James Fisher Delivers Solid First Half Performance
Why we think this is good
The RNS indicates that James Fisher delivered a solid overall trading performance in the first half, with underlying operating profit expected to be around £11m, representing a c.14% margin-led increase. This profit growth, along with the company's focus on margin improvement and strategic investments for future growth, outweighs the slightly elevated net debt position and the need for further improvements in the IRM business. The valuation also appears reasonable, and the share price is towards the lower end of the 52-week range, suggesting the news may not be fully priced in.
Key Points
- Solid overall trading performance in the first half, supported by ongoing structural trends in key end markets
- Underlying operating profit (UOP) expected to be around £11m, a c.14% margin-led increase
- Margin improvement enabled investment for growth, including new technology and product development
- Full year expectations unchanged, with a typical second half performance weighting
- Net debt / EBITDA expected to be c.1.7x, reflecting front loaded capital investment to support future growth
Summary
James Fisher and Sons plc, a leading marine services company, has reported a solid overall trading performance in the first half of 2025, with underlying operating profit (UOP) expected to be around £11m, representing a c.14% margin-led increase. The company's focus on margin improvement, strategic investments for future growth, and supportive market conditions in key end markets have enabled this performance. Net debt / EBITDA is expected to be c.1.7x, slightly above the target range, due to seasonal working capital outflow and investment in growth initiatives. The company remains confident in delivering further progress in 2025, supported by a strengthening Defence order book.