James Fisher and Sons (FSJ) H1 2026 earnings summary

Executive summary

• Revenue grew 2.1% year-on-year to £195.9m, with underlying operating profit up 27.9% to £14.2m and margin rising 140bps to 7.2%, driven by strong Defence and Maritime Transport performance, offsetting Energy headwinds.

• Defence and Maritime Transport divisions delivered robust growth, supported by contract execution, high utilization, and favorable spot rates, while Energy faced challenging market conditions with revenue down 20.6%.

• Continued investment in people, technology, innovation, fleet renewal, and geographic expansion to support future growth.

• Net debt at £65.7m as of June 30, 2026; Net Debt:EBITDA at 1.5x, within target range.

• ROCE improved by 210bps to 8.2%.

Financial highlights

• Revenue increased to £195.9m, up 2.1% year-on-year.

• Underlying operating profit rose to £14.2m, a 27.9% increase, with margin up to 7.2%.

• Net debt at £65.7m; leverage at 1.5x EBITDA.

• Underlying earnings per share rose to 6.5p from 4.8p.

• Reported operating profit was £10.3m, up from £4.8m.

Outlook and guidance

• Full-year expectations unchanged, with continued momentum in Defence and Maritime Transport; Energy to remain challenged by macro and geopolitical factors.

• Medium-term financial targets: 10% underlying operating margin and 15% ROCE.

• 2026 capital and development investment guidance at c. £35m; interest rate on borrowings c. 8%.

• Long-term fundamentals remain attractive, with structural demand growth across all divisions.