StockMarketWire.com - Marine service provider James Fisher and Sons warned on profit following ongoing challenges with customer demand and the safe mobilisation of teams to work sites.

The company anticipated underlying operating profit for the full year, before separately disclosed items, to be in the range of £27 million to £32 million.

The company previously expected underlying operating profit for 2021 to be around the same level as that achieved in 2020 of £40.5 million.

Customers of the company's marine contracting, decommissioning and nuclear businesses had further delayed projects -- previously expected to commence, and in some cases finish, in 2021 -- in recent weeks.

'The continuing challenges presented by the global pandemic, particularly in the safe mobilisation of teams to work sites, have influenced customer decision-making processes,' the company said.

The company's bad debt risk climbed by £32 million following a recent deterioration in the condition of a financially distressed customer .

Revenue in the quarter ended 30 September 2021 was 7.6% higher than Q3 2020 and 8.7% higher than Q2 of 2021.

The company also said it was reviewing its cost base and balance sheet to reduce net debt.



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