The above company has to be brought to Investors attention, with a P/E circa of 8 and news coming from the company that business is in fine shape and with a more or less Monopoly in its Marine Division and Cabel Laying division, a price target of 2.00 cannot be far away.

Make no mistake this is a well managed company, and does well in both Bull and Bear markets, a fine addition to anyones growth portfolio.G

Fisher (James) & Sons PLC
02 May 2003


JAMES FISHER & SONS PLC

CHAIRMAN'S AGM STATEMENT


James Fisher, the leading marine services provider, today held its Annual
General Meeting at 12.00 noon in Barrow-in-Furness.

Prior to the formal proceedings of the AGM, Tim Harris, Chairman, made the
following statement to shareholders about current trading and future outlook:

I am pleased to report that trading in the year to date has been encouraging.
The Tankships business has benefited from a better spot market than last year.
Our cable layers, Oceanic Princess and Oceanic Pearl, continue their five year
charters to ITG. Nexus has been in lay-up since her charter to Global Marine
ended last December. Although we are in active discussion about her future
employment, we have not concluded anything yet.

We have made considerable progress in establishing the group as a marine service
provider and the profit from our Marine Support Division will increase
significantly this year becoming a major contributor to our overall profit. We
are benefiting from the Rumic and Scan Tech acquisitions, and the first full
year contribution from our investment in the AWSR military RoRo joint venture.
All three new businesses are trading up to management expectations.

Despite the delay in finding alternative employment for Nexus, based on trading
to date, your Board remains confident of a satisfactory outturn to the year.


For further information

James Fisher and Sons plc
Tim Harris, Chairman
Angus Buchanan, Chief Executive
01229 615503

Binns & Co PR
Paul McManus
020 7786 9600 ENDS.

G.

Has risen 111% since the bottom on 13 Nov 2001 at 79.50. Is within a rising trend and continued advance within the current trend is indicated. On reactions back, there is support against the floor of the trend channel. The stock has broken up through the resistance at p 164. This predicts a further rise. G

Yes most certainly a Buy.
BROKER FORECASTS

Year Ending EPS P/E PEG Ratio EPS Growth Dividend
31-12-2003 20.64p 7.68 5.33 1.44% 6.50p

31-12-2004 24.65p 6.43 0.32 19.94% 7.22p

Covering Brokers
Brewin Dolphin Securities, Evolution Beeson Gregory, WH Ireland.

WHAT THE BROKERS SAY

Strong Buy 2

Buy 1

Neutral 0

Sell 0

Strong Sell 0

Total 3

Broker recommendations.

G.

Whispers in the city that the company are chasing another profitable target for the marine division.

This company is way undervalued, perhaps it doesnt get the attention is should because of the business it is in, but at some time investors are going to waken up to the potential here.G

Looking at this one rising again today, Mark Moranjie has just tipped it so we should see a lot of interest.G

Have held this company since 1.45. Great dividend, great chart and heaps of potential with good management. Heres hoping for some investor attention!!

Have held this company since 75p and sold half when it got to 150p the first time. A pity brokers are recommending it - the kiss of death! But it has good management, no doubt of that.

I agree with you Jules and Maggot. Low p/e and a fantastic management team.
Way undervalued.G

Just come back to this thread. I thought I'd point out that the dividend is good - ovr 4%. Not sure when it's next due, but if I find out I will post here.

The intermin dividend in 2002 was 2.2p per share, ex-div on Oct 2nd. Final dividend this year was 3.74p per share, ex-div on April 20. On the current price, say 170p, that's actually a little less than 3.5%.

More news today - two aquisitions. The price has risen by 1p so far. Still looks a very solid company.

Looks to be back in the Zone.

cheers GF.

Yes rather stong of recent times.

cheers Gf.

I've long been a holder of FSJ and in my opinion we're in for a lot more upside. The company is very well run, good bolt-on acquisitions, recent sale of one of loss making cable laying ships (but maintaining the charter income for another year), higher margins in the marine division, which is expanding and well positioned for the massive 2bn Government spend per annum nuclear decommissioning support services.

Coming up nicely again. The possibility of new nuclear build in Britain can't do it any harm...

Cheers, Madison

Any current information on FSJ would be appreciated.

john@aravon.com

John McEvoy

Hi John. Share Watch are following this one so I think we will get an update on the 8th of December when Ive been told Xmas issue is out. If you do a reminder on here I will contact you.

cheers GF.

PS, nice to see it doing well today and still rather cheap.

I have held for a long time and am not selling out. I think this still has a long way to run. Trying to keep this as brief as possible, about 2/3rd of revenue is now coming from the higher margin marine services division. The recent acquisition of Monyana, which specialises in winches, increases the operations in this arena.

The recent sale of one of the cable laying ships (there are 2) is excellent news. This has been the bug bearer for me as this side of the business has not been doing well since the the dotcom crash. However, not only have they sold one of the vessels but maintain the charter income into next year.

The great "extra", which I feel has yet to take effect is the nuclear decommissioning sector. The nuclear decommissioning Authority set up by the Government is confirmed to spend 2billion per annum. JFisher are set to gain from this - as recent confirmation that the submarines are able to play a significant part in speeding up the decommissioning processes. This services sector is wide wide open. 4.50/5.50 in next 12-18 months?

I am a recent holder and am confident thatFisher will do well in the long term so hopefully 550p is a conservative target.. cheers.

Many thanks to Goldfinger and Greyhound. I will follow up on fsj. The information from Share Watch will be of great interest.

John McEvoy
john@aravon.com