James Fisher and Sons (FSJ) H2 2025 earnings summary

Executive summary

• 2025 marked a turning point, with turnaround initiatives delivering a more resilient business platform and solid financial performance, including revenue up 4.3% and underlying operating profit up 56.3%.

• The group exited non-core businesses, strengthened the balance sheet, and invested in technology, people, and innovation to drive organic growth and geographic expansion.

• Financial stability was maintained, with leverage reduced to 1.3x net debt/EBITDA and increased investment headroom.

Financial highlights

• Adjusted revenue rose 4.3% to GBP 377.2 million, with underlying operating profit up 56.3% to GBP 28.6 million and margin improving to 7.6%.

• Return on capital employed (ROCE) improved by 250bps to 8.6%.

• Net debt reduced to GBP 54.4 million, with net debt to EBITDA at 1.3x and interest cover at 6.9x.

• Finance interest expense fell from GBP 16 million to GBP 9.5 million due to refinancing.

• Underlying earnings per share increased to 20.2p from 18.1p year-over-year.

Outlook and guidance

• Trading for 2026 has started in line with management expectations, with performance expected to be second-half weighted.

• The group targets a medium-term underlying operating profit margin of 10% and ROCE of 15%.

• Capital investment of GBP 30–35 million planned for 2026; interest rate on borrowings around 8.0%.

• Management expects revenue growth to accelerate in 2026, driven by recovery in energy and maritime transport and continued strength in defense.

• Macroeconomic and geopolitical uncertainties, especially in the Middle East, are being closely monitored.