James Fisher delivers mixed first half

(Sharecast News) - James Fisher delivered a mixed set of results for the first half of 2025 on Tuesday, with underlying profitability improving on a like-for-like basis despite weaker reported figures following disposals. The marine services group said its turnaround strategy was continuing to deliver structural improvements in margins and returns, while its outlook for the year remained unchanged.

Revenue for the six months ended 30 June fell 13.4% on a reported basis to £191.9m, though like-for-like sales, excluding disposals, were broadly flat.

Underlying operating profit rose 14.4% to £11.1m on a like-for-like basis, lifting the margin to 5.8%, up 80 basis points.

However, on a reported basis, operating profit fell 62.2% to £4.8m, with margins down to 2.5%.

Underlying profit before tax increased 4.7% to £4.5m, supported by lower interest costs, but statutory profit before tax remained modest at £1.4m.

The company posted an underlying profit of £0.4m, down 87% year-on-year, while the reported bottom line showed a loss of £2.4m compared with a £1m loss in the prior period.

Net debt on a covenant basis stood at £72.1m, equating to 1.6 times EBITDA, slightly above the group's target range due to front-loaded investment.

The company pointed to supportive conditions in its energy services and maritime transport tankships units, while noting early signs of recovery in defence, with the order book in that division rising 45% year-on-year to £315.1m.

Management highlighted ongoing investment in products and geographic expansion within energy and defence, as well as self-help initiatives aimed at improving underperforming businesses and supply chain efficiency.

"We have delivered a solid first half performance in 2025, with further structural improvements moving us closer to our financial targets and selective investment unlocking the next chapter of growth aligned to our strategic priorities," said chief executive Jean Vernet.

"The market backdrop has remained largely supportive, although we are cautious given growing macro-economic uncertainties that could impact the energy market in the short-term.

"The second half of this year will see continued focus on our turnaround priorities, building on what we have achieved so far, while positioning the group for growth.

"With performance weighted to the second half, trading is in line with management expectations and the outlook for full year remains unchanged."

At 0948 BST, shares in James Fisher and Sons were flat at 330p.

Reporting by Josh White for Sharecast.com.