By Anthony O. Goriainoff

James Fisher & Sons PLC said Friday that it swung to a 2022 pretax profit as revenue from continued operations grew, and despite profit falls at some divisions.

The U.K. marine-services provider said it had significant profit falls at its defense and nuclear businesses, with the latter a discontinued operation

Operating margins from continuing operations remained weak at 5.5%, compared with 6.3% in 2021, it said.

"Improving our operational performance to increase margin is a key priority for the new leadership team going forward," it said.

The company said pretax profit was 14.5 million pounds ($18.1 million) compared with a pretax loss of GBP28.9 million for 2021.

Revenue rose to GBP478.1 million from GBP442.4 million the year before. The company said this reflected growth in its marine support, offshore oil and tankships divisions.

"Our 2023 priority is to show significant progress in our turn-around plan by implementing the simplification of our divisional structure, and by delivering on key change management objectives. Our trading in the first quarter gives us confidence in the outturn for the year," Chief Executive Jean Vernet said.

Shares at 0723 GMT were down 3 pence, or 0.9%, at 317 pence.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

April 28, 2023 03:48 ET (07:48 GMT)

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