James Fisher and Sons (FSJ) H1 2026 TU earnings summary

Executive summary

• First half of 2026 delivered profit and margin growth, with overall performance in line with expectations.

• Defence and Maritime Transport divisions showed strong trading, offsetting weaker Energy division activity.

• Strategic focus remains on innovation, expanding into growth markets, and supporting energy security.

Financial highlights

• Revenue for HY26 was approximately £190m.

• Underlying operating profit reached around £13m, reflecting improved margins.

• Net debt/EBITDA at 30 June 2026 was at the top of the target range of 1.0-1.5x.

Outlook and guidance

• Full-year outlook remains unchanged, with Defence and Maritime Transport expected to outperform prior expectations.

• Energy division outlook remains uncertain due to geopolitical factors and project timing.

• Board remains confident in achieving medium-term targets of 10% underlying operating margin and 15% ROCE.