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

People & Company News

Hapag-Lloyd, CSAV Merger Finalized

Hapag-Lloyd and CSAV binding agreement signed / In return for contributing its container business, CSAV becomes new core shareholder of Hapag-Lloyd / Hapag-Lloyd

MAS Debuts Exclusive Armor Systems

Following on from the continued success of the product, Marine Armor System (MAS) announced its global launch and updated website. MAS is a nonlethal vessel

All Items Approved at Stolt-Nielsen Meeting

Stolt-Nielsen Limited announced that all agenda items were approved and all nominated directors were elected at its Annual General Meeting of shareholders held yesterday in Bermuda.

Offshore

USCG: Deepwater Horizon Response is Far from Complete

The U.S. Coast Guard federal on-scene coordinator (FOSC) for the Deepwater Horizon Response completed the transition to the “Middle Response” (“Middle R”) process

Three European firms win Angola deepwater deals

Three European companies have won contracts for almost half the value of Angola's $16 billion ultra-deepwater Kaombo oil project, confirming a trend toward bigger

GoM Drill Rig Damaged, Coast Guard Monitoring

The U.S. Coast Guard (USCG) is overseeing response efforts, as the offshore drilling rig ENSCO 8506 began taking sea-water into a ballast tank after being hit by

Finance

All Items Approved at Stolt-Nielsen Meeting

Stolt-Nielsen Limited announced that all agenda items were approved and all nominated directors were elected at its Annual General Meeting of shareholders held yesterday in Bermuda.

Three European firms win Angola deepwater deals

Three European companies have won contracts for almost half the value of Angola's $16 billion ultra-deepwater Kaombo oil project, confirming a trend toward bigger

Litigation Can Cost Shipbrokers an Arm & a Leg

A survey of London solicitors by specialist intermediaries insurer ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts,

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics 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: 0.0952 sec (11 req/sec)