A marine engineering services group founded over 170 years ago has reported revenues and profits are still being hit by the pandemic - after turnover dropped almost 10% for its first half of 2021.
Cumbria-based James Fisher and Sons said in half-year results for the period ending June 30 its turnover was down to £233.7m from last year's £258.1m - a drop of 9.5%.
Its underlying operating profits stood at £13.3m - down 31.8% from 2020's £19.5m.
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The firm, a provider of services to the marine, oil and gas industries, said its Q2 performance was a "marked improvement" on Q1, and that its order books were "strengthening".
It also launched a new strategy to deliver sustainable profitable growth - announced in June.
Chief executive Eoghan O'Lionaird said: "Our first half result was in line with the board's expectations, with Q2 showing a marked improvement over Q1.
"The group is expecting performance to improve during the second half of the year as our end markets recover from the disruption caused by the effects of the global pandemic.
"However, we experienced weaker than anticipated trading in Fendercare and lower short-cycle order intake at JFD during the important summer period and this, combined with project suspensions in Mozambique, lead the board to now expect underlying operating profit for 2021 to be around the same level as that achieved in 2020.
"Looking beyond 2021, forward-looking order books in our long-cycle businesses are strengthening following high levels of tendering activity and contract wins year-to-date which gives the board confidence in the group's future prospects.
"James Fisher's new strategy to deliver sustainable profitable growth is progressing well. The group is focused on capitalising on its leading market positions within the marine, energy and defence markets and is well placed to benefit from the market recovery and meet its mid-term financial targets."
The firm said £130m of revolving credit facilities had been renewed for a three-year term, providing access to facilities of £287.5m in total and £247.5m through to at least 2024.
It has not declared an interim dividend for 2021.
