James Fisher and Sons (FSJ) H2 2025 TU earnings summary

Executive summary

• Underlying operating profit for FY25 is anticipated to be ahead of market expectations, reaching approximately £28m with improved margins, driven by strategic initiatives and supportive end markets.

• Revenue is expected to be around £395m, reflecting like-for-like growth of about 4% compared to the previous year, after adjusting for disposals and business closures.

• The business portfolio has been streamlined, with a focus on productivity, supply chain efficiencies, and international expansion.

Financial highlights

• Revenue of approximately £395m represents a 4% like-for-like increase year-over-year.

• Underlying operating profit is expected to be around £28m, surpassing the consensus mean of £25.5m.

• Operating margin improved to about 7% for the year.

• Net debt/EBITDA maintained within the target range of 1.0-1.5x, supporting a robust balance sheet.

Outlook and guidance

• Further progress is expected in FY26, with performance anticipated to be seasonally weighted towards the second half.

• Recent contract wins in Defence improve visibility for FY26.