James Fisher and Sons plc
Full year results for the year ended 31 December 2022
James Fisher and Sons plc (FSJ.L) (‘James Fisher’, ‘the Group’), the leading marine service provider,
announces its unaudited results for the year ended 31 December 2022.
| £m unless otherwise stated | |||
| Continuing operations | 2022 | 2021* | Change |
| Revenue | 478.1 | 442.4 | +8.1% |
| Operating profit/(loss) | 24.7 | (20.7) | +£45.4m |
| Profit/(loss) before tax | 14.5 | (28.9) | +£43.4m |
| Diluted earnings/(loss) per share (p) | 17.4 | (55.0) | +72.4p |
| Underlying operating profit ** | 26.4 | 28.0 | -5.7% |
| Underlying operating profit margin | 5.5% | 6.3% | -80bps |
| Return on capital employed | 3.9% | 3.6% | +30bps |
| Loss from discontinued operations | (19.8) | (0.1) | -£19.7m |
* restated due to a business classified as discontinued operations
** excludes adjusting items of £1.7m loss (2021: £48.7m loss)
Performance summary:
· Good strategic and financial progress made in stabilising the Group
· Sale of three non-core businesses and agreement to sell Swordfish Dive Support Vessel in December 2022
o £18. 5m received in December 2022; £20m received in January 2023
· Revenue from continuing operations increased 8.1% to £478.1m
· Underlying operating profit 5.7% behind 2021 (2022: £26.4m; 2021: £28.0m)
· Operating profit turnaround following loss in 2020 and 2021; significant reduction in adjusting items
· JFN sold in March 2023; £19.8m loss in the year including significant operating loss and impairment charges
· Reorganisation around three divisions: Energy, Defence and Maritime Transport
· Committed financing agreed with lenders, expected to be concluded in coming weeks
Commenting on the results, Chief Executive Officer, Jean Vernet, said:
“Since I joined the Group in September 2022, I am pleased to report that progress has been made both strategically and financially. We have a new leadership team in place ready to address the challenges that we currently face.
In a macro-economic environment that remains uncertain for 2023, we expect our industry verticals to be robust. Our 2023 priority is to show significant progress in our turn-around plan by implementing the simplification of our divisional structure, and by delivering on key change management objectives. Our trading in Q1 2023 gives us confidence in the outturn for the year. “