James Fisher and Sons (FSJ) H1 2025 TU earnings summary

Executive summary

• Solid first half performance with trading in line with expectations for the six months ended 30 June 2025.

• Ongoing structural trends in key end markets and continued strategic progress supported results.

• Focus remains on delivering the next chapter of the business turnaround and positioning for growth.

Financial highlights

• Underlying operating profit (UOP) expected to be around £11m, a c.14% margin-led increase year-over-year.

• Revenue expected to be in line with H1 2024 after adjusting for disposals and closures.

• Net debt/EBITDA expected to be approximately 1.7x, slightly above the target range due to front-loaded capital investment.

Outlook and guidance

• Full year expectations remain unchanged, with typical second half performance weighting.

• Strengthening Defence order book underpins confidence in delivering further progress in 2025.

• Medium-term targets include 10% UOP and 15% ROCE, to be achieved through self-help initiatives and improved divisional performance.