By Christian Moess Laursen
James Fisher & Sons, the U.K. marine-services provider, has announced an increase in revenue for the first half of the year. The company’s three business units experienced growth in both revenue and profit, with the energy division performing particularly well.
Revenue Growth
James Fisher & Sons expects to report a 16% increase in revenue, reaching approximately £250 million ($327.3 million) for the first half of the year. This growth is compared to the same period in 2022.
Business Unit Performance
All three business units within the company saw growth in both revenue and profit. The energy division, in particular, experienced success due to high demand for well-testing, bubble curtain, and artificial lift products and services.
Profit Projection
Despite increased investments, James Fisher & Sons anticipates a modest increase in underlying operating profit and operating profit margin from continuing operations compared to the previous year. The company attributes this positive projection to the significant rise in revenue.
Full-Year Outlook
Remaining mindful of heightened macro-economic uncertainty, James Fisher & Sons has confirmed its full-year view. The company acknowledges the challenges posed by market conditions but remains optimistic about its performance moving forward.
CFO Transition
Chief Financial Officer Duncan Kennedy has announced plans to step down from his role within the next 12 months. The board has initiated a search for his replacement and Kennedy will continue in his position until a successor is found.
