James Fisher secures £95m of new bank facilities

19th Sep 2024 09:22

(Sharecast News) - Marine engineering services provider James Fisher & Sons said on Thursday that it has secured £95.0m of new bank facilities, providing it with increased flexibility to operate and reducing overall maintenance costs.

James Fisher said it had secured a £75.0m revolving credit facility and a £20.0m term loan for three and five years, respectively. The RCF also contains two, one-year extension options.

The London-listed group noted that since the beginning of FY24, it has "significantly reduced" its debt through the sale of non-core businesses and improved cash management, allowing it to right-size its bank facilities.

Chief executive Jean Vernet said: "Our overriding priority in 2024 was to improve the Group's financial position, by significantly deleveraging the group towards our target range.

"Completing the refinancing provides the key foundations for growth needed to complete the second phase of our business turnaround and unlock the company's full potential in the Blue Economy."

As of 0920 BST, James Fisher shares were up 2.15% at 351.39p.

Reporting by Iain Gilbert at Sharecast.com