LONDON (ShareCast) - (Sharecast News) - James Fisher and Sons said it was upbeat about prospects for the year after reporting a 20% increase in first-half profit.


Underlying profit before tax for the six months to the end of June rose to £21.7m from £18.1m a year earlier, while the marine services group's revenue increased 12% to £260.5m

Profit increased at all James Fisher's divisions, led by marine support where underlying operating profit rose 21% to £10.8m. Profit at the specialist technical operation, which includes defence and diving equipment, rose 19% to £9.6m.

Marine support, which makes up almost half the FTSE 250 company's revenue, benefited from work for the offshore wind market but an earlier start to projects means second-half growth at the business will be modest.

Chief executive Nick Henry said: "We have had an encouraging first half, with particularly strong performances from our marine support and specialist technical divisions. The board believes that the group's outlook for the year is positive and that James Fisher continues to be well placed to provide further growth and value for shareholders."

In March the company delivered the first of two submarine rescue systems to the Indian navy. Henry said a significant chunk of working capital would be freed once the second vessel is delivered before the end of the year.

The company increased the interim dividend 10% to 10.3p a share.

At 0840 BST, the shares were up 2.2% to 1,824p.

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