James Fisher and Sons Regulatory News (FSJ)

7 May 2009 07:00



7 May 2009

James Fisher and Sons plc

Interim Management and AGM Statement

James Fisher and Sons plc has started the year well and is trading in line with management's expectations. The trends witnessed at the end of 2008 continued into the first four months of 2009, resulting in a performance significantly ahead of last year's corresponding period.

We have seen strong performances from the majority of our businesses and in particular specialist technical, which have more than compensated for a decline in contract volumes carried by our coastal tankers as a result of the present adverse economic conditions. The Company's results continue to be positively affected by the strength of the US dollar.

The Singaporean integrated submarine rescue system of mother ship and rescue submersible is currently in the process of final commissioning and, as anticipated, we expect the payment for the capital items before 30 June 2009. Thereafter we shall receive through life operating income for the service until 2029.

Since the end of 2008 there has been no significant change in the financial position of the Company.

The Company's strategy of focusing on niche service businesses, in which its marine service skills provide some protection against the commoditisation of pricing, has helped it demonstrate resilience against recessionary pressures. Clearly the present economic downturn will have some effect on the Company but on the evidence to date James Fisher remains well placed, with a proven track record, to continue to produce good growth and further value for our shareholders.

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