Business
Full Year Results
Full Year Results.
About this update from James Fisher And Sons Plc
[{"type":"text","content":"\n\n \n20 March 2025\n \nJames Fisher and Sons plc\nFull year results for the year ended 31 December 2024\n \nTurnaround momentum delivered solid 2024 results and a strengthened financial position, creating a platform for growth\n \nJames Fisher and Sons plc (FSJ.L) ('James Fisher', 'the Group'), a leading marine services company providing innovative solutions across energy, defence and maritime service, announces its audited full year results for the year ended 31 December 2024 ('the Period', \"2024\").\n \n§ Turnaround actions delivered solid 2024 results; in line with upgraded expectations and a significantly strengthened balance sheet\n\n\n\n\n§\n\n\nRevenue increased by 8.6%, adjusted for the impact of disposals and business closures3. Overall revenue declined by 11.8% to £437.7m\n\n\n\n\n§\n\n\nParticularly good performance from well services (Energy), Tankships (Maritime Transport) and Submarine rescue and platforms (Defence)\n\n\n\n\n§\n\n\nUnderlying operating profit increased by 31.0% to £22.0m, after adjusting for the impact from disposals and business closures3. Overall underlying operating profit broadly flat at £29.5m\n\n\n\n\n§\n\n\nUnderlying operating margin improved by 70bps to 6.7%, with a pathway to 10% medium-term target\n\n\n\n\n§\n\n\nStrong reported profit before tax of £54.0m\n\n\n\n\n§\n\n\nNet debt significantly reduced by c.£90m in the Period to £56.1m; covenant leverage at 1.4x, within the target range\n\n\n\n\n§\n\n\nRe-financed facilities on improved terms in September 2024\n\n\n\n\n \n§ Strengthened leadership team in place, driving improved execution and focused on generating sustainable growth\n\n\n\n\n§\n\n\nGood strategic progress on our business turnaround plans; executive team now complete, implemented the One James Fisher operating model, delivered unified company priorities, focused and simplified the portfolio\n\n\n\n\n§\n\n\nNext chapter of the turnaround will focus on positioning the business for growth, with focus in selected key sub-segments across Energy and Defence, supported by further focus on people, innovation and geographic reach\n\n\n\n\n§\n\n\nContinued investment across all divisions ensuring highly disciplined capital allocation driving towards our 15% ROCE medium-term target\n\n\n\n\n \n§ Positive outlook underpinned by supportive end mar...