James Fisher & Sons PLC, a leading marine service provider, has released its preliminary results for the year ended 31 December 2023. The company reported continued progress on deleveraging and turnaround plans, with underlying profit growth across all three divisions. The transformation program, focused on 'focus, simplify, and deliver,' has made good early progress, with a new Executive Committee driving accountability for financial and operational performance. The Group also strengthened its financial position with the agreed sale of RMSpumptools for £90m.
The financial highlights for the year ended 31 December 2023 include a 3.8% increase in revenue to £496.2m, driven by 9.9% revenue growth in the Energy Division. Underlying operating profit from continuing operations was up 12.1%, with growth in all three divisions. The company also reported a 50 bps improvement in operating margin from continuing operations and a 130 bps increase in return on capital employed.
Strategically, the company embedded its One James Fisher business model, rationalized its portfolio by divesting JF Nuclear and closing Subtech Europe, and invested in compressors to support Bubble Curtain technologies in expanding offshore wind construction services. The sale of RMSpumptools, announced in March 2024, is expected to significantly reduce debt and strengthen the Group's financial position.
Jean Vernet, Chief Executive Officer, expressed pride in the achievements through Business Excellence, driving a step change in the safety culture, delivering greater efficiency through the deployment of Lean Six Sigma, and launching a Project Management Office to improve operational execution. Looking forward, the company expects supportive end markets in 2024 in the majority of its businesses and anticipates further benefits from its turnaround initiatives.
The Group's overall performance in the current financial year has been in line with the Board's expectations, building on early-stage progress in 2023. The company continues to see supportive end markets in 2024 in the majority of its businesses and expects to deliver further benefits from its turnaround initiatives.
For further information, investors can contact James Fisher & Sons plc at 020 7614 9503 or FTI Consulting at 0203 727 1340.
Please note that the Group uses a number of alternative performance measures (APMs) which are not defined within IFRS. These should be considered in addition to and not as a substitute for or superior to the information presented in accordance with IFRS.