Shares of Barrow-in-Furness marine engineering firm James Fisher and Sons plc rose about 8% after it published a trading update for the six months ended June 30, 2025, showing “solid overall trading performance in the first half, supported by ongoing structural trends in key end markets, and continued strategic progress.”
The company said: “After adjusting for the impact from disposals and business closures, revenue is expected to be in line with H1 2024, while the group delivered a c.14% margin-led increase in underlying operating profit to around £11m.
“Net debt / EBITDA is expected to be c.1.7x, slightly above our target range of 1.0-1.5x, due to the seasonal working capital outflow in H1, combined with timing of c.£19m investment targeted on our seven key focus sub-segments within Energy and Defence, and our tankships fleet replacement programme.
“This included investment in the group’s new product development (NPD) programmes within Bubble Curtain, Tactical Diving Vehicles, submarine capabilities and the next generation multi-role rebreather.
“The Energy Division saw encouraging performance in Energy Services, most notably within Well Services.
“Decommissioning has substantially turned around prior year losses, whilst Inspection, Repair and Maintenance (IRM) needs further improvements, which is a focus for the second half. The major port infrastructure project in Mozambique was successfully completed in the first half.
“The Defence Division outlook is supported by increased global investment in defence budgets and the business made important steps forward in the first half to grow in strategic markets including Northeast Asia and the US.
“In Maritime Transport, Tankships delivered a solid performance in the first half of 2025 underpinned by high utilisation and contracted rates. Despite strong activity in Brazil, Fendercare was impacted by no LNG ship-to-ship activities.”
James Fisher CEO Jean Vernet said: “I am pleased to report another period of solid trading and continued strategic progress through the James Fisher turnaround.
“Market conditions remain largely supportive in most of our key end markets, and we are focused on delivering on the next chapter of our business turnaround, positioning the group for growth.
“Continued progress towards our medium-term targets of 10% UOP and 15% ROCE will be reached through a combination of further self-help initiatives, improved divisional performance, supply chain integration and recovery for the Defence Division.”