James Fisher announces 59% fall in profits amid Covid-19

25 August 2020 (Last Updated August 25th, 2020 15:28)

Marine services firm James Fisher has announced its financial results for the first half of 2020, revealing falls in revenue and profit amid the Covid-19 pandemic.

While James Fisher posted a £30m reduction in total debt, this figure is a silver lining compared to many areas where the firm struggled financially. The company’s total revenue fell from £286.9m in the first half of 2019 to £258.1m in the first six months of this year, a fall of 10%. More concerning will be the firm’s pre-tax profits, which fell 59% over the period, from £20.9m to £7.1m, as is the fact that there is no end in sight to the Covid-19 pandemic, which CEO Eoghan O’Lionaird claimed was responsible for the company’s latest struggles.

Read more about he impacts of the Covid-19 pandemic on the company here.