James Fisher and Sons plc, the Barrow-in-Furness marine engineering firm, said its revenue grew 17.2% to £252 million in the six months ended June 30, 2023, while underlying profit before tax fell 5.9% to £6.4 million.
James Fisher CEO Jean Vernet said: “All three divisions delivered revenue and profit growth against the first half of 2022, with a particularly strong increase seen in the energy division, driven by demand for the group’s well-testing, artificial lift and bubble curtain offerings against a relatively weak comparator period.
“The group’s new divisions have now been embedded into the operating and reporting structures of the Group, and whilst there remains significant work to do to achieve the anticipated commercial and operating synergies, progress has been positive to date.
“Further strategic progress is expected in the second half of the year as the group continues to execute its stated aims of simplifying and focusing the portfolio.
“Although the geopolitical and economic climate remains uncertain, the board is confident that it is taking the right steps to create a platform for sustained recovery.
“Trading in July and August was in line with expectations and the group’s full year expectations remain unchanged.“