UK-based marine services provider James Fisher and Sons plc reported improved profitability and margin growth in 2025, with the company pointing to stronger execution across its Defence, Energy and Maritime Transport divisions and continued progress in a multi-year turnaround strategy.
For the year ended December 31, 2025, the company posted underlying revenue of £377.2 million, up 4.3% year-over-year, while underlying operating profit jumped 56.3% to £28.6 million, according to the company’s preliminary results.
The improved performance helped lift the group’s operating margin to 7.6%, a 250-basis-point increase, driven by cost reductions, stronger performance in its Defence business and recovery in previously underperforming operations.
Reported results were lower due to the absence of large asset disposal gains recorded in 2024. On a reported basis, revenue totaled £394.4 million, compared with £437.7 million in 2024, while profit before tax reached £4.3 million, down from £54 million the prior year, which included £54.9 million from disposals.
Portfolio Simplification and Stronger Execution
The company said 2025 marked a turning point in its ongoing transformation program aimed at simplifying the portfolio, strengthening execution and focusing investment on core marine services capabilities.
During the year, the group continued restructuring efforts across its divisions, including staged closures of certain IRM (inspection, repair and maintenance) businesses and improvements in its decommissioning operations.
These actions helped deliver margin expansion across all divisions while strengthening the company’s balance sheet. Net debt fell to £54.4 million, leaving leverage comfortably within the company’s target range.
The group also increased investment in future growth, developing six new products while targeting additional development spending to support long-term opportunities across its markets.
Defence and Energy Driving Demand
Chief Executive Officer Jean Vernet said the company is seeing supportive demand in several of its key markets.
“2025 was a turning point for James Fisher,” Vernet said. “Our efforts to focus, simplify and deliver have strengthened the group and created a clearer platform from which we can unlock further opportunities.”
The company noted strong demand in defense markets, where its specialist marine and subsea capabilities align with growing government spending and security priorities.
Energy markets are also showing signs of structural recovery, although the company cautioned that short-term oil and gas conditions remain sensitive to geopolitical developments.
Maritime Transport Outlook
Within the Maritime Transport segment, the company expects growth to be supported by new vessel deliveries beginning in 2027 and selective expansion in its Fendercare ship-to-ship transfer and marine services operations.
Management also said it is focusing on improving the quality of revenue through stronger commercial discipline, tighter project execution and active portfolio management.
Positive Start to 2026
According to the company, trading in early 2026 has started in line with management expectations, with the board expressing confidence that the business will continue to build momentum.
James Fisher is targeting a medium-term underlying operating margin of 10% and return on capital employed (ROCE) of 15% as it continues executing its growth strategy.
While macroeconomic and geopolitical uncertainties remain, the company said its core markets remain largely supportive and that recent restructuring efforts have positioned the business for continued progress.
