James Fisher And Sons Plc · LSE:FSJ
James Fisher And Sons — FY2024 Earnings Presentation
37 slides from James Fisher And Sons's earnings presentation, Mar 20, 2025
Slide 1: Results for the year ended 31 December 2024 and strategy update
20 March 2025 James Fisher and Sons plc Results for the year ended 31 December 2024 and strategy update james-fisher.com
Slide 2: Disclaimer
Disclaimer This presentation is confidential and is delivered to interested parties for to whom the presentation is made available for the accuracy, adequacy, information only. It is delivered solely on the basis that neither the whole completeness or reasonableness of the information contained in i
Slide 3: Agenda
Agenda 1. 2024 Highlights 2. Financial results 3. Turnaround update 4. Positioning for growth 5. Q&A 3 james-fisher.com
Slide 4: 2024 Highlights
2024 Highlights Turnaround progressing as planned; financial position strengthened Business Financial Positioning for turnaround progress growth First chapter of the business turnaround Solid overall financial performance Next chapter to position the Group for complete with One James Fisher model Si
Slide 5: We are James Fisher
We are James Fisher Everything we do is in pursuit of solving our customers complex challenges Energy Defence Maritime Driving offshore energy forward Enabling mission critical success Shaping the future of maritime Driving responsible energy provision and innovative Supporting and saving lives unde
Slide 6: Financial results
02 Financial results 6 james-fisher.com
Slide 7: Solid 2024 financial results and a significantly strengthened balance sheet
Solid 2024 financial results and a significantly strengthened balance sheet Revenue up Underlying operating profit Underlying operating margin1 up1 (up 90 bps) 8.6% adjusted for the impact of disposals and business closures. Revenue decrease of 11.8% overall 31.0% 5.4% adjusted for the impact of dis
Slide 8: Revenue increased 8.6% adjusted for the impact of disposals and business closures
Revenue increased 8.6% adjusted for the impact of disposals and business closures; Revenue decrease of 11.8% overall (11.8)% (£m) Revenue for six months ended 30th June 496.2 Well Services 54.1 and Defence growth offset 18.1 437.7 by Fendercare 427.8 (8.2) (68.4) 31.7 54.1 442.1 +8.6% 406.0 373.7 Ex
Slide 9: Underlying operating profit increased by 31% adjusted for disposals and closures
Underlying operating profit increased by 31% adjusted for the impact of disposals and business closures; Underlying operating profit broadly flat overall 6.0% 6.9% 6.7% (£m) margin margin margin Energy includes: + Life of Field gains 1.2 - Decommissioning losses + CCSJV contract 9.2 29.6 29.5 29.5 0
Slide 10: Continued revenue growth and profitability
Continued revenue growth and profitability Performance excluding disposals and closures Strong 5.1% 4.5% 5.4% (£m) margin margin margin revenue growth across key markets 406.0 6% CAGR Solid profit 373.7 and margin improvement 359.8 22.0 18.3 16.8 Revenue Underlying operating profit FY22 FY23 FY24 10
Slide 11: Energy
Underlying results for the 2024 2023 Change Energy year ended 31 December Revenue £m £m (excl. disposals and closures) 183.3 155.6 17.8% Operating Profit 18.0 4.3 318.6% (excl. disposals and closures) Total revenue 207.5 266.5 (22.1%) Operating profit 24.8 15.7 58.0% Margin Margin 12.0% 5.9% 610 bps
Slide 12: Defence
Underlying results for the 2024 2023 Change Defence year ended 31 December £m £m Total revenue 80.1 72.5 10.5% Operating profit 1.9 1.5 26.7% Margin 2.4% 2.1% 30 bps ROCE 3.5% 2.1% 140 bps Revenue increased 10.5% Operating profit up 26.7% • Existing cost base will support further • Strong performanc
Slide 13: Maritime Transport
Underlying results for the 2024 2023 Change Maritime year ended 31 December £m £m Transport JF Tankships revenue Fendercare revenue 80.5 76.1 5.8% (Incl. Martek) 69.6 81.1 (14.2%) Total revenue 150.1 157.2 (4.5%) Operating profit 15.1 23.3 (35.2%) Margin 10.1% 14.8% (470 bps) ROCE 22.4% 30.3% (790 b
Slide 14: Underlying results improved finance costs
Underlying results improved finance costs 2024 2023 Underlying results for the year ended 31 December £m £m Revenue 437.7 496.2 Operating profit 29.5 29.6 Investment income 2.8 3.2 Finance charges (20.4) (24.5) Profit before tax 11.9 8.3 Taxation (6.4) (6.0) Profit after tax 5.5 2.3 Underlying earni
Slide 15: Reported results
Reported results Underlying results for the year ended 31 December 2024 2023 Year ended 31 December £m £m Underlying operating profit 29.5 29.6 Impairment charges (5.1) (28.1) Refinancing (3.5) (12.2) Restructuring costs Year ended 31 December (1.7) (5.7) Disposal of businesses and assets 54.9 1.7 O
Slide 16: Significant cash flow improvement
Significant cash flow improvement Driven by efficient cash management, disposals and lower financing costs DSO reduced to 42 days in 2024 (2023: 45 days); overall operating cashflow improved (£m) (61)% FY23 FY24 Net Debt EBITDA WC Proceeds 1 Capex / Devex Interest Tax Lease payments Other 2 Net Debt
Slide 17: Balance sheet strengthened
Balance sheet strengthened Refinancing completed in September 2024 on improved terms (£m) Net Borrowings (Incl. ROU) Financial Covenants Interest cover Net debt to EBITDA 210 201.1 10 9.6 3.0 2.8 185.5 2.7 New facilities 9 180 51.3 2.5 43.4 8 150 7 2.0 120 6 108.0 5 1.4 1.5 90 47.0 4 3.5 142.1 149.8
Slide 18: 2025 Technical guidance
2025 Technical guidance Outlook unchanged 1Q 25 to date Adjustments include: Performance is in line with the Board's expectations RMSpumptools, sale in July 2024, contributed revenue and the outlook for the year remains unchanged – of £24.2m and £6.8m of EBITDA in 2024 weighted towards H2 Martek, sa
Slide 19: Turnaround update
03 Turnaround update 19 james-fisher.com
Slide 20: First chapter of turnaround completed as planned
First chapter of turnaround completed as planned One James Fisher 2023: Fix 2024: Stabilise 2025: Grow 2026+ Focus Synergies and growth • Purpose and portfolio • Financial foundations • Unified company priorities Simplify Accountability and efficiency • OJF ExCo team • Three divisions Standardisatio
Slide 21: 2024 Company priorities
2024 Company priorities Priority Objective 2024 Exceptional safety Lost Time Injury Frequency no greater than 0.44 Total Recordable Case Frequency no greater than 2.09 and no fatalities Foundations for Complete RMSpumptools sale growth Reduce debt towards our net debt/EBITDA target of 1.0-1.5x Progr
Slide 22: What we have achieved in the years 2023/24
What we have achieved in the 2 years 2023/24 Focus, Simplify, Deliver Unified company priorities Focus Refinanced our debt Supply Chain initiatives Margin Increase 6.7% (from 5.5%) Implemented the One James Fisher Simplify model with three divisions Deleveraged to less than 1.5x from 2.7x Creating S
Slide 23: Company priorities for the next chapter of our turnaround
Company priorities for the next chapter of our turnaround Position for growth 2025 Priorities Measured by Total Recordable Case Frequency no greater Exceptional Safety - remains our number one priority than 1.6 (30% reduction from 2024) Customer excellence - deepen partnerships and Incremental impro
Slide 24: Key drivers to our 10% UOP margin strategic target
Key drivers to our 10% UOP margin strategic target Incremental YoY margin improvement through four key areas Well-positioned for sustainable margin growth – medium-term Further scope Technology & innovation Aligned strategic Supply markets chain 10% UOP strategic Defence target rebound Self help Imp
Slide 25: Positioning for growth
04 Positioning for growth 25 james-fisher.com
Slide 26: Supportive end markets and megatrends
Supportive end markets and megatrends Previous James Fisher model A portfolio of companies independently managed Simplified into our core markets – the One James Fisher model Energy Defence Maritime Transport Underpinned by supportive megatrends Decarbonisation Energy supply Geopolitical Digitalisat
Slide 27: Positioning for growth
Positioning for growth Harnessing the Blue Economy for Being a leading provider of unique future generations marine solutions Aligned strategic People and Innovation and markets capabilities technology Improved operational performance 27 james-fisher.com
Slide 28: Aligned strategic markets key focus areas
Aligned strategic markets 7 key focus areas Energy Defence Maritime Transport Growth Growth Value Energy- 3 opportunities Defence – 4 opportunities Offshore Tactical Big Bubble Well Wind Submarine Defence Commercial Diving Curtain Services Aftermarket Rescue Diving Diving Vehicles Growing faster tha
Slide 29: People and capabilities
People and capabilities Our c.1,900 employees provide Measured by engagement our customers the solutions they require in 23 countries >3.95/5* • Globally trusted partner across Europe, North and South America, the Middle East and Asia Pacific • Trusted partner to our customers; average customer leng
Slide 30: Innovation and technology
Innovation and technology We create solutions with our Measured by vitality*: customers bringing innovative 15% products across ecosystems medium-term target • An evolving products and solution roadmap driven by growing markets and macrotrends e.g. security, autonomy, electrification • A leader in t
Slide 31: In action: Big Bubble Curtains
In action: Big Protecting the marine environment during offshore wind construction Bubble Curtains Aligned strategic market • Bubble curtains significantly reduce sound levels during piling operations • Essential for protecting marine life during the construction phase People & capabilities • Delive
Slide 32: How we scaled Big Bubble Curtains
How we scaled Big Bubble Curtains From revenue of £3m to c.£20m 2018 Market pivot Market demand 2024 Global reach • Oil and gas downturn leading to reduction in • Identified customer demand for oil free • First contract award in 2018 in compressors for Well Testing services air compressors Belgium,
Slide 33: In action: Submarine Rescue
We pioneered the global submarine rescue industry and In action: remain the world leader in the delivery of systems and through life service support Submarine Rescue Aligned strategic market • Submarines fleets set to increase over the next 20 years, the need to ensure submariners are safe at sea is
Slide 34: Capital allocation framework
Capital allocation framework Foundation to position the Group for growth Sources of capital Priority Uses of capital Operating Strategic Investment cash flow from Divisions 1 Focus on organic growth Simplify and Financial strength focus portfolio (2024 c.£100m proceeds) 2 Maintain 1.0-1.5x Net Debt:
Slide 35: Conclusion and 2025 outlook
Conclusion and 2025 outlook Delivering on the business turnaround and next phase focused on growth Strengthened financial position through significantly reduced debt and successful refinancing Clear pathway towards achieving medium-term financial targets through self help and improved business perfo
Slide 36: Q&A
05 Q&A 36 james-fisher.com
Slide 37: Thank You
Thank You 37 james-fisher.com