Shares up at Barrow’s James Fisher on strong trading

Shares of Barrow-in-Furness marine engineering services company James Fisher rose about 4% on Thursday after it produced a positive trading update with good news on orders and contracts as it held its AGM.

The firm’s shares rose about 4% to 1,780p to give Fisher a current stock market value of around £894 million, according to Bloomberg data.

“Trading is in line with management expectations with three divisions, Marine Support, Specialist Technical and Tankships continuing to trade well and with Offshore Oil showing signs of recovery,” said Fisher.

“The first four months of the year have seen a significant number of contract wins for the marine services and offshore renewables activities in the Marine Support division.

“Our JFD subsidiary in Specialist Technical delivered the first of two rescue submarines and associated equipment to the Indian Navy on time and have received the major milestone payment of £24.5m linked to the delivery.

“New contracts for JFD’s swimmer delivery vehicles have firmed up this business’ medium term outlook.

“In Offshore Oil, orders received for our maintenance and repair services have increased from April, while our downhole connectors business has shown good growth since the start of the year.

“Looking ahead, all four of our divisions appear well set with Marine Support and Offshore Oil leading the way.

“The board therefore believes that the group’s outlook for the year is positive and that James Fisher continues to be well placed to provide further growth and value for shareholders.

“As previously announced, at the conclusion of the AGM, Charles Rice will retire as chairman and be succeeded by Malcolm Paul.”