James Fisher to restructure marine unit as Q2 revenues fall
By Frank Prenesti
Date: Tuesday 07 Jul 2020
(Sharecast News) - Marine services group James Fisher said second quarter group revenue fell 18% year on year as the slumping oil price hit demand from clients.
First half group revenue was 10% lower than the comparative period in 2019, the company reported on Tuesday, adding that it was restructuring its marine support division.
Fisher said it had a strong balance sheet with net debt of around £175m at 30 June 2020, compared to £203m at the year end.
In the first half of 2020, the group increased its committed lending facilities by £50m to £300m. It added that cost control measures resulted in an increase in facilities headroom to more than £100m from £42m.
Deferrals of renewable and oil and gas subsea service projects in the second quarter combined with supply chain challenges would hit Fisher's marine support unit in the first half.
"We have taken the decision to restructure the division, reduce the cost base and refresh the management structure which will provide clearer strategic and operational direction going forward," the company said.
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