James Fisher and Sons Regulatory News (FSJ)

29 Jun 2007 07:01

Fisher (James) & Sons PLC29 June 2007 Friday 29 June 2007 James Fisher and Sons plc Pre close period Trading Statement Trading for the six months to 30 June 2007 is expected to be modestly ahead ofmanagement expectations. The merger of the Everard tankships operation into James Fisher Tankships toform James Fisher Everard is now substantially complete, with the benefitscoming through as planned. The first half of 2007 will bear all of the one-offintegration costs relating to the merger. The third Everard newbuild mtSuperiority is trading well and the fourth new vessel, mt Supremity is scheduledto enter service in the autumn. The first three Everard newbuilds have beensuccessfully refinanced on schedule as bareboat charters, thereby reducing debtby £22.7m. In May Buchan Technical Services Ltd was acquired for £3.9m net cash and thiscompany is being merged into Fisher Offshore in Aberdeen, with Andy Buchanjoining its management team. In June the sale of Ships Electronic Services was announced. This was a non corebusiness which was acquired as part of the Everard acquisition and was sold toits management for £0.4m cash at its net asset value. In the Defence Division, work has started on the major Korean and Singaporesubmarine rescue vehicle contracts. Gearing is now around 70% and, in line with James Fisher's established strategyand track record, a number of acquisition opportunities are being explored toexpand further its marine support divisions. Trading conditions in the Offshore Oil and Specialist Technical Divisions remaingenerally favourable and the Board believes that James Fisher is well placed tocontinue to provide good growth and value to its shareholders. Contact James Fisher and Sons plc Tim Harris Chairman 020 7614 9508 Financial Dynamics Richard Mountain 020 7269 7121 Susanne Yule This information is provided by RNS The company news service from the London Stock Exchange