A marine engineering services group founded over 170 years ago has said it is optimistic for the second half of the year - despite following "one of the most demanding periods the company has ever faced".
Cumbria-based James Fisher and Sons said in half year results for the six months to June 30, that its revenue for the period had dropped by 10% to £258.1m from £286.9m, as well as underlying profit before tax sinking to £15.1m from £20.9m.
The six-month period also saw the company put 400 UK employees on furlough, with 800 across the world given a 20% pay deferral.
The firm said it would repay those funds during the second half of the year - except to the board and executive committee members.
In terms of dividends, the group will pay 8p per share, down from last year's 11.3p.
CEO Eoghan O'Lionaird, who was appointed in October last year, 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.
"The group responded swiftly to both the unprecedented headwinds presented by Covid-19 and the longer-term implications for energy demand by taking actions to reduce costs and protect the Group's liquidity.
"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."
The statement to the financial markets on Tuesday added that while the group prioritises organic growth, it is looking to acquire businesses that have a niche product or service offering with growth potential, a track record of profitability, cash generation and strong management.
Debt levels for the firm founded in 1847 have fallen to £30m, it said.
Mr O'Lionaird added: "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."
