James Fisher and Sons plc

Revenue was steady across the group on a like-for-like basis versus H1 2024, after adjusting for disposals. Operating profit increased 14.4% to GBP 11.1 million, with margin up to 5.8%; management also cited around a GBP 5.2 million improvement versus 2024 on a like-for-like basis. Return on capital employed rose to 5.1%, up 20 basis points. Covenant net debt was GBP 72 million, equal to 1.6x net debt-to-EBITDA at June 2025. In Defense, revenue rose 3% to GBP 37.6 million, and in Maritime Transport Tankships revenue rose 5.9% to GBP 42.8 million while Fendercare revenue was down 10.8% to GBP 25.7 million on a like-for-like basis. Energy like-for-like operating profit was up just under 17% with margin at 11.3%. Full-year 2025 guidance was unchanged; capex and development expenditure is expected at GBP 30 million to GBP 35 million, bank interest is expected around 8.5% before any base-rate reductions, lease interest in H2 is expected to be similar to H1, and the tax rate for tax-paying entities is guided at around 29%.

Jean Vernet said the turnaround is progressing as planned and emphasized a sharper, simpler portfolio built around ‘focus, simplify and deliver.’ He framed the company’s path to a 10% underlying operating profit margin around supply chain integration, self-help, fixing underperforming businesses, and scaling Defense. His tone was constructive and confident, but he also cautioned that macro uncertainty could affect oil and gas in the second half, even as he said the group is better positioned for growth.

Karen Hayzen-Smith highlighted that the business has stabilized after last year’s disposals and that cost actions helped offset lower revenue. She said finance charges fell from GBP 14 million to GBP 8 million, capex and development spend was GBP 19.2 million in H1, DSO rose to 45 days from 42 days due mainly to Africa timing, and net debt increased by GBP 7.2 million from year-end because of first-half weighted investment and working capital phasing. She also noted the effective tax rate is distorted by losses that cannot be credited, but the tax rate for tax-paying entities is still around 29%, and reiterated that full-year guidance is unchanged.

Analysts focused on the new U.S. special security agreement, the foreign comparative testing award for Carrier Seal, the rebreather contract, Defense growth drivers, and the size and timing of offshore wind decommissioning opportunity. Management said the U.S. agreement will let JFD North America directly interface with U.S. military organizations, the Carrier Seal award is a direct overseas-supplier testing program, and the rebreather award is a different combat-diving product within a 5-year replacement program. On offshore wind decommissioning, Jean Vernet said the market could be large as wind farms age, citing about 34 gigawatts reaching end of warranty by 2030 and roughly 40,000 piles as an order-of-magnitude opportunity.