Defence | James Fisher and Sons plc

Our Defence reporting division.

James Fisher's Defence business, JFD, provides specialised solutions to the international defence and commercial diving markets.

It provides innovative solutions, including diving equipment and services, submarine rescue vessels and through-life rescue services, special operation swimmer delivery vehicles, saturation diving systems and engineering solutions for the markets in which it operates.

Defence Division results

Revenue (£m)

£68.2m

£72.5m

20222023

Statutory operating profit/(loss) (£m)

£(3.5)m

£(23.7)m

20222023

Underlying operating profit (£m)

£(0.4)m

£1.5m

20222023

Return on capital employed (%)

(0.4)%

2.1%

20222023

2023 Divisional performance

In 2023, revenue increased by 6.3% to £72.5m, with the Division returning to profitability delivering underlying operating profit of £1.5m.

Highlights included:

Successful transition of NATO submarine rescue system contract
Initial trial of Shadow Seal special operations vehicle
New General Manager appointed to drive US business market growth
Early momentum in international markets, including services and training contracts in India and South Korea
Strong growth pipeline in Australia, Singapore, Sweden, the US and Netherlands
Further investment in new product development

As geopolitical and energy security trends continue, the demand for subsea and special operations capabilities is set to increase. While the business delivered effectively on its existing contract commitments, including submarine rescue, some projects were delayed by customer and government approvals. The Division continues to build a strong opportunity pipeline but order intake was impacted by delays in the award of new contracts. However, the commercial diving business has performed well, aligned to energy market conditions. Product innovation and development is also set to drive further growth, alongside the Shadow Seal special operations vehicle that was trialled in 2023, ahead of its delivery to customers in 2024.

The business within the Defence financial reporting division

JFD

Is a world leading provider of submarine rescue services to the defence market and a leading provider of fixed and portable saturation diving systems and related diving equipment for the offshore industry.

As a world-leader of submarine rescue services, JFD has the ability to design, deliver and operate submarine rescue vehicles. Providing a very niche area of capability, it has long-term service contracts with navies. The driver is the tendering of defence projects for provision of the equipment, which can lead to longer-term service contracts to operate the service. The business also provides swimmer delivery vehicles to the special operations markets.

Demand for JFD's diving solutions is largely driven by the construction and replacement of dive support vessels which in turn drives ancillary service and product demand. Its end markets are oil and gas and defence based on service, repair and ongoing calibration requirements, and projects requiring specialist diving equipment.

JFD