Barrow-in-Furness energy, defence and maritime transport engineering firm James Fisher and Sons plc said its “underlying adjusted” revenue in 2025 rose 4.3% to £377.2 million and underlying operating profit increased 56.3% to £28.6 million in a year that Fisher called a “turning point” for the firm.

In a “markets update and outlook” the Barrow firm’s CEO Jean Vernet said: “The Defence market remains supportive, with governments around the world signalling increased defence spending, although the timings of programmes remain uncertain. Against this backdrop, the Division is expected to deliver further improvement in 2026, supported by recent contract wins and upcoming procurement opportunities that the Division is preparing to scale towards.

“In Energy, the oil and gas market has softened due to crude oil oversupply, while geopolitical tensions may impact upstream activity in certain regions. New OFW capacity is expected to be installed around the world, while the proportion of installed capacity coming out of warranty over time presents an evolving opportunity.

“Maritime Transport enters the year with new‑build vessels scheduled for delivery, positioning us well to capitalise on the tightening supply of vessels in the market and stricter environmental regulations. In ship-to-ship, we remain focused on strengthening Fendercare’s differentiation and seek predictability, with a focus on selective growth areas.

“Overall market conditions remain largely supportive, and 2026 trading has started in line with management expectations. Whilst early in the year and mindful of macroeconomic and geopolitical uncertainties, the Board remains confident of delivering continued progress in 2026, building further towards our medium-term financial targets of 10% underlying operating profit margin and 15% ROCE.

“As I reflect on the year, I am encouraged by the progress we have made and the stronger position in which we end 2025. This progress has been achieved during a period of significant change, to become a more coherent service-technology company. We have entered the year with greater clarity, stronger foundations and a pathway towards growth. With the right focus, capability and culture in place, I am confident in our direction and in our ability to create long‑term value for all stakeholders.”

Reported profit before tax was £4.3 million, down from £54 million in the prior year, which included £54.9 million from gain on disposals.

The CEO added: “I am encouraged by our continued progress through 2025 where a good second half performance allowed us to upgrade expectations; we made progress in accelerating our growth strategy while still maintaining our debt well within our leverage range. 

“Throughout the year we followed our core principles resulting in a streamlined business portfolio, strengthened product base and international expansion. The turn-around of our Decommissioning business, improved volumes in Defence and the simplification of our portfolio through the staged closures of IRM businesses contributed to improved underlying profit margins and return on capital.

“2025 was a turning point for James Fisher. It marked a year in which our efforts to focus, simplify and deliver have laid the groundwork for sustainable growth. Over the past three years, this approach has strengthened the Group, creating a more resilient business and a clearer platform from which we can unlock further opportunities.

“As we move into the next chapter and focus on growth, we apply our specialist expertise and unique capabilities with rigorous execution and delivery discipline, improving the quality and visibility of revenue while continuing to invest in new products which bring innovative solutions that address our customers’ biggest challenges, across our core geographies.

“Overall market conditions remain largely supportive, and 2026 trading has started in line with management expectations. Whilst early in the year and mindful of macroeconomic and geopolitical uncertainties, the Board remains confident of delivering continued progress in 2026, building further towards our medium-term financial targets of 10% underlying operating profit margin and 15% ROCE.”