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James Fisher and Sons swings to loss on falling energy prices, pandemic impact
StockMarketWire.com
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Marine engineering services company James Fisher and Sons swung to an annual loss as revenue was hurt by falling energy prices and Covid-19 related challenges.
For the year ended 31 December 2020, pre-tax losses were £52.5 million from a profit of £47.8 million in 2019 as revenue fell 16% to £518.2 million.
The marine support division continued to disappoint, with revenue down 20% to £249.4 million.
Underlying operating profit of £40.5 million, down from £66.3 million, was slightly ahead of November's guidance of £35m-£40m.
In the view of the 2020 financial results, the company said it was not recommending a final dividend for the year ended 31 December 2020.
Although early in 2021, the Group is trading in line with our expectations, however caution remains due to the ongoing effects of the pandemic. The Group has a resilient business model with a broad spread of end markets, customers and geographies, supported by a strong track record of converting its operating profit into cash.
At 8:55am: (LON:FSJ) Fisher James Sons PLC share price was 0p at 985p
Story provided by StockMarketWire.com
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