Fisher (James) & Sons (FSJ)

Sector:

Commercial Transport

Index:

FTSE Small Cap

 340.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 371.00p
  • 52 Week Low: 245.50p
  • Currency: UK Pounds
  • Shares Issued: 50.50m
  • Volume: 7,293
  • Market Cap: £171.69m
  • RiskGrade: 237

James Fisher shares plunge on recent trading difficulties

By Josh White

Date: Monday 25 Oct 2021

LONDON (ShareCast) - (Sharecast News) - James Fisher and Sons said in a trading update on Monday that a number of projects had been further delayed in recent weeks, as it revised its underlying profit expectations for the year.
The London-listed marine engineer said that following a difficult start to the year, improvement in the Fendercare ship-to-ship transfer business remained below the rate previously expected, with some growing evidence of market shifts in some key territories.

It said its JFD division had "reached an impasse" in negotiations over around £2m due on a long-term project, and was no longer forecasting a resolution in 2021.

Customers of its marine contracting, decommissioning and nuclear businesses, meanwhile, had further delayed projects in recent weeks.

The projects were previously expected to begin, and in some cases finish, in 2021.

James Fisher said the continuing challenges presented by the Covid-19 pandemic, particularly in the safe mobilisation of teams to work sites, had influenced customer decision-making processes.

A recent deterioration in the condition of a financially-distressed customer had increased the firm's bad debt risk by about £2m.

The tankships operation experienced a "poor month" in September, and as a result had a more cautious outlook for the full year.

Revenue in the quarter ended 30 September was 7.6% higher than the thief quarter of 2020, and 8.7% higher than the immediately-prior second quarter.

Year-to-date revenue was 3.9% below the prior year.

The board said it now expected underlying operating profit for the full year, before separately disclosed items, to be in the range of £27m to £32m.

"The group continues to trade within its banking covenants, which are formally measured at each half year end, and at 30 September had headroom of around £100m against its revolving credit facilities," the board said in its statement.

"In response to the latest short-term trading outlook, management is performing a detailed review of the group's cost base and balance sheet.

"Aligned with the board's commitment to 'fix or exit' non-core and underperforming businesses, the group is continuing to advance at pace the divestment of non-core businesses and assets aimed at generating significant proceeds over the next year, to reduce net debt and financial leverage as well as to simplify the business."

Notwithstanding some revenue opportunity moving from the fourth quarter of 2021 into 2022, James Fisher said it currently expected that to be "materially offset" by the continuation of challenges the group was currently experiencing with customer demand and the safe mobilisation of teams to work sites.

"The goard remains confident in the group's strategy to deliver sustainable profitable growth from the significant market opportunities that are available to it and remains committed to executing on its long-term strategy."

At 0910 BST, shares in James Fisher and Sons were down 29.46% at 553p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

FSJ Market Data

Currency UK Pounds
Share Price 340.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 371.00p
52 Week Low 245.50p
Volume 7,293
Shares Issued 50.50m
Market Cap £171.69m
RiskGrade 237

FSJ Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
51.2% below the market average51.2% below the market average51.2% below the market average51.2% below the market average51.2% below the market average
63.64% below the sector average63.64% below the sector average63.64% below the sector average63.64% below the sector average63.64% below the sector average
Price Trend
71.24% above the market average71.24% above the market average71.24% above the market average71.24% above the market average71.24% above the market average
9.09% above the sector average9.09% above the sector average9.09% above the sector average9.09% above the sector average9.09% above the sector average
Income Not Available
Growth
76.1% below the market average76.1% below the market average76.1% below the market average76.1% below the market average76.1% below the market average
81.82% below the sector average81.82% below the sector average81.82% below the sector average81.82% below the sector average81.82% below the sector average

What The Brokers Say

Strong Buy 3
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

FSJ Dividends

  Latest Previous
  Interim Interim
Ex-Div 01-Oct-20 03-Oct-19
Paid 06-Nov-20 01-Nov-19
Amount 8.00p 11.30p

Trades for 31-Oct-2024

Time Volume / Share Price
16:35 3,456 @ 340.00p
16:35 1,524 @ 340.00p
16:35 1,067 @ 340.00p
16:35 9 @ 340.00p
16:35 15 @ 340.00p

FSJ Key Personnel

CFO Karen Hayzen-Smith

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