Business
Trading Statement
Trading Statement.
About this update from James Fisher And Sons Plc
[{"type":"text","content":"\n Fisher (James) & Sons PLC\n29 June 2007\n\n\n\nFriday 29 June 2007\n\n\n\n James Fisher and Sons plc\n Pre close period Trading Statement\n\n\nTrading for the six months to 30 June 2007 is expected to be modestly ahead of\nmanagement expectations.\n\n\nThe merger of the Everard tankships operation into James Fisher Tankships to\nform James Fisher Everard is now substantially complete, with the benefits\ncoming through as planned. The first half of 2007 will bear all of the one-off\nintegration costs relating to the merger. The third Everard newbuild mt\nSuperiority is trading well and the fourth new vessel, mt Supremity is scheduled\nto enter service in the autumn. The first three Everard newbuilds have been\nsuccessfully refinanced on schedule as bareboat charters, thereby reducing debt\nby £22.7m.\n\n\nIn May Buchan Technical Services Ltd was acquired for £3.9m net cash and this\ncompany is being merged into Fisher Offshore in Aberdeen, with Andy Buchan\njoining its management team.\n\n\nIn June the sale of Ships Electronic Services was announced. This was a non core\nbusiness which was acquired as part of the Everard acquisition and was sold to\nits management for £0.4m cash at its net asset value.\n\n\nIn the Defence Division, work has started on the major Korean and Singapore\nsubmarine rescue vehicle contracts.\n\n\nGearing is now around 70% and, in line with James Fisher's established strategy\nand track record, a number of acquisition opportunities are being explored to\nexpand further its marine support divisions.\n\n\nTrading conditions in the Offshore Oil and Specialist Technical Divisions remain\ngenerally favourable and the Board believes that James Fisher is well placed to\ncontinue to provide good growth and value to its shareholders.\n\n\n\nContact\n\nJames Fisher and Sons plc Tim Harris Chairman 020 7614 9508\n\nFinancial Dynamics Richard Mountain 020 7269 7121\n Susanne Yule\n\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2317,"tagName":"div"}]