Business
AGM trading statement & Covid-19 update
AGM trading statement & Covid-19 update.
About this update from James Fisher And Sons Plc
[{"type":"text","content":"\n \n \n RNS Number : 3895L\n Fisher (James) & Sons plc\n 30 April 2020\n \n \n \n \n \n \n \n 30 April 2020\n \n \n \n \n \n James Fisher and Sons plc (FSJ.L)\n \n \n \n \n \n AGM trading statement & Covid-19 update\n \n \n \n \n \n Prior to its Annual General Meeting to be held at 11.00 am today, James Fisher & Sons plc (\"James Fisher\" or \"the Group\"), the leading marine services provider, delivers a trading statement and updates on its approach to meeting the operational challenges of Covid-19.\n \n \n \n \n \n O\n ur priority throughout the Covid-19 pandemic has been to protect our employees and, within that context, do all we can to continue to provide our services and goods to customers, whilst supporting and maintaining our supply chain. The commitment, support and engagement of our 3,300 employees in stepping up to the challenges we are facing has been remarkable.\n \n \n \n \n \n Trading statement\n \n \n \n \n \n Overall, Group trading in the first quarter was in line with the Board's expectations, which were set at the beginning of the year. However, the effects of Covid-19 were becoming evident towards the end of the quarter and have continued to impact the Group from that point.\n \n \n \n \n \n Travel restrictions are adversely affecting projects in the Asia Pacific region in Specialist Technical and a lack of subsea projects in West Africa is restricting otherwise good progress in Marine Support. Ship-to-Ship services and Tankships have seen little negative impact to date.\n \n \n \n However, the effects of the Covid-19 lockdown have been exacerbated by a sharp fall in the price of oil and it appears likely that the imbalance between supply of oil and gas and real demand will maintain downward pressure on oil prices for a prolonged period. The Group is well diversified by end market and geography and, whilst in Norway (3% of Group revenue) there has been an immediate drop in demand, other businesses continue to trade in line with our expectations despite logistical challenges. It is evident that the seasonal pick up in the second quarter in Offshore Oil and in Renewables is likely to be delayed. \n \n \n \n Operational update\n \n \n \n \n \n As stated on 26 March 2020, given the uncertainty of the effects of Covid-19, the Grou...