Profits have fallen at a Barrow-headquartered global maritime company.

James Fisher and Sons, which has offices on Michaelson Road, has released its half year results for the six months ended June 30.

The company said revenue had fallen by 10 per cent from £286.9m to £258.1m compared to the same period in 2019.

Underlying profit before tax had also fallen 20 per cent from £24.5m to £19.5m.

However, debt was reduced by £30m.

James Fisher works around the world across sectors including shipping, engineering for the nuclear and oil and gas sectors, ports and renewable energy.

In a statement the company said it had been particularly affected by the drop in oil prices driven by the global coronavirus pandemic.

The company employs 3000 people worldwide with around 70 per cent of them working from home since March.

It put 400 UK employees on furlough and put in place a 20 per cent pay cut for 800 across the world.

However, the deferred pay will be repaid during the second half of the current year, with the exception of board members, the executive committee and its senior leadership team.

The group has been paying full salaries since July 1 and is no longer using the Government furlough scheme.

Chief executive Eoghan O'Lionaird, said: "The first half of 2020 was one of the most demanding periods the company has faced, and the commitment, support and engagement of our employees in stepping up to the challenges has been remarkable.

"Whilst the second half is expected to remain challenging and the outlook for our end markets is uncertain, we expect trading to improve through the second half, assuming no material deterioration in the Covid-19 situation.

"James Fisher is well diversified by geographical sector and end market.

"The resilience of the group, our strong liquidity position combined with swift actions taken to reduce costs, position James Fisher well for any improvement in market conditions in the second half and beyond.

"Whilst the financial performance in 2020 will be lower than 2019, the Group remains well placed to deliver future growth for its shareholders."