- Fisher (James) & Sons
- 12 March 2026 11:15:21
Source: Sharecast
The company, which works across the defence, energy and maritime transport markets, saw revenues rise 4.3% to £377.2m, with underlying operating profit up 56.3% at £28.6m.
The operating margin improved by 250 basis points to 7.6%, help by cost actions, progress in the defence sector, and a recovery in previously underperforming businesses.
However, on a reported basis, the firm booked a pre-tax profit of just £4.3m, down from £54m the year before, which had included a £54.9m gain on disposals, mainly a result of the sale of the remaining assets of the closed Subtech Europe business.
Looking ahead, James Fisher said momentum was building, helped by "supportive" demand in the defence sector, while the energy market was showing signs of a structural recovery. "But short-term oil and gas market conditions remain subject to volatility and geopolitical uncertainty," it noted. Maritime Transport markets should benefit from new build vessels delivery from 2027, it added.
"Overall market conditions remain largely supportive, and 2026 trading has started in line with management expectations," said chief executive Jean Vernet.
"Whilst early in the year and mindful of macroeconomic and geopolitical uncertainties, the board remains confident of delivering continued progress in 2026, building further towards our medium-term financial targets of 10% underlying operating profit margin and 15% ROCE.''
The firm chose not to pay a dividend again, despite its financial position having stabilised. "An ordinary dividend will be reinstated at the appropriate time, when we can provide shareholders with a predictable annual return reflective of the group's progress," the company said.