Marine services provider James Fisher and Sons has clawed its way out of the red despite a slump in sales after selling off a number of businesses.
The London-listed company, which is headquartered in Barrow-in-Furness, made a pre-tax profit of £200,000 in the six months ending June 30, 2024, up from a pre-tax loss of £4.4m in the first half of 2023.
Although the firm saw its revenue dip from £252m in the same period last year to £221m this year, James Fisher and Sons said this was offset by the sale of several non-core businesses and assets.
It added that the drop in revenue had been driven by a 17.8 per cent decline in its energy division, predominantly due to the closure of IRM activities in December 2023.
James Fisher and Sons makes ‘important strategic progress’
Jean Vernet, CEO of James Fisher and Sons, said: “We have made important strategic progress on our business turn-around this year, significantly deleveraging our balance sheet through the sale of non-core assets, to provide a stronger financial foundation for growth.
“With the full executive committee now in place, we are committed to delivering on our company priorities and I am particularly pleased to see progress on our financial foundations.
“We are driving a step change in our capital allocation and discipline, targeting investment in high value markets that will deliver our financial targets.
“Our focus on strengthening the supply chain will drive greater efficiency and operational excellence.
“This will complement a broader company self-help programme launched in June 2024 and our continued focus on under performing businesses.
“As we enter the second half, trading in July and August was in line with expectations and the group’s full year outlook remains unchanged.
“Across all three divisions we continue to operate in supportive end markets, with a long-term customer base that is evolving for the future.
“This provides the framework for continued delivery and through our growth pillars of people, innovation and targeted geographical growth, we will drive the second phase of our business turn-around.”