Renewables boost James Fisher
Offshore wind and tidal work help increases profit in 2016
Growth in renewables helped boost underlying profit in James Fisher and Sons’ marine division to £21m in 2016, up 8% on 2015.
Work started last year on the contract to support the construction of the Galloper offshore wind farm, as well as service provision on the Meygen tidal array in the Firth of Forth, the company said.
It also installed subsea power cable extensions at the WaveHub tidal power project in Falmouth.
James Fisher said the spread of business activities across multiple sectors, including renewables, has helped to offset the downturn in the oil and gas sectors.
Overall, the company’s revenue was up 6% at £466m last year, from £437.9m the previous year.
Underlying profit before tax also rose to £45.8m from £41.2m in 2015.
James Fisher chief executive Nick Henry said: “Our marine support and technical divisions have started 2017 with strong order books and a number of active prospects.
“We therefore have a positive view of the year ahead and confident of the group’s potential to provide further growth and value for our shareholders in the future.”
Image: James Fisher and Sons