James Fisher and Sons : Document

Half Year Results

for the six months ended 30 June 2022

7 September 2022

Disclaimer

This presentation is confidential and is delivered to interested parties for information only. It is delivered solely on the basis that neither the whole nor any part of the information contained in this presentation may be disclosed to, or used or relied upon by, any other person or used for any purpose without the prior written consent of James Fisher and Sons plc (JFS).

The information contained in this presentation, and upon which this presentation is based, has been derived from publicly available information. None of the information on which this presentation is based has been independently verified. Accordingly, neither JFS nor any member of JFS nor any of its connected persons makes any representation or warranty, assurance or undertaking, express or implied, with respect to the accuracy, adequacy, completeness or reasonableness of the presentation or of the information contained in the presentation, or on which the presentation is based, or that this information remains unchanged after the issue of this presentation.

This presentation is not to be construed as carrying the endorsement of JFS or any of its connected persons. Consequently, neither JFS nor any of its connected persons accepts any responsibility or liability to any person to whom the presentation is made available for the accuracy, adequacy, completeness or reasonableness of the information contained in it or otherwise.

The presentation is not intended to recommend any strategic decision by JFS or any of its connected persons and should not be considered as a recommendation supporting any of the options discussed herein by any member of JFS or any of its connected persons. Each person to whom the presentation or any part thereof is made available, is responsible for and must make their own independent assessment of the presentation and of the information contained within it.

Nothing in the presentation is, or should be relied upon as, a promise or representation as to the future.

James Fisher and Sons plc

Fisher House, PO Box 4, Barrow in Furness, Cumbria, LA14 1HR

Telephone [phone]

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Overview

• Revenue growth of 2%, but business mix held back operating profit
• • Strong growth in Offshore Oil and Tankships
  • Marine Support profitability broadly in line with H1 21; subdued ship-to-ship transfer market
  • Specialist Technical behind H1 21, as expected
• Turnaround activities continue:
• • Completed restructuring programme expected to yield annualised cost savings of ~£3m
  • Ongoing programme to rationalise the portfolio, reduce debt and focus on core markets
  • Operational excellence programme (LEAN) expanded to additional businesses during the period
• H2 anticipated to be materially stronger than H1
• • July and August trading in line with expectations
  • Strong order books in Marine Contracting and Offshore Oil; Tankships expected to continue trading well
  • Limited visibility on timing of new Specialist Technical projects
  • Expect reduced net debt and leverage due to seasonally driven cash flows
  • Full year underlying operating profit now expected to be broadly in line with 2021

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Financial Review

Financial Summary

	Underlying*			Statutory
	H1 2022	H1 2021	Change %	H1 2022	H1 2021	Change %
Revenue (£m)	238.4	233.7	+2.0	238.4	233.7	+2.0
Operating profit (£m)	9.5	13.3	(28.6)	7.9	12.2	(35.2)
Profit before tax (£m)	4.8	9.2	(47.8)	3.2	8.1	(60.5)
Diluted EPS (p)	6.7	12.8	(47.7)	3.7	26.8	(86.2)

• Revenue growth of 2.0% vs H1 21
• Portfolio mix has reduced profitability; historically higher margin Specialist Technical division behind H1 21
• Staff pay increases awarded for first time in two years, costing ~£1.5m in the period
• Separately disclosed items include £1.0m profit on sale of a vessel in H1 22 (£0.3m profit in H1 21) and £1.5m past service cost on MNRPF pension fund
• The Board has not declared an Interim dividend

* excludes separately disclosed items
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