TIDMFSJ
RNS Number : 0872U
Fisher (James) & Sons plc
24 March 2023
This announcement contains inside information
24 March 2023
James Fisher and Sons plc
Corporate, Financing and Trading Update
James Fisher and Sons plc (FSJ.L) ("James Fisher", the "Group"
or the "Company"), the leading provider of marine services is today
providing a corporate, financing and trading update, the highlights
of which are as follows:
-- Publication of FY 2022 financial results to be delayed from 28 March 2023 to 28 April 2023
-- This additional time provides an opportunity for the Group to
complete the previously announced discussions in relation to its
existing debt facilities
-- The Group is also required to resolve certain technical
restrictions, relating to the JFN Disposal, which have been waived
through to 28 April 2023
-- Audit process ongoing for FY 2022 - as a result, u nderlying
operating profit from continuing operations now expected to be
broadly in line with FY 2021
-- Trading in first two months of 2023 was in line with the
Group's expectations and ahead of the same period in the prior
year
Corporate and Financing Update
As previously announced, the Group commenced discussions with
its lending banks earlier this year regarding its existing debt
facilities, which have maturity dates ranging from October 2023 to
September 2024.
On 6 March 2023, the Group announced the sale of James Fisher
Nuclear Holdings Limited ("JFN") and related properties (the "JFN
Disposal"). As per the 6 March 2023 announcement, under the terms
of the JFN Disposal agreement, several legacy parent company
guarantees supporting the obligations of JFN were retained by James
Fisher (the "PCGs"). The retention of the PCGs required consent
under the Group's debt facilities prior to the sale of JFN, which
was not obtained at the time. Following discussions, all lenders
under the debt facilities have agreed waivers in respect of the
PCGs until 28 April 2023.
The Group is grateful for the lenders' constructive approach and
has accelerated engagement with them to seek a permanent solution
in relation to the PCGs and to address its debt facilities by end
of April 2023.
The Group intends to publish its financial results for FY 2022
on 28 April 2023.
FY 2022 results
The audit process for FY 2022 is well-advanced, but ongoing, and
remains subject to finalisation. At this stage, for the year ended
31 December 2022, the Group is expecting to report revenue from
continuing operations of c.GBP475m (2021: GBP442.4m). Underlying
operating profit from continuing operations is expected to be
broadly in line with FY 2021.
James Fisher made good strategic progress over the second half
of 2022 and in early 2023, divesting non-core businesses, as well
as selling a significant fixed asset. The three business sales
completed in December 2022 generated gross proceeds of c.GBP18.4m
and net bank borrowings at 31 December 2022 were c.GBP135m. The
sale of the Swordfish Dive Support Vessel, which was announced in
December 2022, completed in January 2023, with cash proceeds of
c.GBP20m now received.
Important changes have been made at the senior management level
across several of our businesses. This will improve financial and
performance accountability, as well as promote energetic and
disciplined leaders from inside the organisation who have a
demonstrable track record in achieving operational targets.
Additionally, in order to simplify the Group further, from 1
January 2023 the Company has been reorganised into three new
divisions which reflect our customer verticals, namely Energy,
Defence and Maritime Transport .
Current trading update
The Group has made an encouraging start to 2023, with
performance across January and February (the "Period")
demonstrating continued progress, in line with the Board's
expectations.
Group revenue in the Period saw strong year-on-year growth, with
divisional trends similar to those seen towards the end of 2022. On
both a continuing operations and total Group basis (including
discontinued operations), James Fisher generated a small underlying
operating profit in the Period, compared with a loss in the prior
year.
The Group's net debt position is in line with management's
expectations, benefiting from the receipt of Swordfish proceeds,
and the Board expects the Group to continue to de-lever.
Whilst the economic climate more generally remains challenging,
the Group has made clear strategic and financial progress over the
last few months. With the benefit of a more focused portfolio and
reinvigorated strategy, the Board is confident that the Group can
carry forward this momentum through 2023, driving further financial
and operational improvement.
For further information:
Chief Executive
Officer
James Fisher and Jean Vernet Chief Financial
Sons plc Duncan Kennedy Officer 01229 615400
Richard Mountain 0203 727
FTI Consulting Susanne Yule 1340
-------------------------------------- -------------
The person responsible for making this announcement on behalf of
the Company is Jean-François Bauer, Group General Counsel
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END
TSTSELEDDEDSEFD
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