LONDON (ShareCast) - (ShareCast News) - Half year pre-tax profits at marine service provider James Fisher were flat at £17.6m from £17.4m with the company indicating stronger growth for the second half of the year.
Underlying operating profits rose 7% to £21.3m and revenues climbed 13% to £235.8m. The interim dividend was increased 10% to 9.4p a share.

The company said overall growth rates were positively impacted by the weakness in the pound, as a "significant proportion" of the group's revenue is received in US dollars.

"Three of our divisions continued to trade well, with marine support and tankships profits at similar levels to last year and specialist technical significantly ahead," the company said.

"Offshore oil reported similar revenue but reduced profits after a slow start in the first four months of the year reduced utilisation levels. Trading in May and June in this division gives grounds for some optimism for an improved second half."

Chief executive Nick Henry said profit in the second half was likely to benefit from the phasing of projects across the renewables businesses "due to seasonal factors and across our offshore oil businesses due to some improvement in oil and gas sector demand".

"We would therefore expect to see good growth from our marine support division. In offshore oil, orders in our Norwegian and our downhole equipment businesses have begun to show clear signs of recovery," he said.

"Overall, we therefore expect to see stronger growth for the group in the second half leading to a good improvement in the result for the year."

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