Barrow-in-Furness marine engineering firm James Fisher and Sons plc said revenue fell for the first half of the financial year, but kept its outlook unchanged for the full year. 

The company said revenue dipped 12.1% to £221.5 million, largely due to the closure of some activities, while underlying operating profit rose 20% to £16.8 million, including a £3 million gain on the sale of some assets. 

Jean Vernet, Chief Executive Officer, said: “We have made important strategic progress on our business turn-around this year, significantly deleveraging our balance sheet through the sale of non-core assets, to provide a stronger financial foundation for growth.

“With the full Executive Committee now in place, we are committed to delivering on our Company priorities and I am particularly pleased to see progress on our financial foundations. We are driving a step change in our capital allocation and discipline, targeting investment in high value markets that will deliver our financial targets.

“Our focus on strengthening the supply chain will drive greater efficiency and operational excellence. This will complement a broader company self-help programme launched in June 2024 and our continued focus on underperforming businesses.

“We will continue to prioritise Exceptional Safety across all our operations by investing in our talent development, training and employee engagement. Combined, this will develop a long-term safety culture together as One James Fisher.

“As we enter the second half, trading in July and August was in line with expectations and the Group’s full year outlook remains unchanged.

“Across all three Divisions we continue to operate in supportive end markets, with a long-term customer base that is evolving for the future. This provides the framework for continued delivery and through our growth pillars of people, innovation and targeted geographical growth, we will drive the second phase of our business turn-around.”