James Fisher profit steams ahead

Asia focused marine services firm James Fisher hauled in strong half year earnings growth following robust demand from specialist technical, particularly in Asia and Africa.

Underlying profit before tax rose to £17.1m for the six months ended 30 June 2012 from £14.1m the year before. Group revenue climbed to £188.3m during the period from £148m previously.

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Commenting on the results Nick Henry, Chief Executive Officer said he was pleased with the double-digit growth rates achieved in both revenue and profit in 2011.

"The high growth rate achieved in the first half reflect a number of major contract deliveries and should not therefore be extrapolated into the second half. Nevertheless, James Fisher remains on a healthy growth path which provides confidence for the future. The company is trading to management expectations to date in the second half and continues to be well placed to deliver further value to our shareholders."

The group added that offshore oil benefitted from increased demand in regions such as Brazil and the Norwegian North Sea. Marine oil showed improved results despite subdued markets, it said.

The company has appointed Charles Rice as non-executive chairman following the retirement of Tim Harris.

Shares of James Fisher rose 2.25% in early trading.

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