31 August 2016
Half year results 2016.
James Fisher, the leading marine service provider, announces its results for the six months ended 30 June 2016.
|H1 2016||H1 2015|
|Underlying operating profit*||£19.9m||£20.0m|
|Underlying profit before tax*||£17.5m||£17.8m|
|Underlying diluted earnings per share*||29.4p||29.5p|
|Interim dividend per share||8.55p||7.80p|
|Statutory profit before tax||£17.4m||£17.9m|
|Statutory diluted earnings per share||29.4p||30.0p|
* underlying profit excludes separately disclosed items.
- Specialist Technical, Marine Support and Tankships performed well, increasing underlying operating profit by 18%
- Offshore Oil in line with second half of 2015
- Recent contract wins, Galloper Wind farm, Indian submarine rescue and Winfrith decommissioning progressing well
- Acquisitions of Lexmar and Hughes since period end
- Continued strong cash conversion of 102% (2015: 96%)
- Interim dividend increased by 10% to 8.55p per share
Commenting on the results. Nick Henry, Chief Executive Officer said:
"Strong performances in Specialist Technical, Marine Support and Tankships, which together increased underlying operating profit by 18%, offset reduced activity levels in Offshore Oil leaving the first half similar to last year. With new contracts in renewables, defence and nuclear decommissioning contributing fully in the second half and continued firm demand for ship-to-ship services, we expect to see a resumption in growth in the second half leading to a good improvement in the result for the full year."