Last checked at 6 May 2010 07:00
James Fisher and Sons plc
AGM and Interim Management Statement
James Fisher and Sons plc today issues the following Interim Management Statement for the period from 1 January to date. This will be read out by the Chairman at today's Annual General Meeting.
Trading in 2010 to date has been to management expectations and in pattern broadly similar to the second half of 2009. The Specialist Technical division has continued to trade strongly. In January 2010 we announced the acquisition of Australian Commercial Marine Pty Ltd for £3 million which is expected to enhance FenderCare's growth in Australia and the Asia Pacific region. The Nuclear cluster, including the Faber acquisition, continues to trade to management expectations meeting the Company's criteria for profitable growth.
In Marine Oil, the volumes carried in the first three months were slightly improved over the latter part of 2009. However, there has been no improvement so far in the spot market rates for our clean petroleum product tankers, which is also important to ensure the recovery of this division.
Trading in the Offshore market is skewed towards the summer months so at present it is more relevant to talk in terms of trends and order books than actual results. So far our Norwegian activities look well set and in April we completed the acquisition of GMC Produkt AS for £11.5 million cash and £0.3 million in net debt to strengthen significantly our lifting business. This was funded from internal resources. As in 2009, in Scotland and in the UK sector of the North Sea generally, our activities have started more slowly. The Aberdeen based RMSpumptools is trading well because it is more focused on the newer, developing oil regions. The Norwegian property has now been completed and good progress is being made towards its sale and lease back.
In the early months of the year our Submarine Rescue Operations have had some success both in terms of operational performance on exercise and by gaining some useful medium sized orders, but so far no major new "national" order has been forthcoming.
Owing to the strength of its Marine Services divisions, the Company has been able to more than compensate for the downturn in its Marine Oil division, caused by the global economic recession. Since the turn of the year many shipping sectors have shown significant signs of recovery but not so far our clean petroleum product tankers. When this occurs, which it should with greater economic activity, it will have a beneficial effect on James Fisher's results. Overall the Company remains well placed to continue its proven track record of producing good growth and value for our shareholders.
Contacts
| James Fisher and Sons plc
| Tim Harris | Chairman | 020 7614 9508 |
| Financial Dynamics
| Richard Mountain Sophie Kernon |
| 020 7269 7291
|