Last checked at 17 Jul 2013 07:00
Embargoed for release
7am on 17 July 2013
James Fisher & Sons Plc (FSJ.L)
Redefinition of business segments
Following the acquisition of Divex Limited ("Divex") on 5 March 2013, James Fisher & Sons plc ("JFS") today announces a revised definition of its reported operating segments, which better reflects the nature of the Group's businesses and, in accordance with IFRS 8, is consistent with the way in which management views and manages the businesses.
The Group previously reported four operating segments:
- Specialist Technical
- Offshore Oil
- Defence
- Marine Oil
JFS will report its interim results to be announced in August 2013 and thereafter under the revised operating segments, with the following changes:
·; The fendering, mooring and strain business will be transferred out of the Specialist Technical segment into a new Marine Support segment.
·; Offshore Oil remains unchanged.
·; The Defence segment is to be combined with Divex and our nuclear activities within Specialist Technical.
·; The Marine Oil segment will be renamed 'Tankships'.
The revised operating segments will therefore be reported as follows:
Business segment | Business activities | |
Marine Support
| Fendering, mooring and strain gauge applications | |
Specialist Technical | Subsea services including submarine rescue and saturation diving; nuclear decommissioning and testing | |
Offshore Oil | Services and equipment supplied globally to offshore applications | |
Tankships
| Coastal delivery of clean petroleum products |
James Fisher and Sons plc
| Stuart Kilpatrick | Group Finance Director | 01229 615 503 |
FTI Consulting | Richard Mountain Sophie McMillan | 020 7269 7291
|
Segments as previously reported | ||||
£m | 2010 | 2011 | 2012 | |
Revenue | ||||
Specialist Technical | 116.6 | 141.5 | 194.8 | |
Defence | 21.3 | 28.1 | 23.3 | |
Offshore Oil | 58.5 | 71.2 | 83.4 | |
Marine Oil | 71.9 | 66.8 | 61.8 | |
Total | 268.3 | 307.6 | 363.3 | |
Operating profit | ||||
Specialist Technical | 18.5 | 19.8 | 22.4 | |
Defence | 5.3 | 5.5 | 2.4 | |
Offshore Oil | 11.0 | 12.8 | 17.2 | |
Marine Oil | 0.7 | 1.1 | 2.4 | |
Common costs | (3.0) | (3.1) | (3.1) | |
Total | 32.5 | 36.1 | 41.3 | |
Capital employed | ||||
Specialist Technical | 80.9 | 87.6 | 89.8 | |
Defence | 19.9 | 23.3 | 19.3 | |
Offshore Oil | 97.5 | 103.9 | 113.2 | |
Marine Oil | 44.5 | 42.1 | 32.8 | |
Central | (24.8) | (26.5) | (28.1) | |
Total | 218.0 | 230.4 | 227.0 | |
Segmental data as redefined | ||||
* proforma data is based on the assumption that Divex was owned throughout the 3 year | ||||
period. Divex was acquired on 5 March 2013 and its results are for the year ended | ||||
30 November in each year and are included within the Specialist Technical segment. | ||||
£m | 2010 | 2011 | 2012 | |
Revenue | ||||
Marine Support | 98.7 | 117.3 | 157.3 | |
Specialist Technical | 80.6 | 86.6 | 95.0 | |
Offshore Oil | 58.5 | 71.2 | 83.4 | |
Tankships | 71.9 | 66.8 | 61.8 | |
Proforma * | 309.7 | 341.9 | 397.5 | |
Divex | (41.4) | (34.3) | (34.2) | |
Reported revenue | 268.3 | 307.6 | 363.3 | |
Operating profit | ||||
Marine Support | 17.5 | 18.4 | 19.3 | |
Specialist Technical | 10.5 | 9.5 | 9.6 | |
Offshore Oil | 11.0 | 12.8 | 17.2 | |
Tankships | 0.7 | 1.1 | 2.4 | |
Common costs | (3.0) | (3.1) | (3.1) | |
Proforma * | 36.7 | 38.7 | 45.4 | |
Divex | (4.2) | (2.6) | (4.1) | |
Reported operating profit | 32.5 | 36.1 | 41.3 | |
Capital employed | ||||
Marine Support | 66.0 | 72.2 | 74.7 | |
Specialist Technical | 65.9 | 70.6 | 60.8 | |
Offshore Oil | 97.5 | 103.9 | 113.2 | |
Tankships | 44.5 | 42.1 | 32.8 | |
Central | (38.3) | (39.4) | (41.3) | |
Proforma * | 235.6 | 249.4 | 240.2 | |
Divex | (17.6) | (19.0) | (13.2) | |
Reported capital employed | 218.0 | 230.4 | 227.0 | |