Fisher (James) & Sons PLC
29 June 2007
Friday 29 June 2007
James Fisher and Sons plc
Pre close period Trading Statement
Trading for the six months to 30 June 2007 is expected to be modestly ahead of
management expectations.
The merger of the Everard tankships operation into James Fisher Tankships to
form James Fisher Everard is now substantially complete, with the benefits
coming through as planned. The first half of 2007 will bear all of the one-off
integration costs relating to the merger. The third Everard newbuild mt
Superiority is trading well and the fourth new vessel, mt Supremity is scheduled
to enter service in the autumn. The first three Everard newbuilds have been
successfully refinanced on schedule as bareboat charters, thereby reducing debt
by £22.7m.
In May Buchan Technical Services Ltd was acquired for £3.9m net cash and this
company is being merged into Fisher Offshore in Aberdeen, with Andy Buchan
joining its management team.
In June the sale of Ships Electronic Services was announced. This was a non core
business which was acquired as part of the Everard acquisition and was sold to
its management for £0.4m cash at its net asset value.
In the Defence Division, work has started on the major Korean and Singapore
submarine rescue vehicle contracts.
Gearing is now around 70% and, in line with James Fisher's established strategy
and track record, a number of acquisition opportunities are being explored to
expand further its marine support divisions.
Trading conditions in the Offshore Oil and Specialist Technical Divisions remain
generally favourable and the Board believes that James Fisher is well placed to
continue to provide good growth and value to its shareholders.
Contact
James Fisher and Sons plc Tim Harris Chairman 020 7614 9508
Financial Dynamics Richard Mountain 020 7269 7121
Susanne Yule
This information is provided by RNS
The company news service from the London Stock Exchange