James Fisher & Sons – Trading Update shows market beat on improved margins, shares 388p, average TP 513p

Mark Watson-Mitchell – 29.01.2026 

Engineering services group James Fisher and Sons (LON:FSJ) has this morning declared a bullish Trading Update that should help to push its shares much higher than the current 388p.

The average of analyst views suggests 513p a share as the Target Price.

The Business

James Fisher and Sons is a leading provider of unique marine solutions in Energy, Defence and Maritime Transport.

The Group pioneers safe, innovative solutions that solve complex customer challenges for industries and governments around the world.

It is a global engineering services company that provides services such as engineering, inspection, installation, commissioning, operations, maintenance, lifting and handling to the oil and gas, marine, renewable energy, shipping, defence, nuclear, ports and terminals, transportation, and infrastructure industries.

The Full Year Trading Update

This morning the group announced a full-year trading update indicating underlying operating profit is expected to be ahead of market expectations at approximately £28m, with an improved margin of around 7%, on revenue of approximately £395m, representing like-for-like growth of about 4%.

The company maintained its net debt to EBITDA within the target range of 1.0-1.5x, benefiting from supportive end markets, particularly in Defence with recent contract wins enhancing FY26 visibility, and strong performance in Maritime Transport, despite some softness in oil and gas. 

Management Comment

CEO Jean Vernet stated that:

"I am encouraged by our continued progress in 2025, where good second half delivery is anticipated to result in a full year underlying operating profit performance ahead of market expectations.

We have made further progress across our key strategic priorities, bringing us closer to our medium-term targets and enabling the businesses to focus increasingly on their long-term growth opportunities.

"Throughout the year we followed our core principles of 'focus, simplify and deliver' resulting in a streamlined business portfolio, strengthened product base and international expansion.

Despite softness in oil and gas in the second half, overall market conditions remain largely supportive, and we have entered 2026 well positioned to deliver further progress."

Current Year Outlook

The group reports that its management remains confident in delivering further progress, which is once again expected to be seasonally weighted towards the second half.

Broker Views

Some five analysts follow the group and rating its shares as a Buy, the consensus average is for a 513p a share Target Price, the lowest at 425p, the highest at 615p.

The consensus looks for £418.5m revenues last year, with £25.5m profits, and 16.9p earnings per share.

For this year they see £443.1m sales, £31.1m profits and 23.4p earnings per share.

My View

I believe that this group’s shares will be an active market leading up to the Final Results being announced on Thursday 12^th March.

Now trading at 388p, they are on their way to achieve much higher climes.

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

James Fisher - submarine rescue