Tuesday, James Fisher & Sons Plc (FSJ.L), a UK marine services provider, reported a 23% growth in full-year 2008 pre-tax profit, reflecting strong organic growth in marine support divisions of Offshore Oil, Specialist Technical Services and Defence.
Profit on continuing operations before taxation was up to £23.6 million from £19.1 million a year ago. Adjusted profit on continuing operations before taxation increased 26% to £24.2 million from £19.2 million in the previous year.
Profit for the year on continuing operations climbed to £18.3 million or 36.75 pence per share, from £16.1 million or 32.40 pence per share prior year. Adjusted profit on continuing operations was £18.9 million or 37.91 pence per share, up from £16.2 million or 32.58 pence per share last year.
Profit attributable to equity holders of the parent was £18.28 million or 36.75 pence per share, compared to £16.14 million or 32.39 pence per share in the previous year.
Commenting on the results, Chairman, Tim Harris, said, "2008 proved to be an excellent year for James Fisher. Group revenue and profit from operations were both up strongly and, once again, our cash flow was impressive. The key to our performance was good organic growth in the marine support divisions of Offshore Oil, Specialist Technical Services and Defence."
Group revenue increased 28% to £233.6 million from £182 million a year ago. Offshore oil services revenue rose to £48.3 million from £30.3 million and specialist technical services revenues were up to £75.3 million from £61.9 million last year. Defence revenues climbed to £29.3 million from £13.9 million, while marine oil services revenue rose to £80.8 million from £75.9 million.
Citing the strong performance and ongoing prospects for the company, the Board raised the final dividend by 15% to 8.65 pence per share, payable on May 15, 2009 to the shareholders on the register at April 17.
Looking forward, the group said that the immediate outlook for the divisions is unchanged from last year and is trading in line with management expectations. However, James Fisher cautioned that it could be adversely affected if global trade and oil production fall over a prolonged period.
Currently, the stock is up 27.75 pence, trading at 328.75 pence on the London Stock Exchange.
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