BARROW-based marine services firm James Fisher and Sons says it is back in profit after selling off a number of its businesses.
The company, which is headquartered in Michaelson Road, made a pre-tax profit of £200,000 in the six months ending June 30, 2024, up from a pre-tax loss of £4.4m in the first half of 2023.
But the firm saw its revenue dip from £252 million in the same period last year to £221 million this year.
The company said this was offset by the sale of several non-core businesses and assets.
"We have made important strategic progress on our business turn-around this year, significantly deleveraging our balance sheet through the sale of non-core assets, to provide a stronger financial foundation for growth,” said chief executive officer Jean Vernet.
“With the full executive committee now in place, we are committed to delivering on our company priorities and I am particularly pleased to see progress on our financial foundations.
“We are driving a step change in our capital allocation and discipline, targeting investment in high value markets that will deliver our financial targets.”
The chief executive said the company’s focus on strengthening the supply chain would drive greater efficiency and operational excellence.
“This will complement a broader company self-help programme launched in June 2024 and our continued focus on underperforming businesses," he said.
“We will continue to prioritise ‘Exceptional Safety’ across all our operations by investing in our talent development, training and employee engagement.
“Combined, this will develop a long-term safety culture together as ‘One James Fisher’.”
Mr Vernet said trading in July and August was in line with expectations, with the group's full year outlook remaining unchanged.
“Across all three divisions we continue to operate in supportive end markets, with a long-term customer base that is evolving for the future," he said.
“This provides the framework for continued delivery and through our growth pillars of people, innovation and targeted geographical growth, we will drive the second phase of our business turn-around.”
The company said earlier this year it would 'strengthen' its defence presence in Barrow following the AUKUS security agreement between the UK, US and Australia, which will see new submarines built.
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