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(Alliance News) - James Fisher & Sons PLC on Thursday withdrew its financial guidance for 2020 and said that the effects of Covid-19 pandemic became evident towards the end of the first quarter.
Overall trading in the three months to March-end was in line with the board's expectations, the company said, but travel restrictions are adversely affecting projects in the Asia Pacific region in Specialist Technical business and a lack of subsea projects in west Africa is restricting otherwise good progress in Marine Support unit.
Ship-to-Ship services and Tankships have seen little negative impact to date, the FTSE 250-listed marine services company noted.
Due to the oil price crash, James Fisher is expecting a delay in pick up of activity in the offshore oil and renewables business during the second quarter.
The Barrow-in-Furness, northwest England-based company said it has taken several actions to conserve cash due to the uncertainty including deferral of all discretionary capital expenditure, a hiring freeze, placing 400 employees on temporary furlough and deferring 20% pay for 800 employees, including the salaries and fees of each board member.
The company had committed loan facilities of GBP280 million and headroom of GBP64 million at March 31, with a further GBP13 million of headroom on uncommitted overdraft facilities.
Shares in the company were down 3.4% at 1,380.00 pence each in London on Thursday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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