FISHER (JAMES) & SONS PLC - Half year results for the six months ended 30 June 2026

FISHER (JAMES) & SONS PLC delivered a solid first-half 2026 performance, with revenue increasing 2.1% year-on-year to just under £196 million and underlying operating profit rising 27.9% to £14.2 million, lifting the operating margin to 7.2%. Strong growth in Defence and Maritime Transport offset challenging conditions in Energy. Defence revenue increased 43% to £53.8 million, while operating profit rose to £5.3 million, supported by submarine rescue, tactical delivery vehicles and military diving, alongside a strengthened order book providing good revenue visibility. Maritime Transport also performed strongly, with operating profit increasing 48% to £10.2 million, driven by strong tanker utilisation, improved spot rates and increased ship-to-ship transfer activity. Energy revenue declined 20.6% amid project delays, reduced oil and gas customer spending and weaker offshore wind construction activity. Net debt stood at £65.7 million, with net debt to EBITDA of 1.5x remaining within the target range, while return on capital employed improved by 210 basis points to 8.2%. FISHER (JAMES) & SONS PLC continues to invest in innovation, new products, geographic expansion and operational efficiencies as part of its growth strategy, targeting a 10% underlying operating margin and 15% return on capital employed. Full-year expectations remain unchanged, subject to no material deterioration in Energy markets.