James Fisher and Sons has booked a pre-tax profit of £41.2m, down from £46.9m a year earlier, on the back of continued growth in its renewables business.
The marine services outfit said its core oil and gas division was suffering from the downturn in the sector and that it would continue to focus on other areas, including marine energy and offshore wind.
It said underlying operating profit at its marine support, specialist technical and tankships divisions was up 25%.
Last week, the company was awarded a £25m marine support contract for work at the 336MW Galloper wind farm off the coast of Suffolk.
It also worked on the installation of the first phase of Atlantis Resources’ Meygen tidal array in the Firth of Forth in Scotland.
Chief executive Nick Henry said: “With the award of the Galloper wind farm contract, we have started 2016 with good momentum.
“Looking forward, our marine support division looks well placed to deliver growth and tankships continues to trade well at the levels seen last year.”
He added: “Prospects in our specialist technical businesses are strong but, as always, are linked to the timing of specific contract awards. Whilst the outlook in our offshore oil division is difficult to predict, the business has been strengthened by the cost actions management implemented last year.”
Image: James Fisher
James Fisher nets green gains
Operating profit at marine support and specialist technical divisions up 25%
By EBS