continued success of our strategy to focus on niche marine services in high growth markets and trading to date has been in line with management expectations. This, combined with strong market conditions in Offshore Oil and Specialist Technical, as the offshore oil and gas markets continue to develop at a rapid pace, as well as increasing demand for a range of skills to be supplied as a multi-disciplinary contract offering, leave James Fisher well placed to provide further growth and value for our shareholders."
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Transas Simulators Boosts Western Shipping Training Center

Transas Marine Pacific has successfully completed the upgrade of a simulator complex for Western Shipping Pte. Ltd. training center. The simulator class was

Scotland's 'No' to Independence Welcomed by Shell

Royal Dutch Shell CEO Ben van Beurden on Friday welcomed Scotland's vote against independence. "Shell welcomes the decision by the people of Scotland to remain within the UK,

Long Beach Public Invited to Celebrate QM's 80th

The iconic trans-Atlantic liner Queen Mary turns 80 on September 26 and the public is invited to join a ship-wide celebration. The Queen Mary will open her gangways and ballrooms,

Offshore

Scotland's 'No' to Independence Welcomed by Shell

Royal Dutch Shell CEO Ben van Beurden on Friday welcomed Scotland's vote against independence. "Shell welcomes the decision by the people of Scotland to remain within the UK,

Kongsberg/Ricardo in Wind Farm Bearing Collaboration

Ricardo and KONGSBERG say that they have signed a framework agreement that will see Ricardo support the development of the Kongsberg Wind Farm Management System

Nordic American Offshore on Track Says Chairman

Herbjørn Hansson, 
Executive Chairman
 of Nordic American Offshore Ltd., informs shareholders as follows after the company's listing on the New York Stock Exchange

Finance

Leading Shipping Equity Analyst Joins Clarkson Capital Markets

Clarkson Capital Markets, the investment banking arm of shipping services group Clarkson PLC,  says it has enhanced its equity research coverage with the appointment

ST Engineering Injects Capital into Leeboy India

Singapore Technologies Engineering Ltd (ST Engineering) announced today that its land systems arm, Singapore Technologies Kinetics Ltd has injected S$4.2m (equivalent

Nordic American Offshore on Track Says Chairman

Herbjørn Hansson, 
Executive Chairman
 of Nordic American Offshore Ltd., informs shareholders as follows after the company's listing on the New York Stock Exchange

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1165 sec (9 req/sec)