StockMarketWire.com - Marine service provider James Fisher and Sons cut its dividend after reporting a plunge in first-half profit owing to a sharp decline in energy prices and the impact of the Covid-19 pandemic.

For the six months ended 30 June 2020, pre-tax profit fell 59% to £7.1m on-year as revenue fell 10% to £258.1m.

The company declared an interim dividend of 8p a share, down 29% on-year.

Despite a challenging backdrop, the company said it expected to see an improvement in the second of the year.

'Whilst the second half is expected to remain challenging and the outlook for our end markets is uncertain, we expect trading to improve through the second half, assuming no material deterioration in the Covid-19 situation,' it added.





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