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

People & Company News

Roxtec Sees Rise in Cruise Ship Repair Work

Manchester cable safety seal manufacturer Roxtec has reported increased demand for its cruise ship cable and pipe seals.   The firm has seen a 67 percent rise

IMRF, McMurdo Partner on SAR Initiatives

The IMRF, the charity supporting maritime SAR service globally, and McMurdo, a company in search and rescue and maritime domain awareness solutions, announced a

Wärtsilä wins BWMS Order for 3 Vessels

Wärtsilä has received another important order for its Ballast Water Management Systems (BWMS). Three new container ships being built for a major European shipping

Offshore

IMRF, McMurdo Partner on SAR Initiatives

The IMRF, the charity supporting maritime SAR service globally, and McMurdo, a company in search and rescue and maritime domain awareness solutions, announced a

First Damen Twin Axe for Offshore O&G

To develop its large fleet, Groen Offshore, Guard & Support has selected the first Damen Twin Axe Fast Crew Supplier 2610 to be customised with Offshore Oil & Gas standby capabilities.

Sea Shepherd Global Launches Operation Siracusa

Following on from the incredibly successful 2014 campaign, Sea Shepherd Global launches Operation Siracusa 2015. Led by Sea Shepherd Italia, the campaign aims

Finance

Superyacht Marina Planned at San Juan, Puerto Rico

Puerto Rico Ports Authority issues RFP for Marina District. The project envisions a superyacht marina and dry dock maintenance, repair and overhaul facility

Tanker Demand Picks-up in Canada

Canada’s role in the oil industry has changed dramatically in recent years driven by synthetic crude oil production in the oil sands of Alberta.   New plans for Energy East,

CNPC Eyes Myanmar for LNG Terminal

China's biggest oil and gas company China National Petroleum Corp.(CNPC ) has expressed interested in  a terminal in Kyaukphyu in Myanmar  to receive imported Liquefied natural gas (LNG).

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1727 sec (6 req/sec)