Renewables boost James Fisher

James Fisher and Sons said its renewable energy business, along with defence and nuclear, will drive growth in the second half of the year.

The company’s marine support unit grew the most in the first six months thanks to strong demand from the ship to ship transfer market.

The business has won an order from Vattenfall to provide its Mermaid marine project optimisation and weather risk mitigation system, it said today.

Vattenfall will use the solution for the strategic planning of its offshore wind farm operations.

Underlying operating profit at the marine unit rose 25% to £9.3m as the UK company’s overall operating profit remained flat at £19.9m.

James Fisher has acquired Hughes Sub Surface Engineering Services this month to expand its presence in the UK offshore renewables market and strengthen its ability to integrate multiple services into single source contracts.

In February, the UK business won a marine services and support contract for the Galloper wind farm worth more than £25m.

“Strong performances in specialist technical, marine support and tankships, which together increased underlying operating profit by 18%, offset reduced activity levels in offshore oil leaving the first half similar to last year,” James Fisher chief executive Nick Henry said.

“With new contracts in renewables, defence and nuclear decommissioning contributing fully in the second half and continued firm demand for ship to ship services, we expect to see a resumption of growth in the second half leading to a good improvement in the result for the full year.”

The company will increase the interim dividend by 10% to 8.55 pence a share.

Image: James Fisher