(Alliance News) - Marine services provider James Fisher & Sons PLC on Tuesday reported the sale of James Fisher Testing Services for GBP5.7 million to inspection and certification services provider Phenna Group.
James Fisher Testing Services operates a number of materials testing laboratories based in Warrington and Harlow in England, and Portlaise in Ireland, in addition to maintaining a team of field-based technicians and engineers delivering site-specific services to the construction industry.
The sale of the Testing Services unit is consistent with James Fisher's strategy of delivering sustainable, profitable growth through niche businesses in the marine, energy and defence markets, it said.
The move comes after on Monday last week, the company said it was reviewing both the group's cost base and balance sheet and was committed to "fix or exit" non-core and underperforming businesses. The plan is aimed at generating proceeds over the next year to cut debt and simplify the business, James Fisher said.
James Fisher shares were trading 0.4% higher in London on Tuesday at 414.50 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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James Fisher and Sons (FSJ)