James Fisher and Sons reported a boost in its 2017 preliminary financial results, with the company’s Marine Support business division – which serves the offshore renewables sector – being the leading one out of the three James Fisher divisions whose results saw an increase in profit.
The company’s overall revenue was up 9%, exceeding £500 million for the first time, James Fisher informed.
Reporting an underlying operating profit before tax of £55.8 million for 2017, James Fisher saw a 10% increase from £50.8 million posted for 2016.
Commenting on the results, CEO of James Fisher, Nick Henry, said: “Key to this performance, has been the group’s ability to innovate and to build new businesses. The rapid growth of our ship-to-ship transfer business from 2007; the development of a market leading position in submarine rescue and hyperbaric engineering since 2012 and more recently, the growth of a completely new activity in offshore renewables have enabled the group to absorb these external shocks and continue to grow.”
The group’s businesses provide a range of marine services focused on large corporations and government bodies through its four divisions: Marine Support, Specialist Technical, Offshore Oil and Tankships.
Three of our four divisions improved their results with Marine Support leading the way with a 17% improvement in profits generated by offshore renewables and new markets in Brazil, and the Middle East, according to the company.
Marine Support revenue was 16% higher in 2017 at £236.3 million from £203.6 million filed last year.
However, after adjusting for the beneficial impact of currency rates, the increase was 14%, James Fisher said.
Underlying operating profit for Marine Support division increased by 17% to £24.5 million from £21 million posted in 2016.
Over the last few years, James Fisher has made a number of acquisitions of marine service businesses which have been integrated into James Fisher Marine Services (JFMS) to form a substantial offshore and subsea operator for the renewables industry.
JFMS provides a wide range of services to the offshore wind and tidal sector to support both the construction and maintenance of this fast growing industry.
Regarding 2018, James Fisher said its Marine Support division had begun the year with good prospects in its offshore renewables and marine project activities as well as firm demand in the ship-to-ship transfer business.
Looking ahead, James Fisher said that all four of its divisions are well placed for the future, with Marine Support benefiting from the opening of new markets for STS such as in Brazil, from the development of its subsea project businesses, and its expanding presence in offshore renewables.