James Fisher & Sons – Interims due shortly, the marine services group’s shares, just 345p, still look very appealing, TP 410p

14.08.2025

In just over three weeks, on Tuesday 9^th August, James Fisher & Sons (LON:FSJ), one of the UK’s leading marine services companies providing innovative solutions across energy, defence and maritime sectors, will be declaring its Interim Results for the six months to end-June.

They should show an underlying operating profit of around £11.0m for the first-half, while indicating that the balance of the year to end-December will show a stronger performance, especially with a growth in the group’s Defence Order Book.

The Business

The group, which dates back to the 1840’s, is today a leading provider of specialised services to the marine, oil and gas and other high assurance industries worldwide.

Over the years the company has built itself up from its origins as a ship owner and operator.

It has developed unparalleled operational expertise in the marine environment, providing comprehensive products, services and support to the oil and gas, marine renewables, shipping and defence industries.

Its customers are predominantly large multinational corporations, governments and other high assurance counterparties.

In the Oil and Gas sector it is a world leader in the provision of specialist products and support services, and in being a provider of turnkey operations to major corporations, while it provides the Renewable Energy sector with integrated marine solutions, as an experienced project manager, delivering successful and cost effective offshore renewable energy projects.

The Defence sector recognises the group as a world leader in submarine rescue for and provider of specialist solutions, it provides fast, safe and reliable subsea rescue services, underwater systems and life support capabilities for the defence and commercial diving markets, while providing products, engineering services and training to 80 countries and to 33 of the world’s navies including the Royal Navy, Australian, Singapore, India and South Korean Navies.

For the Maritime Transport sector, it is acknowledged as a trusted marine expert and innovator, for whom it is a leading provider of targeted coastal shipping and global oil and natural gas ship-to-ship transfer services.

International Customers

Obviously dealing with so many sectors, it is able to boast of a broad and diversified global client base, which includes large multinational customers and governments, across all the market sectors it serves.

The list of clients includes: Airbus, BP, Chevron, ConocoPhillips, EDF Energy, ExxonMobil, Expro Group, Halliburton, Maersk Oil and Gas, Ministry of Defence, Schlumberger, Sellafield Limited, Shell, Total, and Weatherford amongst hundreds of others.

Management Comment

At the end of last month when issuing its latest Trading Update, the group’s CEO Jean Vernet stated that:

"I am pleased to report another period of solid trading and continued strategic progress through the James Fisher turnaround.

Market conditions remain largely supportive in most of our key end markets, and we are focused on delivering on the next chapter of our business turnaround, positioning the Group for growth.

Continued progress towards our medium-term targets of 10% UOP and 15% ROCE will be reached through a combination of further self-help initiatives, improved divisional performance, supply chain integration and recovery for the Defence Division.”

Trading in line with market expectations

With performance typically weighted to the second half, trading has been in line with expectations, and the Board remains confident in delivering further progress in 2025.

The Equity

The group has a total of 50,398,063 shares in issue.

Significant holders include the Trustees of the Sir John Fisher Foundation (21.04%), Schroder Investment Management (10.02%), Odyssean Capital (7.14%), Aberforth Partners (6.48%), FIL Investment Advisors (6.16%), NFU Mutual Investment Services (5.41%), Baillie Gifford (4.81%), Threadneedle Asset Management (3.98%), Invesco Asset Management (3.82%), and Norges Bank Investment Management (2.98%).

Brokers Views

There are some four analysts who follow the company, all of whom rate the group’s shares as a Buy, with 455p being the average consensus Target Price.

The Highest TP is 530p, while the Lowest TP is just 400p.

My View

Since I last featured this group in February this year, when its shares were then 342p, they have been down to 285p, before rising to 373p at their end-July peak.

Now back to just 345p – that is actually a case of almost standing still, however I do like this group and its business model.

With the Interims due to be declared early next month, I take the view that this group’s shares at just 345p represent a good investment going forward.

James Fisher rescuing an Australian sub

(Profile 11.02.25 @ 345p set a Target Price of 410p)