Marine services group James Fisher (LON:FSJ) maintained its trading momentum in H1 and confirmed its FY26 profit guidance. The firm said strong trading in Defence and Maritime had offset the impact of short-term softness in the Energy division.
Positive momentum maintained in H1
Group revenue rose 2.1% to £195.9 million, although performance was mixed across the group. Increased activity in Defence and Maritime Services offset weakness in Energy Services caused by geopolitical uncertainty.
Defence revenue jumped 43% with a substantial increase in operating margins thanks to positive mix and operational gearing. Martime Services revenue grew 8%, also with improved operating margins thanks to high vessel utilisation and favourable rates.
In contrast, Energy revenue fell 20.6% with a comensurate fall in margins. Increased geopolitical uncertainty led to lower short-cycle activity and delays to some customer projects.
James Fisher underlying H1 2026 results
| H1 2026 | H1 2025 | Change | |
| Revenue (£m) | 195.9 | 191.9 | 2.1% |
| Operasting profit (£m) | 14.2 | 11.1 | 28% |
| Operating margin | 7.2% | 5.8% | 140bps |
| Pre-tax profit (£m) | 6.3 | 4.5 | 40% |
Source: Company accounts
Full-year guidance confirmed
Early H2 trading is in line with H1, with continued positive momentum in Defence and Maritime Services. In Energy, the firm is assuming no improvement in conditions through H2 but also no further deterioration.
The group continues to invest in new product development and in adding new customers and new geographies. Investments include next-generation submarine rescue solutions in Defence and specialist engineering capability in data science, AI and autonomous systems.
The group confirmed its FY26 profit target along with its medium-term targets of a 10% underlying operating margin and 15% ROCE. CEO Jean Vernet stressed all three of its end markets have ‘compelling’ long-term structural drivers.
These results demonstrate the strength of the firm’s position in the Defence and Maritime Transport markets. Not only is the firm growing its revenue in turbulent times, it’s raising margins at the same time.
As the CEO says, James Fisher’s end markets all enjoy positive structural drivers, even though Energy is experiencing a lull in demand. We suspect that in six to 12 months’ time, all three divisions will be contributing to growth. Indeed, CEO Jean Vernet told Sharesify customers are already asking the group to mobilise ready for a step up in activity in FY27.
Meanwhile, new areas of demand are constantly opening up, such as energy security, offering new potential revenue sources. Like it or not, energy companies are going to have to spend more on protecting their infrastructure, which plays to the group’s strengths.
