James Fisher and Sons plc (FSJ.L), a provider of marine engineering services, Tuesday reported profit before tax from continuing operations of 0.2 million pounds for the first half compared with loss before tax of 4.4 million pounds in the same period period last year, primarily due to lower one-time expenses.
Excluding items, underlying profit before tax declined 32.8 percent to 4.3 million pounds from 6.4 million pounds a year ago impacted mainly by decline in revenue.
Operating profit increased 296.9 percent year-over-year to 12.7 million pounds, while underlying operating profit was 16.8 million pounds, 20 percent up from last year.
The company posted net loss from continuing operations of 1 million pounds or 1.7p per share, narrower than 3.2 million pounds or 6.3p per share loss in the prior year.
On an underlying basis, profit was 3 million pounds or 6.3p per share compared with loss of 1.7 million pounds or 21.3p per share a year ago.
The company said its revenue for the period declined 12.1 percent to 221.5 million pounds from 252 million pounds in the previous year, mainly due to the closure of IRM activities in December last year.
James Fisher said the Board has not recommended dividends in 2024 or 2023, given the overall financial position of the Group.
Looking ahead, the company has reaffirmed its full-year outlook.
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