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James Fisher delivers 'solid overall trading performance' in H2
(Sharecast News) - Marine engineering services firm James Fisher said on Wednesday that it had delivered a "solid overall trading performance" in H2 as its turnaround programme progressed as planned. James Fisher said its key end markets, particularly within the energy sector, remained supportive through H2, enabling it to deliver an "encouraging year-on-year revenue performance" in FY24.
The London-listed firm also stated its strategic turnaround initiatives had continued to deliver incremental improvements in profitability which, together with a contribution from several specific non-recurring items in the year, mean that it now expects the underlying operating profits to be roughly £29.0m in FY24, ahead of current market expectations.
Looking forward, whilst James Fisher said conditions in key end markets were expected to remain supportive in FY25, underpinned by structural drivers, it also said it remains mindful of continued near-term political and economic uncertainty.
Chief executive Jean Vernet said: "I am encouraged by our 2024 performance which will show underlying profit ahead of expectations together with an improved cash position. We ended the year in a stronger position having continued to execute on our turnaround strategy, including undertaking disposals and refinancing our debt facilities. As a result, we are now beginning to see the benefits of our transformation programme coming through.''
As of 0935 GMT, James Fisher shares were up 7.45% at 328.81p.
Reporting by Iain Gilbert at Sharecast.com
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