James Fisher and Sons (FSJ) H2 2024 earnings summary

Executive summary

• Completed key divestitures and the first phase of a business turnaround, simplifying the portfolio and implementing the One James Fisher model to focus on core energy, defense, and maritime transport verticals.

• Successfully refinanced debt on improved terms, significantly deleveraged the balance sheet, and reduced administrative costs.

• Achieved significant progress in execution, safety, talent, innovation, and productivity.

• Positioned for growth in aligned markets, leveraging synergies and a unified operating model.

Financial highlights

• Adjusted revenue increased 8.6% year-over-year, driven by strong H2 performance, especially in Energy; overall revenue decreased 11.8% due to disposals.

• Adjusted/underlying operating profit rose 31% to £22m, with a margin of 5.4%; unadjusted profit flat.

• Net debt reduced to £61m (covenant basis), with net debt/EBITDA at 1.4x, within target range.

• ROCE increased to 8.2%, up 160bps year-over-year.

• Profit after tax rose to £5.5m from £2.3m; underlying EPS from continuing operations increased to 16.9p.

Outlook and guidance

• 2025 guidance unchanged; core markets remain positive, with performance expected to be H2-weighted and capital expenditure planned at £30m–£35m.

• Bank interest rates expected at ~8.5%, and effective tax rate guided at 29%.

• Mozambique contract concluded in Q1 2025, impacting full-year revenue by ~£35m.