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James Fisher and Sons upgrades outlook on improved performance in Q4
StockMarketWire.com
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Marine services provider James Fisher and Sons upgraded its outlook on annual performance following improved quarterly performance in the fourth quarter of the year.
Underlying operating profit for the full year, before separately disclosed items, was now expected to be at the higher end of the £35 million-to-£40 million range previously disclosed on 6 November 2020.
Whilst the fourth quarter continued to be challenging, we saw an improvement in trading over the third quarter with revenue ahead sequentially by 7%.
Revenue for the full year, subject to audit, was 16% lower than 2019, the company said.
In its marine support business, the company said it had already taken swift actions to reduce overheads having reviewed the carrying value of its entire asset base.
As a result, the company said it intends to make a one-off impairment provision in relation to goodwill, fixed assets and certain accounts receivable within this division.
Separately disclosed items were now estimated to amount to between £75 million and £85 million in 2020, the company added.
Story provided by StockMarketWire.com
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