Fair wind for James Fisher as offshore turbines fuel growth

MARINE services company James Fisher is pushing further into the fields of submarine rescue and offshore wind turbines after lifting profit by more than a quarter in the first half of the year.

The FTSE 250 business has been building up its presence in the renewables market, repairing blades on wind turbines and monitoring cables. Earlier this year, the company signed its maiden long-term maintenance contract for the largest wind farm in the world in the Thames Estuary.

“There are more and more wind farms being built in the UK and the industry is maturing fast, while the cost of installing these farms comes down quickly,” said CEO Nick Henry.

James Fisher is also looking further afield at Taiwan, China and the US as potential markets that are starting to invest in offshore wind, although Mr Henry added “we have enough in the UK to fill our tummies at the moment”.

The company’s submarine rescue business is growing well too, thanks in part to rising defence budgets in developing countries such as India.

James Fisher’s revenues rose by 12pc to £260.5m in the six months to the end of June, while pre-tax profits increased by 26pc to £21.5m. The company announced a 10pc rise in its half-year dividend payment to 10.3p a share.

Its shares closed down 2p at £17.82.