Business
Disposal of three businesses
Disposal of three businesses.
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 \n \n \n 19 December 2022\n \n \n \n \n \n \n \n \n \n James Fisher and Sons plc\n \n \n \n \n Disposal of three businesses\n \n \n \n \n \n \n \n \n \n \n \n James Fisher and Sons plc (FSJ.L) ('James Fisher', the 'Group'), the leading marine service provider, announces the sale of three businesses, in two separate transactions.\n \n \n \n \n \n \n Sale of Mimic and Strainstall\n \n \n \n \n \n \n Mimic and the UK operations of Strainstall have been sold to the BES Group for an initial cash consideration of £13.6m. In addition, up to £3.9m of further cash consideration may be payable in Q1 2023 based on performance in the last quarter of 2022. \n \n \n \n \n \n Both Mimic and Strainstall each hold leading positions in their respective markets, but the Board has concluded that they will be better able to continue their development outside of James Fisher, in line with the Group's previously stated strategy to rationalise and focus the Group's portfolio. The proceeds will be applied to reducing the Group's net borrowings.\n \n \n \n \n \n The results of the combined businesses are reported within the Marine Support division. In the year ended 31 December 2021, they generated combined revenue of £8.7m and profit before tax of £0.8m. At 30 June 2022, the gross assets of the businesses were approximately £7.4m. Existing management and staff will transition with the businesses to the new owners.\n \n \n \n \n \n \n Sale of Prolec\n \n \n \n \n \n \n In addition, James Fisher has completed the sale of Prolec to Kinshofer Gmbh, part of Lifco AB. In the year ended 31 December 2021, Prolec contributed revenues of £4m to the Marine Support division. Existing management and staff will transition with the businesses to the new owners. The disposal further demonstrates the Board's commitment to a strategy of rationalising the Group. \n \n \n \n \n \n \n Commenting on the disposals, James Fisher's Chief Executive Officer, Jean Vernet, said:\n \n \n \n \"The sale of Prolec, Mimic and the UK operations of Strainstall represent a clear demonstration of our strategy to rationalise and focus the portfolio, as well as strengthening our financial position. We believe the transactions represent good value...