James Fisher and Sons plc (FSJ.L) ('James Fisher'), the leading marine service provider, announces its unaudited results for the six months ended 30 June 2018.
|
|
2018 |
2017 restated |
% change |
|
Revenue |
£260.5m |
£232.5m |
+12% |
|
Underlying operating profit * |
£24.5m |
£20.7m |
+18% |
|
Underlying operating margin * |
9.4% |
8.9% |
+50bps |
|
Underlying profit before tax * |
£21.7m |
£18.1m |
+20% |
|
Underlying diluted earnings per share * |
34.5p |
29.3p |
+18% |
|
Interim dividend per share |
10.3p |
9.4p |
+10% |
|
Statutory profit before tax |
£21.5m |
£17.1m |
+26% |
|
Statutory diluted earnings per share |
34.5p |
27.7p |
+25% |
* excludes separately disclosed items (note 3)
2017 restated for IFRS 15 'Revenue from contracts with customers' (note 14)
Highlights:
· Organic growth in revenue of 11%
· Underlying operating profit up 18% at £24.5m; 25% at constant currency
· Profit growth in all divisions – Marine Support up 21%; Specialist Technical up 19%
· First Indian Navy submarine rescue system delivered
· First long-term maintenance contract in Renewables
· Strong cash conversion of 120%
· Interim dividend up 10% to 10.3p per share
Commenting on the results, Chief Executive Officer, Nick Henry, said:
“We have had an encouraging first half, with particularly strong performances from our Marine Support and Specialist Technical divisions. We continue to invest in those companies with the best prospects for organic growth and to track a number of interesting acquisition prospects. Our cash conversion is strong and a significant working capital unwind is expected in the second half subject to successful delivery of the second submarine rescue vessel to the Indian Navy. The Board believes that the Group's outlook for the year is positive and that James Fisher continues to be well placed to provide further growth and value for shareholders.”