Barrow-in-Furness marine engineering services company James Fisher said on Tuesday its 2018 revenue increased 13% to £561.5 million and underlying profit before tax rose 15% to £56.1 million.

Total dividend is up 10% to 31.6p per share.

James Fisher CEO Nick Henry said: “James Fisher performed well in 2018 and, with a strong pipeline of opportunities at the start of 2019, the board has a high degree of confidence for the year ahead.

“The group operates across a number of sectors with a broad geographical spread which adds resilience in times of economic uncertainty and our strategy of adding complementary skills and disciplines to the group through niche acquisitions has served us well. 

“The unwinding of the working capital commitment for the Indian submarine rescue vehicles went to plan and with our record of strong cash generation we closed the year with a robust balance sheet.

“I am confident that we will deliver further progress for our shareholders in the years ahead.”