Company Profile

James Fisher comprises global marine engineering businesses that operate across three divisions: Energy, Defence and Marine Transport. Its niche technologies and capabilities enable customer operations to be both safe and efficient. The company has growing exposure to offshore wind projects, while its Maritime Transport service is a key profit contributor. The sale of RMSpumptools for £83m will halve financial leverage (to 1.5x EBITDA) and reduce onerous finance costs. On completion, management and investor focus can turn to rebuilding profit momentum. We see significant operational self-help still to come and scope for material margin improvement.