James Fisher Final Results

James Fisher and Sons plc ("James Fisher"), the leading marine service provider, announces its results for the twelve months to 31 December 2011.

Highlights:

·      An excellent year with Group revenue up 15%, underlying operating profit up 11% and underlying earnings per share up 16%

·      Specialist Technical, Defence and Offshore Oil divisions all enjoyed strong organic growth

·      Divisional management increasingly working together to win multi-skilled contracts, such as the BP Angola contract won post period-end

·      Strong results in Offshore Oil helped by the continued growth in the world's new oil provinces and a continuing recovery in North Sea markets

·      Defence revenue grew by over 30%, with James Fisher winning an £11m modernisation project for  the Swedish Navy's rescue submarine

·      Marine Oil, despite tough markets, remained profitable and cash generative

·      Cash conversion of 105% and net gearing reduced to 75% at 31 December 2011

Commenting on the results, Chairman, Tim Harris, said:

"James Fisher made excellent progress in 2011, with double-digit growth rates in both revenue and profit.  Our largest divisions, Specialist Technical and Offshore, have strong growth records and will continue to be the prime focus for future investment in new equipment and bolt-on acquisitions.  The prospects for James Fisher Everard, our tankship business, remain unchanged and dependent, to a large degree, on the state of the UK and European economies.  It will improve when the current tonnage overcapacity unwinds but overall this division is of decreasing importance to the Group performance. Trading for 2012 to date has been to management expectations and we continue to be well placed to provide further growth and value for our shareholders."