StockMarketWire.com - Marine services company James Fisher and Sons warned on profit after performance fell short of its expectations in the third quarter amid ongoing challenges.

The company now expected underlying operating profit for the full year, before separately disclosed items, to be in the range of £35m-to-£40m.

Revenue for the nine months ended 30 September 2020 was 17% lower than the comparable period last year as trading in the third quarter continued to be challenging as 'the group did not see the improvement to trading conditions and the seasonal uplift it had been anticipating at the half year results,' the company said.

The company pinned the underperformance on Covid-19 restrictions, especially in the UK, the Middle East and southern Africa, with revenue in marine support continuing to be impacted by project delays and cancellations in subsea projects in both renewables and Oil & Gas. In

'In response a further restructuring programme has been implemented in marine support and the carrying value of the asset base is under review,' it added.




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