16/12/2002
Ship operator and manager James Fisher has agreed to buy Norwegian marine services business Scan Tech for £8.8m cash, taking the business further into the waters of 'marine services'. Stavanger-based Scan Tech supplies rental equipment and engineering support to oil companies and their contractors in the Norwegian and UK sectors of the North Sea and complements Fisher's Underwater Engineering Services (UES) business in Aberdeen. Chairman Tim Harris also unveiled the acquisition of 'Ocean Fleets' from the administrator - this business has enabling contracts with the MOD and defence contractors, as well as quality assurance contracts for oil majors. Harris says it will be merged with James Fisher Rumic. In October Fisher completed the £4m acquisition of Rumic, broadening its relationships with the MOD and nuclear industries, and boosting business in marine support services once again. At the interim stage to June, Fisher beat market expectations with a 15% profits increase to £6.1m on turnover up 6% to £35.6m. For calendar 2002, house broker Evolution Beeson Gregory expects pre-tax profits of £9.8m, for earnings of 22.4p. The shares are rated at a mere 7.25 times forecast earnings. Good value.
| Market cap: | £78m |
| PE Forecast: | 7.25 |
| Share price: | 162.5p |
| LSE | £208.49m |
418.50p
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-11.50p
|
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