Shipping and maritime engineering company James Fisher’s annual report shows the business has high hopes for future development including the investment of four new tankers.
James Fisher recorded turnover of £437.7 million and a profit of £29.5 million. It now operates in 23 countries and employs over 1,900 people.
The company, established 175 years ago, is reporting mixed fortunes.
Chairman Angus Cockburn says Fishers has navigated ‘stormy seas’ over the last few years. The sale of RMSpumptools and Martek Marine combined with improved cash management has, he says, ‘given us a stronger financial platform to enter the next chapter of the turnaround, laying the foundations that will allow us to execute our strategy and deliver the full potential of James Fisher.’
He adds: “The last couple of years have been dominated by the financing challenges that we faced. Our high level of debt was unsustainable and we made the difficult but important decisions to sell two of our businesses and close another that was non-profitable. These actions allowed us to complete the refinancing of our
debt facilities through a combination of existing and new lenders who are fully supportive of our future ambitions.”
The company’s energy division is credited with improving performance as investment in a new compressor fleet for oil and gas work together with work to provide bubble curtains in the offshore wind paid dividends. The company retained a contract to provide submarine rescue services for the Royal Australian Navy.
The company’s tanker fleet was used 89% and major investment will see four ships enter service in 2026 and 2027.
The report showcases a diverse range of activities including developing air compressors to create bubble curtains to reduce underwater noise for pile driving to global submarine rescue. A fleet of new liquid natural gas dual-fuel tankers are currently under construction.
“Overall, I am encouraged by our achievements, with James Fisher ending the year in a stronger position,” Jean Vernet, chief executive officer, said. “We have a more resilient capital structure to complete our turnaround strategy, we are working as One Team and are starting to see the results of the hard work.”
