James Fisher and Sons (FSJ) H1 2026 earnings summary

Executive summary

• Revenue grew 2.1% year-over-year to £195.9m, with underlying operating profit up 27.9% to £14.2m and margin rising 140bps to 7.2%, driven by strong Defence and Maritime Transport performance offsetting Energy headwinds.

• Defence saw robust growth in revenue and profit, supported by contract execution and a strengthened order book; Maritime Transport benefited from high utilization and favorable spot rates.

• Energy division faced challenging market conditions due to customer caution, project delays, and policy changes, resulting in lower revenue and profit.

• Continued investment in people, technology, innovation, fleet renewal, and geographic expansion to support future growth.

Financial highlights

• Revenue increased to £195.9m, with Defence and Maritime Transport up £19.8m, offset by a £10.3m reduction in Energy.

• Underlying operating profit rose to £14.2m (margin 7.2%), up £7m from prior period.

• Net debt at £65.7m; net debt/EBITDA at 1.5x, within target range.

• Underlying earnings per share rose to 6.5p from 4.8p.

• Reported operating profit was £10.3m, up from £4.8m.

Outlook and guidance

• Momentum in Defence and Maritime Transport expected to continue in H2 2026; early 2H trading in line with 1H.

• Energy market conditions remain challenging due to geopolitical and macroeconomic uncertainty; full-year expectations unchanged if no further deterioration.

• Long-term fundamentals remain attractive, with structural demand growth across all divisions.

• Medium-term financial targets: 10% underlying operating margin and 15% ROCE.

• 2026 capital and development investment guidance at c. £35m; interest rate on borrowings c. 8%.