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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Stoody Debuts Technical Services Hotline

Stoody, an ESAB brand, has recently launched the new Stoody Tech Services (STS) hotline to provide a valuable resource to distributors and applicators seeking

Totem Inks LNG Conversion Deal with Keppel

  Totem Ocean Trailer Express announced that it has signed a contract with Keppel Offshore & Marine Ltd, wholly owned subsidiary Keppel Shipyard Ltd for

Marad Visits TX Maritime Technology & Training Center

United States Maritime Administration tours Maritime Technology and Training Center site.   Administrators from the United States Maritime Administration (MARAD),

Offshore

CWind Joins National Workboat Association

Citing crew transfer services as an integral part of its offering, offshore wind industry service provider CWind announced it is now a member of the National Workboat Association (NWA) of the U.

BG Group Starts up Sixth FPSO in the Santos Basin

BG Group announced first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across the

BG Awards Fugro MBES, Seabed Coring Contract

Fugro has been awarded a contract by BG International Limited Sucursal Honduras to conduct an integrated multibeam echosounder (MBES) survey and seabed coring campaign

Finance

Asia to Northern Europe Shipping Rates Jump 177%

Asia to Northern Europe shipping freight rates for transporting containers jumped by 177.3 percent to $1.109 per 20-foot container (TEU) in the week ended on Friday,

FURUNO of Japan Increases Investment in ENL

ENL Group and FURUNO Electric Co. Ltd of Japan have announced that FURUNO has increased its investment into the New Zealand company to a total of 29.5%. The

Pressure for Australia Sub Deal Grows

Australia to spend A$65 bln on ships and subs over 20 years; PM pledges A$40 bln for domestic shipbuilders. Australia will spend A$89 billion ($65 billion) on

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1635 sec (6 req/sec)