29 March 2017
James Fisher releases its Annual Report for 2016
James Fisher grew strongly in 2016 reflecting the continued resilience of its business model across the marine sector and international markets.
|Underlying profit before tax*||£45.8m||£41.2m||+11%|
|Underlying diluted earnings per share*||76.3p||68.5p||+11%|
|Final dividend per share||17.6p||16.0p||+10%|
|Statutory profit before tax||£44.9m||£46.2m||(3)%|
|Statutory diluted earnings per share||78.7p||79.2p||(1)%|
The underlying strength of the Group's performance and the positive outlook for the year ahead has led the Board to propose an increase in the final dividend to 17.6 pence per share, making the total for the year of 26.15 pence per share, an increase of 10% compared with 2015.
With its spread of businesses across multiple sectors of the marine services market, James Fisher has been able to offset the downturn in the oil and gas sector with continued growth elsewhere. The decentralised structure of the Group has allowed focus to be maintained on seizing the new opportunities available in the Marine Support and Specialist Technical areas in particular, without distracting from the rapid restructuring of our Offshore Oil activities. The Group remains focused on investing in niche businesses which operate in demanding environments where their strong marine service and specialist engineering skills are valued and rewarded.
Our businesses have a wide international presence across the faster growing markets of Asia Pacific, the Middle East, Africa and South America and we will continue to invest in expanding our position in these new markets. Moreover, as the Group only has a small presence in Europe outside the UK and Norway, the Brexit process is likely to have limited direct impact on Group trading.
- Continued strong underlying operating profit growth for Marine Support, Specialist Technical and Tankships
- combined growth of 21%;
- combined operating margin up 120 basis points to 12.0%;
- Underlying profit before tax 11% higher at £45.8m (2015: £41.2m);
- Underlying diluted earnings per share up 11% to 76.3p (2015: 68.5p);
- Increased cash conversion of 103% (2015: 95%);
- Final dividend raised by 10% to 17.6p per share, reflecting continued profitable growth.
For more information please see the full James Fisher 2016 Annual Report.