James Fisher And Sons Plc · LSE:FSJ

James Fisher And Sons — H1 2022 Earnings Presentation

21 slides from James Fisher And Sons's earnings presentation, Sep 7, 2022

  1. Slide 1: Half Year Results

    Half Year Results for the six months ended 30 June 2022 7 September 2022

  2. Slide 2: Disclaimer

    Disclaimer This presentation is confidential and is delivered to interested parties for information only. It is delivered solely on the basis that neither the whole nor any part of the information contained in this presentation may be disclosed to, or used or relied upon by, any other person or used

  3. Slide 3: Overview

    Overview ➢ Revenue growth of 2%, but business mix held back operating profit ➢ Strong growth in Offshore Oil and Tankships ➢ Marine Support profitability broadly in line with H1 21; subdued ship-to-ship transfer market ➢ Specialist Technical behind H1 21, as expected ➢ Turnaround activities continue

  4. Slide 4: Financial Review

    James Fisher and Sons plc Marine Services Worldwide Financial Review

  5. Slide 5: Financial Summary

    Financial Summary Underlying* Statutory H1 2022 H1 2021 Change % H1 2022 H1 2021 Change % Revenue (£m) 238.4 233.7 +2.0 238.4 233.7 +2.0 Operating profit (£m) 9.5 13.3 (28.6) 7.9 12.2 (35.2) Profit before tax (£m) 4.8 9.2 (47.8) 3.2 8.1 (60.5) Diluted EPS (p) 6.7 12.8 (47.7) 3.7 26.8 (86.2) • Revenu

  6. Slide 6: H1 Divisional Performance

    H1 Divisional Performance • Marine Support: Marine Contracting continued its turnaround in profitability, offset by subdued market demand for Fendercare STS • Specialist Technical down as expected due to cyclical nature of long-term projects; the results include ~£2m provisions in relation to legacy

  7. Slide 7: Finance and Tax

    Finance and Tax H1 2022 H1 2021 Net finance expense £m £m Bank loans and overdrafts 3.6 3.0 ROU operating lease 1.1 1.0 Other - 0.1 Net finance expense 4.7 4.1 Tax Underlying profit before taxation* 4.8 9.2 Tax on underlying profit before taxation* 1.4 2.7 Effective tax rate 28.4% 29.3% • Overseas t

  8. Slide 8: Cash flow

    Cash flow H1 2022 H1 2021 £m £m Profit before tax 3.2 8.1 Depreciation/amortisation 20.4 21.1 Non-cash items 4.7 2.7 • Increase in accrued income as Working capital (24.6) (27.3) significant long-term projects Pension cash (1.0) (1.0) approach milestone events Interest & tax (net) (7.3) (7.6) Net ca

  9. Slide 9: Liquidity and banking facilities

    Liquidity and banking facilities Facilities maturity profile (£m) • £40m facility expired in July 2022 Total 2022 2023 2024 2025 2026 and has not been replaced Expiring 287.5 40 47.5 200 - - • £200m of facilities secure until at least 2024 • Expectation that remaining facility extensions will be sec

  10. Slide 10: Operating Review

    James Fisher and Sons plc Marine Services Worldwide Operating Review

  11. Slide 11: Marine Support

    Marine Support Marine Contracting: H1 2022 H1 2021 ➢ Turnaround in profitability continued during the period Revenue (£m) 93.6 97.7 ➢ Some projects delayed into H2 Profit (£m) 1.5 2.1 ➢ EDS performance disappointing due to staff disruption; now Margin (%) 1.6 2.1 resolved ➢ Swordfish on hire for ent

  12. Slide 12: Specialist Technical

    Specialist Technical JFD: H1 2022 H1 2021 ➢ Good increase in demand for short-cycle diving equipment Revenue (£m) 56.1 67.8 ➢ £1.0m provision against legacy contract following change in Profit (£m) (2.5) 5.6 customer stance Margin (%) (4.5) 8.3 ➢ No new significant projects wins in H1; sales pipelin

  13. Slide 13: Offshore Oil

    Offshore Oil Scantech businesses: H1 2022 H1 2021 ➢ Strong demand for well-testing services in the period Revenue (£m) 50.8 39.6 ➢ Bubble curtain projects delivered £4.0m vs £3.2m in H1 21 Profit (£m) 8.2 5.3 ➢ Investment in upgrading compressor fleet to proprietary, fuel- Margin (%) 16.2 13.4 effic

  14. Slide 14: Tankships

    Tankships ➢ Utilisation rates significantly ahead of H1 21, which was H1 2022 H1 2021 adversely affected by UK lockdowns (88% vs 80%) Revenue (£m) 37.9 28.6 ➢ Investment in improving vessels and seafarer welfare continued, Profit (£m) 4.2 2.1 with a programme of upgrades to communications systems in

  15. Slide 15: Summary and Outlook

    James Fisher and Sons plc Marine Services Worldwide Summary and Outlook

  16. Slide 16: Summary and Outlook

    Summary and Outlook Continuing to stabilise the business, although challenges remain: ➢ Restructuring activities completed to right-size cost base for current market demand ➢ Marine Contracting continues its turnaround; STS market remains subdued ➢ Specialist Technical needs to convert significant s

  17. Slide 17: Q&A

    James Fisher and Sons plc Marine Services Worldwide Q&A

  18. Slide 18: Pioneering Sustainably

    James Fisher and Sons plc Pioneering Sustainably

  19. Slide 19: Appendix

    James Fisher and Sons plc Marine Services Worldwide Appendix

  20. Slide 20: Income Statement

    Income Statement Six Six Year months months ended ended ended 31 30 June 30 June December 2022 2021 2021 £m £m £m Revenue 238.4 233.7 494.1 Cost of sales (182.7) (177.6) (384.6) Gross profit 55.7 56.1 109.5 Administrative expenses (49.2) (44.9) (132.2) Share of post tax results of joint ventures 1.4

  21. Slide 21: Separately Disclosed Items

    Separately Disclosed Items 2022 2021 2021 Six months Six months Year ended ended ended 30 June 30 June 31 December £m £m £m Acquisition related income and (expense): Costs incurred on acquiring/disposing of businesses - - (0.5) Amortisation of acquired intangibles (1.1) (1.4) (2.9) Adjustment to pro

James Fisher and Sons — H1 2022 Earnings Presentation on 6ix