James Fisher and Sons plc has released notice of results with the company forecasting a better than expected profit.
The company, which is active in the energy, defence and maritime services sectors, said it was looking at achieving a group operating profit of around £29m.
“I am encouraged by our 2024 performance which will show underlying profit ahead of expectations together with an improved cash position,” Jean Vernet, chief executive officer, said.
“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.”
The group’s energy division recorded growth thanks to strong interest in compressor rentals used for well testing in Africa and the Middle East along with bubble curtains used to support offshore windfarm construction in North America.
Contract wins in Australia, India and other parts of Asia for the defence division delivered a stronger fourth quarter and as a result, the division now has an orderbook with around 60% of 2025 revenue secured from long term contracts.
Fishers’ maritime transport division saw the sale of the Raleigh Fisher tanker in December 2024 for around £10m.
Capital investment in 2024 was circa £31m with around of the investment in the energy division, including spend on a new fleet of compressors, as well as upgrades to existing compressors to support growth opportunities which have been identified.
The remaining expenditure was largely focused on the maritime transport division’s tankships fleet replacement programme.
Four new state-of-the-art vessels from China Merchants Jinling Shipyard (Yangzhou) Dingheng Co Ltd. The dual-fuel vessels will be called Orca Fisher, Narwhal Fisher, Tiger Fisher and Dolphin Fisher.
The contract marks a continuation of the company’s commitment to building its ‘fleet of the future’ and driving innovation and sustainability in maritime operations.
The new tankers, which will carry oil products and IMO Class II chemicals, will have LNG dual fuel propulsion capability that will help to reduce operational CO2 emissions and associated environmental impact over the long-term.
A number of successful features that will add to the overall sustainability of the new builds have been carried over from recent additions to the company’s fleet, vessels Sir John Fisher and Lady Maria Fisher.
These include optimised hull form, waste heat recovery through cooling water and exhaust gas, 100 percent LED lighting and environmentally controlled engine room fans. In addition, the vessels will incorporate further energy efficiency measures to enhance their sustainability, in particular to address emissions in port.
Steel cutting took place in November 2024, with delivery of the first tanker expected at the end of 2025.
“Our Fleet of the Future strategy focuses on integrating improved design and advanced technologies to enhance the sustainability of our vessels and optimise overall performance,” Cyrille Levesque, James Fisher’s chief technology officer, said. “These measures will help us build a resilient maritime fleet that prioritises crew safety and wellbeing while enhancing vessel management to help us serve our customers’ needs in a more efficient and less carbon-intensive way.”
The new vessels are said to be a key part of the company’s strategy for the future to enhance its service offering and operational efficiency.
Krystyna Tsochlas, James Fisher’s head of maritime transport, added: “With this project we are bringing pioneering new technologies and sustainable practices to the maritime sector.
“These new vessels will enable us to support our long-standing customers while helping them to achieve their environmental performance and sustainability ambitions. We are firm in our commitment to environmental stewardship, and the new vessels will feature technologies aimed at reducing emissions across our shipping operations, improving our efficiency and strengthening our commitment to delivering a low carbon future.”
Meanwhile Leander Fisher has begun a five-year charter to the UK MoD continuing a longstanding relationship between James Fisher and the MoD.
The ship was delivered in 2022 and is equipped with twin engines plus a bow and stern thruster giving enhanced manoeuvrability. The vessel will be crewed using the group’s experienced pool of UK Seafarers.
Delivery of the vessel took place in Gibraltar and included the vessel being renamed and reflagged to the UK and James Fisher’s home port of Barrow.
James Fisher expects to announce its full year results for the year ending December 31 2024 on March 20 2025.
