James Fisher & Sons PLC on Wednesday said it has agreed a new £210 million revolving credit facility, to help fund its strategy.
Shares in the Cumbria, England-based marine services provider were up 4.8% to 294.90 pence each in London on Wednesday morning.
The new facility, which has a maturity date of March 31, 2025, will replace the group’s existing four facilities. The existing facilities total £247.5 million, of which £47.5 million were due to mature in October.
It said that the new RCF will provide the company with continued financial flexibility to continue to execute its strategy.
James Fisher also said that its results for 2022 are in line with the previous guidance it provided in March. It added that its trading performance in the first quarter of 2023 is ahead of the prior year and in-line with its expectations.
In March, James Fisher said it expects revenue from continuing operations to increase 7.4% to £475 million in 2022 from £442.4 million in 2021.
James Fisher plans to publish its financial 2022 results on April 28, after seeing some publication delays.
‘We are pleased to have reached this important agreement with our lenders and appreciate their ongoing support. We look forward to completing the final steps of the refinancing over the coming weeks,’ said Chief Executive Officer Jean Vernet.
‘The group has traded well in the first quarter of 2023 and we remain focused on delivering further financial and operational improvement.’
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