Barrow’s James Fisher reports Q1 revenue of £109m

Shares of Barrow-in-Furness international marine engineering company James Fisher and Sons plc rose about 3% on Thursday after it published a trading statement for the first quarter of 2021 prior to its Annual General Meeting.

“The group performed in line with management expectations in the first quarter, which is typically the weakest quarter for the group,” said Fisher.

“Revenue for the period was £109.3m (2020: £129.4m).

Offshore Oil and Specialist Technical performed well and, in aggregate, offset reduced volumes in Tankships.

“Tendering for oil and gas decommissioning projects has been strong throughout the period with significant programme awards received in the Middle East, North Sea and Far East.

In Marine Support, ship-to-ship transfers were in line with expectations.

“Whilst activity levels remain subdued due to Covid-19 restrictions, tendering volumes for renewables and oil & gas projects have been strong.

“Notable project wins include a critical cable termination and testing contract for Triton Knoll, which follows the removal of unexploded ordinance in preparation for the construction of a wind farm.

“Also, Ørsted has awarded a major cathodic protection programme for the Walney 2 wind farm off the Cumbrian coast.

Despite the continuing impact of Covid-19, the Board believes that the group is on track to deliver improved performance over that of 2020, with a weighting towards the second half.”