James Fisher & Sons optimistic on 2026 after "turning point" year

(Alliance News) - James Fisher & Sons PLC on Thursday posted improved underlying profit for 2025, with Chief Executive Jean Vernet expressing optimism for 2026.

The Barrow-in-Furness, England-based marine services company posted pretax profit of GBP4.3 million, down 92% from GBP54.0 million a year earlier, with this owed primarily to significant gains on disposals recognised in 2024.

James Fisher & Sons reported no profit on disposals of business in 2025, down from GBP49.5 million in 2024.

On an underlying basis, pretax profit improved 29% to GBP15.3 million from GBP11.9 million.

Revenue for the year fell 9.9% to GBP394.4 million from GBP437.7 million, but on an underlying basis, adjusted for disposals and staged business closures, it improved 4.3% to GBP377.2 million.

The company said the year marked a "turning point", in which its efforts to focus, simplify and deliver growth "have laid the groundwork for future growth".

CEO Vernet hailed the year's trading as "solid", noting "good operational progress".

Despite stating the financial position of the company has "stabilised", James Fisher & Sons said it is not yet in a position to recommend a dividend. It added that an ordinary dividend will be reinstated at the appropriate time.

Looking ahead, the company said the defence market "remains supportive", adding that trading in the new year has been in line with management expectations.

Shares in the company were trading 1.6% higher at 512.00 pence on Thursday afternoon in London.

"I am encouraged by our continued progress through 2025 where a good second half performance allowed us to upgrade expectations; we made progress in accelerating our growth strategy while still maintaining our debt well within our leverage range," said CEO Vernet.

"Overall market conditions remain largely supportive, and 2026 trading has started in line with management expectations. Whilst early in the year and mindful of macroeconomic and geopolitical uncertainties, the board remains confident of delivering continued progress in 2026, building further towards our medium-term financial targets of 10% underlying operating profit margin and 15% ROCE.''

By Christopher Ward, Alliance News reporter

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