Fisher (James) & Sons plc AGM Trading Statement (9670W)

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RNS Number : 9670W

Fisher (James) & Sons plc

29 April 2021

James Fisher and Sons plc

AGM Trading Statement

James Fisher and Sons plc ("James Fisher" or the "Group"), the leading marine services provider, issues its trading statement for the first quarter of 2021 ("the period") prior to its Annual General Meeting to be held today at 11.00 am.

The Group performed in line with management expectations in the first quarter, which is typically the weakest quarter for the Group. Revenue for the period was GBP109.3m (2020: GBP129.4m).

Offshore Oil and Specialist Technical performed well and, in aggregate, offset reduced volumes in Tankships. Tendering for oil and gas decommissioning projects has been strong throughout the period with significant programme awards received in the Middle East, North Sea and Far East.

In Marine Support, ship-to-ship transfers were in line with expectations. Whilst activity levels remain subdued due to Covid-19 restrictions, tendering volumes for renewables and oil & gas projects have been strong. Notable project wins include a critical cable termination and testing contract for Triton Knoll, which follows the removal of unexploded ordinance in preparation for the construction of a wind farm. Also, Ørsted has awarded a major cathodic protection programme for the Walney 2 wind farm off the Cumbrian coast.

Despite the continuing impact of Covid-19, the Board believes that the Group is on track to deliver improved performance over that of 2020, with a weighting towards the second half.

The Group has a resilient business model with a broad spread of end markets, customers and geographies, supported by a strong track record of converting its operating profit into cash. The ongoing strategic review confirms the fundamental strengths of the Group and has also identified scope for significant financial and operational improvement. The goal is to improve the quality of our business by focusing on structurally growing markets, improving operating margins, increasing returns and sustainably delivering value for all stakeholders.

James Fisher will host a Capital Markets Day on the afternoon of 29 June 2021 to lay out the strategic direction for the Group.

Contacts

 
 James Fisher and 
  Sons plc           Eoghan O'Lionaird    CEO    020 7614 9508 
 FTI Consulting      Richard Mountain            0203 727 1374 
                    --------------------------  --------------

Forward-looking statements

This announcement contains statements which are, or may be deemed to be, "forward-looking statements" which are prospective in nature. All statements other than statements of historical fact are forward-looking statements. By their nature, forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Factors may cause future outcomes to differ from those foreseen or implied, many of which are beyond James Fisher's control or influence. Any forward-looking statements speak only as of the date of this announcement and have not been audited or otherwise independently verified. Past performance should not be taken as an indication or guarantee of future results and no representation or warranty, express or implied, is made regarding future performance. Except as required by any applicable law or regulation, James Fisher expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained in this announcement to reflect any change in the Group's expectations or any change in events, conditions or circumstances on which any such statement is based after the date of this announcement, or to keep current any other information contained in this announcement. Accordingly, undue reliance should not be placed on any forward-looking statements.

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April 29, 2021 02:00 ET (06:00 GMT)

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