**Summary of James Fisher and Sons plc Preliminary Results for the Year Ended 31 December 2025**
James Fisher and Sons plc, a leading marine services company, reported preliminary results for FY2025, highlighting significant financial and strategic progress despite challenging market conditions.
**Financial Highlights**
**Revenue Growth** Revenue increased by 4.3% to £377.2 million (underlying, adjusted for disposals and staged closures).
**Underlying Operating Profit** Surged by 56.3% to £28.6 million, driven by cost actions, improved Defence execution, and recovery in previously underperforming businesses.
**Operating Margin** Improved by 250 basis points to 7.6%, reflecting operational efficiencies and strategic initiatives.
**Net Debt Reduction** Net debt decreased to £54.4 million, with covenant leverage at 1.3x, comfortably within the target range.
**Return on Capital Employed (ROCE)** Increased by 250 basis points to 8.6%, moving closer to the medium-term target of 15%.
**Strategic Progress**
**Portfolio Simplification** Continued simplification of the portfolio through further disposals and staged closures, focusing on core businesses.
**Defence Capabilities** Strengthened Defence capabilities led to a replenished orderbook and growing pipeline, with a focus on specialist capabilities.
**Product Development** Developed six new products and increased targeted development investment to support future growth.
**Operational Efficiency** Improved execution and cost discipline across all divisions, leading to margin expansion.
**Market Conditions and Outlook**
**Defence** Strong demand aligned with the companys specialist capabilities, supported by increased global defence spending.
**Energy** Signs of structural recovery in the energy market, though short-term conditions remain volatile due to geopolitical uncertainties.
**Maritime Transport** Expected benefits from new build vessels starting in 2027 and selective expansion in Fendercare.
**2026 Outlook** Trading has started the year in line with management expectations, with the Board confident in delivering further progress towards medium-term financial targets of a 10% underlying operating profit margin and 15% ROCE.
**CEO Commentary**
Jean Vernet, CEO, emphasized the turning point in 2025, marked by strategic focus, simplification, and operational improvements. The companys efforts have laid a strong foundation for sustainable growth, with a clear pathway towards achieving medium-term financial targets.
**Financial Performance by Division**
**Energy** Revenue declined by 23.6% to £158.6 million due to disposals and staged closures, but underlying operating profit improved by 23.1% to £17.6 million, driven by turnaround initiatives.
**Defence** Revenue grew by 10.9% to £88.8 million, with underlying operating profit increasing by 189.5% to £5.5 million, supported by strong demand and improved execution.
**Maritime Transport** Revenue was stable at £147.0 million, with underlying operating profit rising by 44.4% to £20.8 million, reflecting improved profitability and operational efficiency.
**Balance Sheet and Liquidity**
**Net Assets** Decreased slightly to £187.3 million, primarily due to reductions in working capital offset by increases in intangible assets.
**Liquidity** Maintained a strong liquidity position with £37.0 million, well above the minimum target of £20.0 million.
**Future Focus**
The company remains focused on scaling its operations, integrating its supply chain, and investing in new products and technologies to drive growth across its core geographies. Despite macroeconomic and geopolitical uncertainties, James Fisher is well-positioned to capitalize on emerging opportunities in Defence, Energy, and Maritime Transport.
**Conclusion**
James Fisher and Sons plc demonstrated resilience and strategic agility in 2025, achieving significant financial and operational improvements. With a strengthened portfolio, enhanced capabilities, and a clear growth strategy, the company is poised for continued progress in 2026 and beyond, aiming to deliver long-term value for stakeholders.
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue (£m) | 394.4 | 437.7 | -9.9% |
| Operating Profit (£m) | 16.1 | 73.1 | -78.0% |
| Profit Before Tax (£m) | 4.3 | 54.0 | -92.0% |
| Net Debt (£m) | 54.4 | 56.1 | -3.0% |
| Net Debt - Covenant Basis (£m) | 61.0 | 61.0 | n/a |
| Underlying Revenue (£m) | 377.2 | 361.7 | 4.3% |
| Underlying Operating Profit (£m) | 28.6 | 18.3 | 56.3% |
| Underlying Operating Margin | 7.6% | 5.1% | 250 bps |
| Return on Capital Employed (ROCE) | 8.6% | 6.1% | 250 bps |