UK's James Fisher & Sons plc announces its results for the year ended 31 December 2012.
Highlights:
· Revenue increased by 18%, underlying operating profit by 14% and underlying earnings per share 15%
· Strong performance resulting from the Group's strategy to focus on high growth niche marine services markets
· Specialist Technical benefitted from the BP Angola contract
· Offshore Oil saw improved market conditions in Norway, growth in Asia Pacific, Africa and South America
· Marine Oil produced an improved result and remains profitable and cash generative
· Net debt: ebitda of 1.2 times (2011: 2.1); gearing of 39% (2011: 75%) and strong cash conversion of 132%
· Sale of non-core TRE business for £25.5m in cash realising a profit of £20.9m
· The Board is recommending a 10% increase in the total dividend to 17.70p per share (2011: 16.08p per share)
· Announced: Acquisition of diving and subsea equipment business Divex Limited for an initial cash consideration of £20-m
Commenting on the results, Chief Executive Officer Nick Henry said:
"James Fisher had an excellent year in 2012, demonstrating the continued success of our strategy to focus on niche marine services in high growth markets and trading to date has been in line with management expectations. This, combined with strong market conditions in Offshore Oil and Specialist Technical, as the offshore oil and gas markets continue to develop at a rapid pace, as well as increasing demand for a range of skills to be supplied as a multi-disciplinary contract offering, leave James Fisher well placed to provide further growth and value for our shareholders."