Fisher (James) & Sons PLC
03 May 2007
Thursday 3 May 2007
James Fisher and Sons plc
AGM Statement
James Fisher and Sons plc, the marine services provider, is holding its Annual
General Meeting in Barrow-in-Furness today. At the meeting, Tim Harris,
Executive Chairman, will make the following comments:
'2006 was a productive and successful year for the Group. We delivered a strong
performance with revenue up 29% to £118.1m (2005: £91.4m) and profit from
continuing activities before separately disclosed items and tax up 42% to £15.9
million (2005: £11.2 million). Our Marine Support Services activities accounted
for around 70% of the Group's operating profit.
'2007 has started well and I am pleased to report that the integration of
Everards has progressed as planned. The integration of the commercial and ship
management teams is now complete; the chartering department has become one team,
based in London, whilst the Everard ship management team has moved to our head
office in Barrow. The remaining step in our plan is the full integration of the
James Fisher and Everard sea staff which we anticipate will be completed by the
end of the first half.
'The third of the Everard's newbuilds, Superiority, has just entered service and
we expect the fourth and final vessel, Supremity, to enter service in late
summer. Our plans for refinancing the first three Everard newbuilds as bareboat
charters are well advanced.
'It has been our aim since 2002 to become the UK's leading marine services
company and build our Marine Support Services divisions both by acquisition and
by organic growth. All three of these divisions, Offshore Oil, Specialist
Technical and Defence, have started the year well and are trading in line with
management expectations. These businesses are the key focus of James Fisher's
growth which should now be enhanced further by the cash flow from the
acquisition of Everard.
'The benefits of the Everard acquisition should begin to come through in the
second half of 2007. As already indicated, any positive impact in the first
half will be offset by the costs of integration, the majority of which will be
incurred in this period. Overall, the Group is well positioned to continue to
produce good growth and value for our shareholders.'
- Ends -
For further information:
James Fisher and Sons plc Tim Harris, Chairman 020 7614 9508
www.james-fisher.co.uk
Financial Dynamics Richard Mountain / Susanne Walker 020 7269 7121
This information is provided by RNS
The company news service from the London Stock Exchange