James Fisher & Sons PLC on Tuesday returned to profit at the pretax level, despite double-digit percentage decline in revenue, thanks to lower refinancing and restructuring costs.

The Barrow In Furness, Cumbria-based marine services provider said it has made progress on its turn-around plan and its outlook for the full-year remains in line with market expectations.

James Fisher swung to a pretax profit of £200,000 in the six months that ended June 30 from a £4.4 million loss a year before.

Revenue declined by 12% to £221.5 million from £252.0 million, partly due to business disposals, but cost of sales fell in line, leaving gross profit flat.

James Fisher took £2.5 million in refinancing costs in the recent half-year, down from £9.3 million a year before, and £400,000 in restructuring costs, down from £1.4 million.

On an underlying basis, operating profit grew by 20% to £16.8 million from £14.0 million a year before, though pretax profit on the same basis fell by 33% to £4.3 million from from £6.4 million.

James Fisher, a former FTSE 250 index constituent, has been selling off non-core businesses and assets to shore up its finances. It expects to secure cash after transaction costs of about £100 million from these disposals in 2024 and is working on a refinancing of its debt on better terms.

Net debt was £144.8 million on June 30, down 6.3% from £154.5 million a year before.

‘We have made important strategic progress on our business turn-around this year, significantly deleveraging our balance sheet through the sale of non-core assets, to provide a stronger financial foundation for growth,’ said Chief Executive Officer Jean Vernet.

James Fisher shares were up 0.6% to 352.00 pence in London on Tuesday.

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