James Fisher and Sons plc, the Barrow-in-Furness marine engineering firm, said its 2022 revenue from continuing operations increased 8.1% to £478.1 million and it made a profit before tax of £14.5 million compared to a loss of £28.9 million in 2021.

In its outlook, James Fisher said: “In a macro-economic environment that remains uncertain for 2023, we expect our industry verticals to be robust.

“The outlook for oil and gas short and mid cycle is favourable. This will be driven by strong exploration activity across international markets, and particularly in subsea, due to record global demand, enhanced by the urgency for energy security.

“Offshore wind will continue its unabated secular growth to meet 10% of electricity demand by 2040. 

“Our ship-to-ship transfer activities will continue to benefit from the increased importance of liquefied natural gas as a source of energy, and our coastal shipping activity is well supported by a healthy demand. 

“Subsea deterrence is seeing an increased focus in defence budgets, leading to an acceleration of opportunities for our products and services.”

James Fisher and Sons CEO Jean Vernet said: “Since I joined the group in September 2022, I am pleased to report that progress has been made both strategically and financially.

“We have a new leadership team in place ready to address the challenges that we currently face.

“In a macro-economic environment that remains uncertain for 2023, we expect our industry verticals to be robust.

“Our 2023 priority is to show significant progress in our turn-around plan by implementing the simplification of our divisional structure, and by delivering on key change management objectives.

“Our trading in Q1 2023 gives us confidence in the outturn for the year.“