James Fisher and Sons plc

('James Fisher', 'the Group')

Half Year Trading Update and Notice of Results

Solid first half performance; trading in line with expectations

James Fisher and Sons plc, a leading marine services company providing innovative solutions across energy, defence and maritime service, announces an update on trading for the six months ended 30 June ("HY25"), ahead of its half year results on 9 September 2025.

HY25 Highlights

Jean Vernet, Chief Executive Officer, commented:

"I am pleased to report another period of solid trading and continued strategic progress through the James Fisher turnaround. Market conditions remain largely supportive in most of our key end markets, and we are focused on delivering on the next chapter of our business turnaround, positioning the Group for growth. Continued progress towards our medium-term targets of 10% UOP and 15% ROCE will be reached through a combination of further self-help initiatives, improved divisional performance, supply chain integration and recovery for the Defence Division."

Ongoing structural trends in key end markets support robust trading

Conditions in key end markets remained largely supportive through the first half of 2025, despite growing macro-economic uncertainties. This, alongside our focus on margin improvement, has enabled the Group to deliver a solid performance.

After adjusting for the impact from disposals and business closures, revenue is expected to be in line with H1 2024, while the Group delivered a c.14% margin-led increase in underlying operating profit to around £11m. Net debt / EBITDA is expected to be c.1.7x, slightly above our target range of 1.0-1.5x, due to the seasonal working capital outflow in H1, combined with timing of c.£19m investment targeted on our seven key focus sub-segments within Energy and Defence, and our tankships fleet replacement programme. This included investment in the Group's new product development (NPD) programmes within Bubble Curtain, Tactical Diving Vehicles, submarine capabilities and the next generation multi-role rebreather.

The Energy Division saw encouraging performance in Energy Services, most notably within Well Services. Decommissioning has substantially turned around prior year losses, whilst Inspection, Repair and Maintenance (IRM) needs further improvements, which is a focus for the second half.  The major port infrastructure project in Mozambique was successfully completed in the first half.

The Defence Division outlook is supported by increased global investment in defence budgets and the business made important steps forward in the first half to grow in strategic markets including Northeast Asia and the US.

In Maritime Transport, Tankships delivered a solid performance in the first half of 2025 underpinned by high utilisation and contracted rates. Despite strong activity in Brazil, Fendercare was impacted by no LNG ship-to-ship activities.

Delivering on the next chapter of turnaround, positioning the business for growth

As announced at Full Year results in March, James Fisher has entered the next chapter of its business turnaround to position the Group for growth. In the first half, the Group continued to make targeted investments to drive future growth, whilst progressing on its path towards the UOP strategic target of 10% and ROCE target of 15%. These targets will be reached through a combination of further self-help initiatives, improved business unit performance, supply chain integration and revenue recovery in the Defence Division.

Trading in line with market expectations

With performance typically weighted to the second half, trading in the early part of July has been in line with expectations, and the Board remains confident in delivering further progress in 2025.

Half year results

James Fisher expects to announce its interim year results for the six months ended 30 June 2025 on 9 September 2025.

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Notes to editors

James Fisher and Sons plc is a leading provider of unique marine solutions in Energy, Defence and Maritime Transport. The Group pioneers safe, innovative solutions that solve complex customer challenges for industries and governments around the world. 

For more information visit  www.james-fisher.com

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation. The person responsible for arranging the release of this announcement on behalf of James Fisher is Victoria Hames, Company Secretary.