James Fisher and Sons (FSJ) H2 2024 TU earnings summary

Executive summary

• Achieved solid trading performance in the second half of 2024, supported by strong end markets and effective execution.

• Underlying operating profit for FY24 expected to be approximately £29m, ahead of market expectations, aided by non-recurring items.

• Business turnaround strategy progressing, with portfolio simplification and disposals completed.

• Strengthened balance sheet through debt reduction and refinancing.

Financial highlights

• Underlying operating profit for FY24 expected at c.£29m, exceeding current market expectations.

• Net debt at year-end anticipated to be less than £60m, with Net Debt to EBITDA within 1.0-1.5x target range.

• Capital investment in 2024 totaled c.£31m, with significant allocation to the Energy Division.

Outlook and guidance

• Early 2025 trading in line with expectations; Board confident in further progress for 2025.

• Focus remains on executing the next phase of the turnaround plan and targeting a 10% underlying operating profit margin in the medium term.

• Supportive end market conditions expected to continue, though mindful of political and economic uncertainty.