Last updated 12:04, Wednesday, 27 August 2008

BOSSES at Barrow-based marine services and shipping group James Fisher are celebrating after turning in a 16 per cent increase in pre-tax profits.

ORGANIC GROWTH: James Fisher chairman Tim Harris

The group’s revenue shot up by 28.9 per cent to just over £114m, with basic earnings per share up nearly 10 per cent.

Its division, which provides a range of services to the offshore oil industry, saw a 28 per cent increase in operating profit, while earnings in its specialist technical division lifted 33 per cent.

Defence operating profit up was up 72 per cent due to contracts to supply submarine rescue craft and expertise to Korea and Singapore.

But operational issues hit half year performance for its shipping fleet of tankers which carry petrol and aviation fuel to depots around European coasts.

Chairman Tim Harris said: “Strong organic growth from our marine support divisions of offshore, specialist technical and defence produced good growth in group revenue and profits, despite a disappointing start from the marine oil division.

“James Fisher’s consistently strong organic growth record confirms the benefit of our strategy of investing in niche service businesses in the offshore, shipping and ports related sectors, which are among the fastest growing and most recession-resistant.

“Despite this economic climate, the company remains well placed to continue further its proven track record of producing good growth and value for our shareholders.”

The company is in the process of relinquishing its role as head of the UK Submarine Rescue Service to a Nato consortium with a new rescue sub, and led by Rolls Royce.

In the last few years it has snapped up 16 companies.