Fisher (James) & Sons plc Post close trading update (8414K)
January 07 2021 - 2:00AM
UK Regulatory
TIDMFSJ
RNS Number : 8414K
Fisher (James) & Sons plc
07 January 2021
7 January 2021
James Fisher and Sons plc (FSJ.L)
Post close trading update
James Fisher and Sons plc (the "Group"), the leading marine
services provider, issues the following post close trading update
for the year ended 31 December 2020.
Whilst the fourth quarter continued to be challenging, we saw an
improvement in trading over the third quarter with revenue ahead
sequentially by 7%. Revenue for the full year, subject to audit,
was 16% lower than 2019. As a result, underlying operating profit
for the full year, before separately disclosed items, is now
expected to be at the higher end of the GBP35m-GBP40m range
previously disclosed on 6 November 2020.
Specialist Technical, Tankships and Offshore Oil performed
relatively well in the fourth quarter despite difficult trading
conditions. Our ship-to-ship transfer operations continue to
perform in line with our expectations, whilst elsewhere in Marine
Support there has been a significant impact from the lack of subsea
projects, both in offshore wind and oil & gas.
We have already taken swift actions to reduce overheads in
Marine Support and have reviewed the carrying value of its entire
asset base. As a result, the Board intends, subject to audit, to
make a one-off impairment provision in relation to goodwill, fixed
assets and certain accounts receivable within this division which
has no cash impact. Separately disclosed items for the Group are
now estimated to amount to between GBP75m and GBP85m in 2020.
During December, the Group also completed customer acceptance
testing on a 500m saturation diving system, the first of its kind,
which triggered the release of advance payment bond commitments to
the customer. Cash generation was strong in the quarter and year
end net borrowings excluding IFRS16 leases are expected to be
between GBP175m and GBP180m. Headroom on committed facilities at 31
December was c. GBP120m.
The Group will announce its full year results on 2 March
2021.
For further information:
Chief Executive
Officer
James Fisher and Eoghan O'Lionaird Group Finance
Sons plc Stuart Kilpatrick Director 020 7614 9508
Richard Mountain
FTI Consulting Susanne Yule 0203 727 1340
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