James Fisher & Sons PLC - Cumbria, England-based marine services company - Sells three businesses to reduce its net borrowings.
Sells Mimic, a provider of intelligent condition monitoring, and the UK operations of Strainstall to Biotek Environmental Science Ltd, known as BES Group, for GBP13.6 million. James Fisher adds that it may receive up to GBP3.9 million extra in the first quarter of 2023 based on the performance in the last quarter of 2022. The two operations together had pretax profit of GBP800,000 on GBP8.7 million in revenue in 2021.
James Fisher also sells Prolec, a provider of safety and control systems, to Germany-based mechanical engineering company Kinshofer Gmbh, which is part of electronic manufacturing Lifco AB, for an undisclosed sum. James Fisher notes Prolec contributed GBP4 million in revenue to its Marine Support division in 2021.
James Fisher Chief Executive Officer Jean Vernet says: "The sale of Prolec, Mimic and the UK operations of Strainstall represent a clear demonstration of our strategy to rationalise and focus the portfolio, as well as strengthening our financial position. We believe the transactions represent good value for James Fisher's shareholders and in BES and Lifco, we have found buyers of quality. We wish them and the staff at each of the businesses continued success and thank them for their hard work and dedication to James Fisher over many years."
Current stock price: 346.94 pence, up 1.7% on Monday
12-month change: up 20%
By Tom Budszus, Alliance News reporter
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James Fisher and Sons (FSJ)