(Alliance News) - James Fisher & Sons PLC on Tuesday reported it turned to an annual loss, as costs outpaced revenue growth, but remained optimistic for the future.
The Barrow In Furness, Cumbria-based marine services company said it swung to a pretax loss of GBP39.9 million in 2023 from a profit of GBP14.5 million in 2022.
Revenue edged up 3.8% to GBP496.2 million from GBP478.1 million.
Cost of sales increased 2.7% to GBP360.3 million from GBP350.9 million, while administrative costs grew by 12% to GBP109.6 million from GBP97.5 million.
More notably, impairment charges ballooned to GBP28.4 million from GBP4.9 million. James Fisher reported refinancing costs of GBP12.2 million for 2023, compared to none in 2022, while finance expenses increased to GBP24.5 million from GBP10.9 million.
James Fisher said it "made good progress on our 2023 priorities which focus on improving safety, project management, employee engagement and financial performance."
Chief Executive Officer Jean Vernet said: "We are now one year into our transformation programme to build a stronger, more cohesive company. Despite a number of challenges early in the year, we have made good initial progress in building our leadership team, implementing our new operating model and deploying our focus and simplification agenda."
The company recommended no dividend for 2023, unchanged from 2022.
Looking ahead, CEO Jean Vernet said: "Looking forward, we continue to see supportive end markets in 2024 in the majority of our businesses and would also expect to deliver further benefits from our turnaround initiatives."
James Fisher shares rose 1.7% to 288.80 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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James Fisher and Sons (FSJ)