Business
Corporate, Financing and Trading Update
Corporate, Financing and Trading Update.
About this update from James Fisher And Sons Plc
[{"type":"text","content":"\n \n \n This announcement contains inside information\n \n \n \n \n \n 24 March 2023\n \n \n \n \n \n \n James Fisher and Sons plc\n \n \n \n \n \n \n \n Corporate, Financing and Trading Update\n \n \n \n \n \n \n James Fisher and Sons plc (FSJ.L) (\"James Fisher\", the \"Group\" or the \"Company\"), the leading provider of marine services is today providing a corporate, financing and trading update, the highlights of which are as follows:\n \n \n \n \n \n · \n Publication of FY 2022 financial results to be delayed from 28 March 2023 to 28 April 2023\n \n \n \n \n \n · \n This additional time provides an opportunity for the Group to complete the previously announced discussions in relation to its existing debt facilities\n \n \n \n \n \n · \n The Group is also required to resolve certain technical restrictions, relating to the JFN Disposal, which have been waived through to 28 April 2023\n \n \n \n \n \n · \n Audit process ongoing for FY 2022 - as a result, u\n nderlying operating profit from continuing operations now expected to be broadly in line with FY 2021\n \n \n \n \n \n · \n Trading in first two months of 2023 was in line with the Group's expectations and ahead of the same period in the prior year\n \n \n \n \n \n \n Corporate and Financing Update\n \n \n \n \n \n \n \n \n As previously announced, the Group commenced discussions with its lending banks earlier this year regarding its existing debt facilities, which have maturity dates ranging from October 2023 to September 2024.\n \n \n \n \n \n On 6 March 2023, the Group announced the sale of James Fisher Nuclear Holdings Limited (\"JFN\") and related properties (the \"JFN Disposal\"). As per the 6 March 2023 announcement, under the terms of the JFN Disposal agreement, several legacy parent company guarantees supporting the obligations of JFN were retained by James Fisher (the \"PCGs\"). The retention of the PCGs required consent under the Group's debt facilities prior to the sale of JFN, which was not obtained at the time. Following discussions, all lenders under the debt facilities have agreed waivers in respect of the PCGs until 28 April 2023.\n \n \n \n \n \n The Group is grateful for the lenders' constructive approach a...