A company which works with the likes of BP, Shell and Airbus has started 2021 well after its turnover and profits were hit by the Covid-19 pandemic in 2020, new figures show.
James Fisher, the Cumbria-headquartered provider of services to the marine, oil and gas industries, has posted a revenue of £518.2m for the 12 months to December 31, 2020, down from £617.1m from the prior year.
The Barrow-in-Furness business has also reported underlying pre-tax profits of £31.5m for the period, down from £58.5m.
On a statutory basis, the listed group slumped to a pre-tax loss of £52.5m from a profit of £47.8m.
Chief executive Eoghan O'Lionaird said: "2020 was a challenging year for the group.
"Despite the many issues we faced, our employees showed great resilience and the operating and financial performance of the group held up well in the circumstances confirming the benefit of strong market positions and responsive niche businesses.
"Although early in 2021, the group is trading in line with our expectations, however caution remains due to the ongoing effects of the pandemic.
"The group has a resilient business model with a broad spread of end markets, customers and geographies, supported by a strong track record of converting its operating profit into cash.
"Our ongoing strategic review confirms the fundamental strengths of the group and has also identified scope for significant financial and operational improvement.
"Our goal is to improve the quality of our business by focusing on structurally growing markets, improving operating margins, increasing returns and sustainably delivering value for all stakeholders."
James Fisher also works with the likes of Total, EDF Energy and the Ministry of Defence.
