James Fisher and Sons (FSJ) H2 2025 earnings summary

Executive summary

• Achieved solid financial performance in FY 2025, with like-for-like revenue up 4.3% and underlying operating profit up 56.3%, reflecting three years of business simplification, turnaround actions, and operational focus.

• Strategic investments in technology, talent, product development, and geographic expansion underpin future growth.

• Maintained financial stability, reducing leverage to 1.3x net debt/EBITDA and increasing headroom for investment.

• The business is organized into three divisions: defense, energy, and maritime transport, each showing operational progress.

• Most profitability lost from 2024 disposals was replaced, with a stronger second half driven by efficiency gains.

Financial highlights

• Adjusted group revenue rose 4.3% to GBP 377.2 million, with growth across all divisions.

• Underlying operating profit increased 56.3% to GBP 28.6 million, with margin at 7.6%.

• Net debt reduced to GBP 54.4 million, with covenant leverage at 1.3x.

• Return on capital employed improved to 8.6%.

• 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 10% underlying operating profit margin and 15% ROCE in the medium term, aiming to reach these within one to two years.

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

• Continued investment in technology, commercial excellence, and people is planned to support growth.

• Mindful of macroeconomic and geopolitical uncertainties, but maintaining financial stability and investment capacity.