James Fisher and Sons (FSJ) investor relations material

Executive summary

• Delivered a solid first half performance for 2025, with turnaround and business simplification initiatives driving structural improvements and positioning for growth.

• Progressed on achieving a 10% underlying operating profit margin through supply chain integration, business improvement, and scaling key divisions.

• Continued investment in innovation, technology, people, and new product development, including targeted geographic expansion.

• Defence order book up 45% year-over-year to £315m, supported by new contracts and entry into the US market.

• Strengthened balance sheet and leaner portfolio following disposals and cost reductions.

Financial highlights

• Revenue steady on a like-for-like basis at £191.9m, but down 13.4% reported due to disposals; underlying operating profit up 14.4% to £11.1m, margin at 5.8%.

• Net debt (covenant basis) at £72.1m, with net debt/EBITDA at 1.6x, slightly above target due to growth investments.

• Return on capital employed increased to 5.1% (up 20bps like-for-like); divisional ROCE: Energy 14.0%, Defence 5.7%, Maritime Transport 20.8%.

• Cost savings of £5.2m achieved, supporting margin improvement.

• Net finance charge reduced to £6.7m, mainly due to deleveraging and improved lending terms.

Outlook and guidance

• Trading to August in line with expectations; full-year 2025 guidance unchanged, with typical second half weighting expected.

• CapEx and development expenditure expected at £30m–£35m for 2025, with lower weighting in H2; bank interest rate around 8.5%.

• Tax rate guided at ~29% for tax-paying entities, with some impact from unrecognized tax credits.

• Cautious outlook for oil and gas in H2 due to macroeconomic uncertainty, but market expected to recover from 2026.