Coronavirus Update

James Fisher and Sons Plc - Year-End Results

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James Fisher and Sons plc

Results for the year ended 31 December 2020

Results summary

 

Underlying

 

Statutory

 

 

2020

2019

% change

2020

2019

Group revenue

 

£518.2m

£617.1m

(16)

£518.2m

£617.1m

Operating profit / (loss)

 

£40.5m

£66.3m

(39)

£(43.5)m

£55.6m

Operating margin

 

7.8%

10.7%

(2.9)pp

(8.4)%

9.0 %

Profit / (loss) before tax

 

£31.5m

£58.5m

(46)

£(52.5)m

£47.8m

Diluted earnings per share

 

47.9p

92.8p

(48)

(114.2)p

72.7p

Dividend per share

 

8.0p

11.3p

(29)

8.0p

11.3p

Cash conversion

 

217%

99%

118pp

217%

99%

Net borrowings

 

£198.1m

£230.4m

(14)

£198.1m

£230.4m


Key points:

· Priority remains safety and wellbeing of employees and customers

· Group faced dual challenges of Covid-19 and energy prices during the year

· Swift management action taken to reduce costs, optimise cash flow and protect liquidity

· Underlying operating profit of £40.5m, slightly ahead of November's guidance of £35m-£40m

· Underlying operating margin resilient at 7.8% (2019: 10.7%)

· Strong cash performance reduced net borrowings by £32.3m

· Strategic review progressing well

Eoghan O'Lionaird, Chief Executive Officer commented:

"2020 was a challenging year for the Group. Despite the many issues we faced, our employees showed great resilience and the operating and financial performance of the Group held up well in the circumstances confirming the benefit of strong market positions and responsive niche businesses.

Although early in 2021, the Group is trading in line with our expectations, however caution remains due to the ongoing effects of the pandemic. The Group has a resilient business model with a broad spread of end markets, customers and geographies, supported by a strong track record of converting its operating profit into cash.

Our ongoing strategic review confirms the fundamental strengths of the Group and has also identified scope for significant financial and operational improvement. Our goal is to improve the quality of our business by focusing on structurally growing markets, improving operating margins, increasing returns and sustainably delivering value for all stakeholders."