James Fisher & Sons has unveiled a new strategy focused on “niche businesses with leading market positions and strong barriers to entry”.
In a trading update today (June 29), the marine services group also said it aimed to increase its exposure to the energy transition, rid itself of non-core assets and “reintroduce a progressive and sustainable dividend policy at the right time”.
Cumbria-based Fisher – parent to a string of north-east firms hops its new strategy will drive performance and improve returns.
We have reset our strategy to reinforce our strengths and realise our full potential.”
Eoghan O’Lionaird, chief executive
The company said its offshore oil division had continued to perform well, with tendering and contract wins in offshore decommissioning projects “growing strongly”.
It added it “continues to believe” it is on track to deliver improved underlying operating profits for the six months to June 30, compared with a year ago, as it refocuses the business to take advantage of “the inherent potential of the group for this and future years”.
‘Sustainable future’
Chief executive Eoghan O’Lionaird said: “Today, James Fisher’s board and executive management team is setting out its purpose ‘to pioneer safe and trusted solutions to complex problems in harsh environments, to create a sustainable future’.
“We are excited about our new holistic and purpose-led strategic direction, which encompasses all stakeholders and will create an intrinsically sustainable business.”
He added: “We have reset our strategy to reinforce our strengths and realise our full potential.
“This strategy leverages the group’s fundamental strengths in marine services, with a renewed focus on driving better future performance and returns for all stakeholders.
“Our goal is to improve the quality of our business by focusing on structurally growing markets, improving operating margins and returns, and sustainably delivering enhanced value for all our stakeholders.”
Half-year results coming soon
Interim results are due to be announced by the company on July 9.
Fisher’s north-east businesses include the Oldmeldrum-based RMSpumptools, the National Hyperbaric Centre, Fisher Offshore, ScanTech Offshore and JFD Global (UK).
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