James Fisher and Sons (LSE:FSJ) reported first-half 2026 revenue of £195.9 million, an increase of 2.1%, while underlying operating profit rose 27.9% to £14.2 million.
The group’s underlying operating margin increased to 7.2%, reflecting improved profitability across its operations. Net debt remained broadly stable during the period, while the company said available liquidity continued to support investment.
Performance in the Defence and Maritime Transport divisions offset lower activity in Energy, where James Fisher reported reduced demand for services amid geopolitical and macroeconomic uncertainty.
Defence Revenue Increases 43%
James Fisher’s Defence division recorded a 43% increase in revenue during the first half, while its operating margin improved by 800 basis points.
The company also reported a sizeable Defence order book and continued work on major projects during the period.
In Maritime Transport, tanker operations and ship-to-ship transfer activities benefited from high vessel utilisation and prevailing market conditions.
The group continued to modernise its tanker fleet through investment in newbuild vessels as part of its programme of operational investment.
Energy Demand Remains Subdued
James Fisher reported lower activity in its Energy division, with demand for services affected by geopolitical and macroeconomic conditions. The division nevertheless recorded progress in parts of its renewables operations.
The group is also expanding its operations internationally, including new facilities in Asia-Pacific and Latin America.
Investment in product and technology development continued during the period, including work on next-generation submarine rescue platforms and fully electric compressors.
James Fisher is also developing digital capabilities, including digital twins, data science and artificial intelligence, across parts of its operations.
Full-Year Outlook Remains Unchanged
James Fisher maintained its outlook for the full year, with early trading in the second half described as consistent with the first-half performance.
The company expects momentum in Defence and Maritime Transport to continue, while Energy market conditions are expected to remain challenging because of geopolitical conflicts.
Management continues to target a medium-term underlying operating margin of 10% and return on capital employed of 15%. These remain company targets rather than forecasts of achieved future performance.
More about James Fisher and Sons plc
James Fisher and Sons plc is a U.K.-listed marine services group operating across Defence, Energy and Maritime Transport.
The company provides specialist marine engineering, subsea and support services, including defence equipment and systems, energy-related services and tanker operations.
James Fisher is expanding its international operations, including defence facilities in Singapore and its presence in North America and Continental Europe, alongside energy activities in Latin America. The group is also investing in technologies including digital twins, electric compressors, data science and artificial intelligence.
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