Fisher (James) & Sons plc Disposal of three businesses (0783K)

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RNS Number : 0783K

Fisher (James) & Sons plc

19 December 2022

This announcement contains inside information

19 December 2022

James Fisher and Sons plc

Disposal of three businesses

James Fisher and Sons plc (FSJ.L) ('James Fisher', the 'Group'), the leading marine service provider, announces the sale of three businesses, in two separate transactions.

Sale of Mimic and Strainstall

Mimic and the UK operations of Strainstall have been sold to the BES Group for an initial cash consideration of GBP13.6m. In addition, up to GBP3.9m of further cash consideration may be payable in Q1 2023 based on performance in the last quarter of 2022.

Both Mimic and Strainstall each hold leading positions in their respective markets, but the Board has concluded that they will be better able to continue their development outside of James Fisher, in line with the Group's previously stated strategy to rationalise and focus the Group's portfolio. The proceeds will be applied to reducing the Group's net borrowings.

The results of the combined businesses are reported within the Marine Support division. In the year ended 31 December 2021, they generated combined revenue of GBP8.7m and profit before tax of GBP0.8m. At 30 June 2022, the gross assets of the businesses were approximately GBP7.4m. Existing management and staff will transition with the businesses to the new owners.

Sale of Prolec

In addition, James Fisher has completed the sale of Prolec to Kinshofer Gmbh, part of Lifco AB. In the year ended 31 December 2021, Prolec contributed revenues of GBP4m to the Marine Support division. Existing management and staff will transition with the businesses to the new owners. The disposal further demonstrates the Board's commitment to a strategy of rationalising the Group.

Commenting on the disposals, James Fisher's Chief Executive Officer, Jean Vernet, said:

"The sale of Prolec, Mimic and the UK operations of Strainstall represent a clear demonstration of our strategy to rationalise and focus the portfolio, as well as strengthening our financial position. We believe the transactions represent good value for James Fisher's shareholders and in BES and Lifco, we have found buyers of quality. We wish them and the staff at each of the businesses continued success and thank them for their hard work and dedication to James Fisher over many years."

For further information:

 
                                         Chief Executive 
                                          Officer 
 James Fisher and    Jean Vernet          Chief Financial 
  Sons plc            Duncan Kennedy      Officer            01229 615400 
                     Richard Mountain 
 FTI Consulting       Susanne Yule                           0203 727 1340 
                    --------------------------------------  --------------

The person responsible for making this announcement on behalf of the Company is Duncan Kennedy, Chief Financial Officer, James Fisher and Sons plc.

LEI: 213800J975E5OYR6S216

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December 19, 2022 02:00 ET (07:00 GMT)

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