Shares of Barrow-in-Furness marine engineering firm James Fisher and Sons plc rose as much as 9% after it published an update on trading for the year ended December 31, 2024, reporting “turnaround progressing as planned with solid second half results.”

Fisher reported: “Good execution, together with a contribution from several specific non-recurring items, will result in group underlying operating profit of c.£29m, ahead of current market expectations …

“Strategic progress continuing as planned; business turnaround strategy, including portfolio simplification progressing well; facilities refinanced in September 2024 …

“Continued investment across all divisions to drive future growth.”

Fisher CEO Jean Vernet said: “I am encouraged by our 2024 performance which will show underlying profit ahead of expectations together with an improved cash position. 

“We ended the year in a stronger position having continued to execute on our turnaround strategy, including undertaking disposals and refinancing our debt facilities.

“As a result, we are now beginning to see the benefits of our transformation programme coming through.”

In its outlook for the year ending December 31, 2025, the firm said: “Whilst conditions in key end markets are expected to remain supportive in 2025, underpinned by structural drivers, the group remains mindful of the continued near term political and economic uncertainty.

“Against this backdrop, the focus remains on delivering against the turnaround plan, with the next phase of initiatives now underway. The board sees opportunities to build on progress made to date and drive the business furthertowards its medium-term target of 10% underlying operating profit margin.

“Trading in the early part of the new year has been in line with expectations and the board remains confident in delivering further progress in 2025.”