Barrow-in-Furness marine engineering firm James Fisher and Sons plc said it generated revenue of £191.9 million in the six months ended June 30, 2025, a decrease of 13.4% compared to the first half of 2024 “largely due to the impact from businesses exited in 2024.”

James Fisher said that excluding the impact of business disposals, overall revenue was steady.

Underlying profit before tax increased by 4.7% to £4.5 million “supported by a significant reduction in net interest costs.”

James Fisher’s board is not recommending a dividend for H1 2025, but remains committed to reintroducing a sustainable dividend policy at the appropriate time.

The firm said: “Early signs of recovery in Defence reflected in the division’s strengthened order book to £315.1m at the end of June 2025, up 45.2% year-on-year …

“Core service activity remained strong, with long term contracts secured in defence diving and submarine solutions across the UK, the US and Asia. This includes a large contract award with submarine platforms, an important strategic win and a large contract award with UK Ministry of Defence (MoD).”

James Fisher CEO Jean Vernet said: “We have delivered a solid first half performance in 2025, with further structural improvements moving us closer to our financial targets and selective investment unlocking the next chapter of growth aligned to our strategic priorities.

“The market backdrop has remained largely supportive, although we are cautious given growing macro-economic uncertainties that could impact the energy market in the short-term. The second half of this year will see continued focus on our turnaround priorities, building on what we have achieved so far, while positioning the Group for growth.

“With performance weighted to the second half, trading is in line with management expectations and the outlook for full year remains unchanged.”