Marine services group James Fisher has reported a sharp rise in profits as booming demand from defence customers helped offset tougher conditions across its traditional energy markets.
The company, which operates across defence, energy and maritime transport, saw underlying operating profit rise 28% to £14.2million in the first half of 2026, while revenues increased 2% to £195.9million.
The standout performance came from defence - a growing trend among North Sea supply chain firms - where revenues surged 43% to £53.8million and underlying operating profit increased to £5.3million.
James Fisher said demand was growing for its specialist underwater warfare, submarine rescue and maritime infrastructure protection capabilities, with its defence order book standing at £295million alongside around £95million of further confirmed awards under framework agreements.
The group has been investing in new products including its Stealth Multi-Role rebreather and next-generation submarine rescue technology, as it targets opportunities where energy security, offshore infrastructure and national security are increasingly converging.
The strong defence performance contrasted with more challenging conditions in energy, where revenues fell 20.6% to £68.1million and underlying operating profit dropped 45.4% to £5.3million.
James Fisher said geopolitical uncertainty had reduced activity across its energy services markets, while delays and cancellations in offshore wind construction projects had also hit activity.
Chief executive Jean Vernet said: “We continue to operate in end markets with positive long-term structural drivers. This is translating into strong growth in defence and good performance in maritime transport, while heightened geopolitical uncertainty has continued to challenge activity levels in the first half across several of our energy markets."
James Fisher said its full-year expectations remain unchanged, with continued momentum anticipated in defence and maritime transport, although energy conditions are expected to remain challenging during the second half.