James Fisher and Sons plc ("James Fisher"), the leading marine service provider, announces its results for the six months ended 30 June 2012.
|
|
H1 2012 |
H1 2011 |
change |
|
Group revenue |
£188.3m |
£148.0m |
+ 27 % |
|
Underlying operating profit * |
£20.1m |
£17.1m |
+ 18 % |
|
Underlying profit before tax * |
£17.1m |
£14.1m |
+ 21 % |
|
Underlying diluted earnings per share * |
26.4p |
22.7p |
+ 16 % |
|
Proposed interim dividend |
5.87p |
5.34p |
+ 10 % |
|
Statutory profit before tax |
£17.0m |
£13.9m |
+ 22 % |
|
Statutory diluted earnings per share |
26.2p |
22.5p |
+ 16 % |
Key Points:
- Group revenue up 27%, underlying profit up 21%
- Robust growth in Specialist Technical, particularly in Asia and Africa
- Offshore Oil benefitted from increased demand in regions such as Brazil and the Norwegian North Sea
- BP Angola contract mobilised and operating well
- Completed Swedish navy submarine rescue vehicle refurbishment
- Marine Oil, despite subdued markets, posted improved results
- Cash conversion of 105% and net gearing reduced to 72% at 30 June 2012 (2011: 83%)
- Interim dividend increased by 10%
- Charles Rice appointed as non-executive Chairman following the retirement of Tim Harris
Commenting on the results Nick Henry, Chief Executive Officer, said:
"James Fisher has made good progress during the period, maintaining the double-digit growth rates achieved in both revenue and profit in 2011.
The high growth rate achieved in the first half reflect a number of major contract deliveries and should not therefore be extrapolated into the second half. Nevertheless, James Fisher remains on a healthy growth path which provides confidence for the future. The company is trading to management expectations to date in the second half and continues to be well placed to deliver further value to our shareholders."
