James Fisher & Sons plc

Positioning for sustainable growth
Harnessing  
the Blue  
Economy
Maritime Transport
Energy
Defence
Annual Report and Accounts 2024

Providing innovative 
solutions above,  
below & beyond  
the world’s oceans  
& waterways
In this report we outline progress made in 2024 on our 
journey to returning to sustainable, profitable growth
Energy 
Driving offshore energy forward 
through responsible energy  
provision and innovative  
renewable energy solutions.
 Read more on page 24
Defence 
Enabling mission critical success 
Protecting lives and assets on and  
under the oceans, in the most sensitive  
and challenging environments.
 Read more on page 26
Maritime Transport 
Shaping the future of maritime 
Leading the way in targeted coastal 
maritime shipping and global oil & 
natural gas ship-to-ship transfers.
 Read more on page 28
James Fisher and Sons plc Annual Report and Accounts 2024

Contents
Markets we operate in
3
Countries worldwide
23
Employees
1,900+
Years of marine experience 
175+
For more information please visit  
our website
 www.james-fisher.com
Financial Statements
Overview
Who we are
02
What we do
03
Business model and strategy
04
Positioning for growth
06
Our capital allocation framework
07
Strategy in action
08
Investment case
10
Chairman’s review
12
CEO’s statement
14
Strategic Report
Our markets
20
Operational highlights
21
Key performance indicators 
22
Non-financial KPIs
23
Our Divisions 
24
Financial review
30
Sustainability 
36
– People 
42
– Planet
46
– Partnerships
50
– TCFD report
54
– Section 172 
68
Principal risks and uncertainties 
70
Viability statement
79
Non-financial and sustainability  
information statement 
80
Governance
Chairman’s statement 
84
Governance at a glance
86
Board of Directors 
88
Corporate governance report 
90
Nominations Committee report 
94
Audit and Risk Committee report 
97
Directors’ remuneration report 
102
Directors’ report 
119
Statement of Directors’ responsibilities 123
Independent auditor’s report
126
Consolidated income statement
134
Consolidated statement of other  
comprehensive income
135
Consolidated statement of financial 
position
136
Consolidated statement of changes  
in equity
137
Consolidated cash flow statement
138
Guide to financial statements 
disclosures
139
Notes to the consolidated financial 
statements
140
Company statement of financial 
position
201
Company statement of changes in 
equity
202
Notes to the Company financial 
statements 
203
Subsidiaries and associated  
undertakings
214
Group financial record 
218
Investor information 
219
01
Strategic Report
Overview
Governance
Financial Statements

Who we are 
About us
James Fisher is a global marine 
services company. Our market 
is the Blue Economy - the sea 
is where we come alive. We 
have the technical expertise 
and experience that spans 
centuries, industries  
and continents. 
Our values
Pioneering spirit
We respond innovatively to our 
customers’ current and future 
needs. We think creatively and 
challenge conventional thinking.
Integrity
We do the right thing. We treat 
others as we’d like to be treated, 
listening respectfully and 
speaking honestly. We build 
relationships based on trust  
and fairness.
Energy
We love what we do and take 
pride in our work – delivering 
exceptional results for our 
stakeholders. We are  
empowered to make the  
right decisions quickly.
Resilience
We are accountable and 
courageous, facing into  
difficult situations. We are 
tenacious, seeking feedback  
to learn and develop.
Our purpose 
Harnessing the Blue Economy  
for future generations.
Our vision
The leading provider of unique 
marine solutions in Energy,  
Defence and Maritime Transport.
Our mission
Pioneering safe, innovative 
solutions that solve complex 
customer challenges.
Highlights
Revenue Continuing operations 
(£m)
£437.7m
2023: £496.2m
Underlying operating profit – 
continuing operations (£m)
£29.5m
2023: £29.6m
Profit/(loss) before tax – 
continuing operations (£m)
£54.0m
2023: (£39.9m)
Cash from operating  
activities (£m)
£49.3m
2023: £37.8m
Covenant net debt (£m)
£61.0m
2023: £149.8m
02
James Fisher and Sons plc Annual Report and Accounts 2024

Inspection, repair and 
maintenance
What we do
Defence 
Enabling mission critical success
Maritime Transport 
Shaping the future of maritime
Energy
Driving offshore energy forward
Selected customers
Offerings
Divisions
Revenue
Revenue 2024
Revenue 2024
Revenue 2024
48%
18%
34%
Our customer offering
Everything we do is in pursuit of solving our customers’ challenges 
 - across Energy, Defence and Maritime Transport.
Renewables
Energy  
services
Submarine 
rescue
Life  
support 
systems
Coastal
shipping
Ship-to-ship
transfer
Special
operations
03
Strategic Report
Overview
Governance
Financial Statements

Business model & strategy
People
United culture  
and talent to 
deliver potential
Innovation
Customer 
 innovation  that 
drives  business 
 growth
Geography
Regional hubs  to 
support global 
 expansion
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One 
James 
Fisher
2023
2024 (H1)
Focus
Aligned Company purpose and portfolio to the Blue Economy
Embedded unified Company Priorities
Completed disposals to reduce our debt
Simplify
Implemented One James Fisher model with three Divisions
Restructured Energy Division
Embedded new Division and Function Executive Team
Deliver
Strengthened governance and financial discipline
Investment in business growth and new product development
Embedded business excellence and launched Exceptional Safety culture programme
For more information see CEO’s statement page 14
04
James Fisher and Sons plc Annual Report and Accounts 2024

Our journey to transformation
Our strategy is centred around the 
One James Fisher ambition. We have 
completed the first chapter of our 
turnaround and are moving to the next. We 
continue to deliver our strategy through 
‘focus, simplify and deliver’.
Progress against Priorities
Our Company Priorities underpin our business strategy delivery.  
In 2024, we achieved targets for two of our Priorities, which are now embedded within 
business-as-usual. For a description of progress made aginst these Priorities, including 
those embedded, please see page 15 of the CEO statement. 
Priority
Objective
2024 
Progress
2025 
Priority
Exceptional  
Safety
Embed a culture of safety and improve performance
Foundations  
for Growth
Strengthen our financial platform and progress strategic targets
Embedded
Pipeline  
of Talent
Attract, develop and retain talent who will realise our ambitions
Employee 
Engagement
Improve employee engagement to empower people behind our mission
Embedded
Strong Supply  
Chain
Strengthen our supply chain to drive efficiency and business growth
Phase 2
New Product 
Development
Build a pipeline of products and services to drive technology innovation
 –
Customer 
Excellence
Place customers central to our business success and growth
 –
2024 (H2)
2025
Refinanced our revolving credit facility
Focused on underperforming businesses
 Focus on Defence recovery and growth
Launched focus on customer excellence
Investment in talent and reward framework
Launched central supply chain focus and self-help programme
Focus: 
We have divested businesses, embedded Company-wide Priorities and established a 
stronger financial platform to deliver the next chapter of our turnaround.
Simplify: 
Our Division and Product Line structure is embedded, with strong leadership driving 
greater customer intimacy and accountability for results.
Deliver: 
We have strengthened our central Functions to support Division delivery, enabled by a 
business change programme that will improve our financial and operational performance. 
Ongoing
Key
Complete
Five-year people roadmap
Technology & innovation
Geographic reach
New
New
05
Strategic Report
Overview
Governance
Financial Statements

Core markets
Growth pillars
Supportive markets & megatrends
Defence
Maritime 
Energy
Growth potential
Decarbonisation
Net zero by 2050
Energy, Supply  
& Security
Energy, fuel, commodities
Localism
Geopolitical 
landscape
Buy and spend local,  
reinforced by regulation
Long-term focus on 
government spend & 
security threats 
Digitalisation, 
Automation & AI
Leveraged as business efficiency enablers
Growth potential
Cash generator
Aligned Strategic 
Markets
People &  
Capabilities
Innovation &
Technology
Underpinned by improved operational performance
Positioning for growth
 
Harnessing the Blue Economy for future generations
06
James Fisher and Sons plc Annual Report and Accounts 2024

Focus on 
medium-term 
targets
Underlying 
operating profit
>10%
Return on  
Capital Employed
>15%
1
Strategic investment
Focus is organic growth - consider bolt-ons
2
Financial strength
Maintain Net Debt to EBITDA ratio of 1.0-1.5x
3
Ordinary dividend
Reinstate at the appropriate time
We are well positioned 
for growth with clear 
financial targets and 
a disciplined capital 
allocation framework  
that will deliver 
shareholder value.
Our capital allocation framework
07
Strategic Report
Overview
Governance
Financial Statements

Strategy in action
Investing in 
innovative growth
The offshore wind industry is experiencing 
unprecedented growth as the world seeks 
renewable energy solutions to meet  
climate change reduction targets. 
Offshore wind installed capacity continues 
to grow exponentially, with construction 
set to add an additional 120 GW by 
2030 (excluding China). Operations and 
Maintenance is also forecast to grow by 
EUR 7.5bn per year to 2029. Combined, 
these trends present significant potential 
in our core markets of Europe, Asia Pacific, 
and North America.
This growth has increased the demand  
for construction based technologies that 
reduce environmental noise pollution. 
Offshore wind turbine solutions are driven 
into the seabed using large hydraulic 
hammers, a process known as pile driving, 
which generates significant underwater 
noise. 
This intense underwater noise can be 
disruptive and potentially fatal to marine 
life such as dolphins, whales, and fish. The 
noise levels can reach up to 220 dB near 
the source, causing physical harm, stress, 
and behavioural changes in marine species.
Through our partnerships, James Fisher is 
leading the way with advanced compressed 
air solutions for bubble curtains. 
Bubble curtains are proven to be the  
most effective method for reducing 
underwater noise during pile driving.  
This technology delivers noise reduction 
of up to 95 percent. Bubble curtains create 
a barrier of rising bubbles that absorb 
and scatter sound waves, significantly 
minimising noise levels. 
Our compressed air solutions technology 
is a differentiator for James Fisher and 
our customers. Thanks to targeted capital 
investment in high-value markets, we are 
now the largest provider of this technology 
within the offshore wind construction sector 
with a proven track record across the USA, 
Europe and Taiwan.
Working in partnership 
Working in partnership 
- bubble curtain 
technology
We have strong partnerships in place to 
protect the marine environment.
We provide bubble curtain technology 
tailored to specific environmental 
conditions. Each bubble curtain is 
customised based on water depth, 
current speed, soil conditions, and the 
size of the monopile.
Our innovative single-vessel solution, 
using offshore rated stackable air 
compressors, can enhance efficiency 
and all models are designed to be 
stackable to reduce our carbon  
footprint. Our carbon footprint is 40 
percent lower compared to standard 
compressors.
Compared to standard 
compressors, the carbon 
footprint is 
40% lower 
Additional OFW construction 
capacity by 2030
120 GW 
Noise reduction during piling 
Up to 95%
08
James Fisher and Sons plc Annual Report and Accounts 2024

Supporting the 
construction of 
Coastal Virginia 
Offshore Wind 
(CVOW) 
The ST3100 delivers 
class zero oil-free air 
and enhances noise 
attenuation for the 
protection of marine life. 
ST3100 is the only air 
compressor designed 
specifically for big bubble 
curtain projects and offshore 
foundation piling. It is 
capable of delivering more 
than double the capacity of 
traditional air compressors 
while occupying only half the 
footprint, maximising deck 
space and uptime during 
time-critical operations.
After refinement and testing, we 
developed the ST3100, a 20ft dual 
certified CSC / DNV2.7-1 containerised 
air compressor with a Stage five 
emissions-compliant engine and original 
heat-rejection technology that ensures 
the equipment not only conforms to the 
latest standards but will operate in the 
toughest conditions without reliability 
or performance issues. This can deliver 
3,100cfm (87m³/min) of compressed air 
and is capable of working pressures of 
up to 200 PSI (13.8bar). It provides the 
necessary air to create a bubble curtain, 
reducing noise by up to 95 percent in 
deeper waters. This makes it suitable 
for the largest and most technologically 
advanced turbines being installed at 
greater depths.
In 2024, our ST3100 
played a pivotal role 
in the Coastal Virginia 
Offshore Wind project 
by enabling DEME to 
successfully install wind 
turbine foundations 
for its client Dominion 
Energy. The ST3100’s 
advanced noise 
attenuation technology 
was crucial in protecting 
marine life during the 
installation process, 
showcasing a significant 
advancement in 
sustainable offshore 
wind farm construction.
Mike Brown  
Head of Energy Services
Case Study
09
Strategic Report
Overview
Governance
Financial Statements

Enables improved operational performance
Investment case
Aligned strategic  
markets
We are well positioned to compete in  
our core markets and specialist business 
segments. The ongoing geopolitical 
environment continues to provide a 
strong backdrop for us to deliver against 
key megatrends including, energy 
security, decarbonisation, localism and 
digitalisation. 
•	 Market-leading positions across all three Divisions aligned 
to our growth strategy.
•	 Energy and Defence capabilities tailored to future growth 
areas and spend, including the energy transition and 
marine defence security threats.
•	 We have differentiated products and services across 
Maritime Transport, operating in a high barrier to  
entry market.
Deep expertise and 
capabilities
Our unique capability and deep expertise 
ensures we remain the customer partner 
of choice. We operate in 23 countries 
globally, providing safe, efficient 
operations in complex and hazardous 
environments.
•	 We are a globally trusted partner to our customers in all 
major operating regions across Europe, North and South 
America, the Middle East and Asia-Pacific.
•	 Across Energy, we have specialist expertise in construction, 
operations and maintenance, and decommissioning, 
helping our customers navigate the energy transition.
•	 In Defence, we have deep expertise in diving technology, 
hyperbaric rescue, submarine rescue, stealth mobility 
solutions and mission-critical support.
•	 We perform complex operations in Maritime Transport, 
across challenging marine environments.
•	 We are a trusted partner to our customers, with decades  
of project history and specialist capabilities.
Global provider of compressed 
air solutions for bubble curtain 
providers in North America
Global provider of submarine 
rescue and saturation diving
Countries
Employees
Leading provider of commercial 
diving equipment
Global provider ship-to-ship 
transfer services
#1
23 
1,900+
10
James Fisher and Sons plc Annual Report and Accounts 2024

Providing innovative  
solutions
Everything we do is in pursuit of solving 
our customers’ complex challenges.  
We deliver innovative solutions that 
provide a competitive edge, ensuring 
safety and service quality remain at the 
forefront of delivery.
•	 A pipeline of product and service innovation aligned to 
growing customer markets and macrotrends.
•	 Competitive advantage through first-to-market 
solutions.
•	 Leading technology with the ability to partner with 
industry, customers and academia to deliver innovation 
with agility.
•	 Robust, blue-chip customer base underpinned by long-
term relationships.
•	 Over 175 years of history in adapting to meet the needs  
of a changing world.
Improved operational 
performance
We are delivering our business 
turnaround strategy, becoming a 
stronger, more sustainable business. 
We have strengthened our financial 
foundations and have a clear roadmap 
to deliver margin improvement to 
support our growth strategy.
•	 Balance sheet is becoming stronger, and we are cash 
generative which allows us to invest in our strategic 
priorities.
•	 Long-term contracts and relationships, with recurring 
revenues and a first-class customer base.
•	 Margin improvement through improving business 
performance, self-help and supply chain efficiencies 
to drive sustainable growth.
•	 Asset-light with robust capital discipline investing  
in targeted growth.
Years average customer  
relationship 
Underlying operating profit 
medium term target
Vitality  
(medium term target)
ROCE medium term target 
15+ 
10%
15%
15% 
11
Strategic Report
Overview
Governance
Financial Statements

Sitting down to write this year’s Chairman’s statement,  
I was reflecting on how much has changed during the 
last year at James Fisher as we have navigated through 
the stormy seas of the last few years to emerge in 
somewhat calmer waters. The disposals of RMSpumptools 
and Martek Marine, combined with improved cash 
management, has given us a stronger financial platform 
to enter the next chapter of the turnaround, laying the 
foundations that will allow us to execute our strategy 
and deliver the full potential of James Fisher.
Chairman’s review
Clearly, creating a business that can deliver 
sustained growth is neither a quick nor 
easy job, but it is vitally important that we 
create a robust financial and operational 
base before we scale the business.
The management team deserves credit for 
the way they have tackled the turnaround 
to date, and I have every confidence they 
will continue to deliver as we turn our 
attention to growth. This is crucial if we 
are to drive sustainable improvement in 
our customer, operational and financial 
performance driven by our ‘One James 
Fisher’ strategy - strengthening our 
customer focus, creating a pipeline 
of innovative products and services, 
capturing cost synergies and improving 
execution across the business.
Addressing our debt
The last couple of years have been 
dominated by the financing challenges 
that we faced. Our high level of debt was 
unsustainable and we made the difficult 
but important decisions to sell two of our 
businesses and close another that was 
non-profitable. These actions allowed 
us to complete the refinancing of our 
debt facilities through a combination of 
existing and new lenders who are fully 
supportive of our future ambitions. This 
was a key milestone, and I’d like to thank 
everyone involved for their hard work in 
completing the disposals and refinancing, 
which led us to reduce covenant net debt* 
from over £149.8m as at 31 December 
2023 to £61m in 2024, including £88.9m 
reduction during 2024 (primarily driven 
by RMSpumptools and Martek Marine 
disposals). Strong financial discipline 
will remain important as we navigate 
the challenging currents ahead. 
Together with business and asset 
disposals, this led to a reduction of 
leverage* from 2.8 to 1.4x net debt to 
EBITDA. This put us in our target range 
of 1.0 to 1.5x net debt to EBITDA. 
Financial performance
Overall revenue was £437.7m, 11.8 
percent behind the prior year (£496.2m), 
Underlying Operating Profit (UOP)* was 
broadly flat at £29.5m. Revenue increased 
by 8.6 percent, excluding the impact of 
disposals and business closures. The 
improvement in performance came from 
the Energy Division’s well services, as it 
put to work our recent investment in a new 
compressor fleet in both traditional oil and 
gas applications, as well as our growing 
offshore wind bubble curtain business. 
As we complete the 
first chapter of the 
turnaround and turn 
our attention to growth, 
I have confidence 
that Jean Vernet and 
his leadership team 
are putting the right 
foundations in place 
to deliver sustainable 
growth in years to 
come.
* Alternative Performance Measures (APM) are 
reconciled and defined in Note 5 of the Consolidated 
financial statements.
12
James Fisher and Sons plc Annual Report and Accounts 2024

We are still working hard towards a 
stage when we have the strong, reliable 
profit and cash flow generation required 
to reinstate and sustain the dividend. 
Given the early stage of our turnaround 
and the challenges still to be navigated, 
unfortunately we are unable to recommend 
the payment of a dividend for 2024. 
I recognise the lack of a dividend is 
disappointing for many shareholders, 
and it’s something that the Board will 
continue to keep under review.
Our people
James Fisher, unlike most companies 
established over 175 years ago, has 
survived the ever-changing landscape 
through its agility and history of innovation 
– and the key to this is our people, who 
will continue to unlock our full potential. 
Keeping our people safe in a business 
of our nature is vital and during 2024 we 
prioritised safety. This will remain a focus, 
to address the challenges of changing long-
standing practices. I have confidence that 
the team is driving change through stronger 
leadership, training, reporting and practices 
that will deliver a long-term change in 
performance and enable our people to 
operate in a safe work environment.
Following a number of challenging years, 
I was delighted to see improvement in 
our levels of employee engagement. This 
was achieved through a step-change 
in communications and numerous local 
engagement projects which are addressing 
the biggest areas of employee concern. 
I would like to take this opportunity to 
thank all our people for their dedication 
and commitment through what has been a 
challenging few years, and thank my Board 
colleagues for their commitment and time. 
Overall, the adoption of the One James 
Fisher model is proceeding at pace, and 
2025 will see us turn our attention from the 
necessity of focusing on debt reduction 
and improving internal processes to the 
customer and new product development.
Focusing on sustainable growth
As we turn our efforts to growth, we will 
continue to manage capital expenditure 
prudently and focus investment on our 
highest potential businesses where we 
have long-term sustainable competitive 
advantage and good financial returns. 
We have seen significant success with 
this approach through Energy’s bubble 
curtain solutions and we are encouraged 
by early customer interest in some 
of our product development projects 
in Defence, notably tactical diving 
vehicles for special forces operations. 
Outlook
I am pleased we have completed 
the first chapter of our turnaround, 
and while we should acknowledge 
the achievements of the past two 
years, much remains to be done. 
For nearly two centuries we have 
adapted to the tides of change and 
the Board remains confident in our 
ability to endure and thrive, setting 
strong foundations for sustainable 
growth. We appreciate the support 
of our investors and lenders as 
we continue, capitalising on the 
resilience, talent and passion of our 
people in resetting our sails to find a 
following wind. 
Angus Cockburn
Chairman
We will also continue to invest in the 
renewal of our Tankship vessel fleet 
which forms a crucial part of our 
carbon reduction plans and long-
term sustainability ambitions. 
The next chapter of our turnaround 
will be underpinned by innovation, 
recognising that our customers turn to us 
for technologically enabled solutions that 
will provide them with a competitive edge. 
This year, we established a New Product 
Development Programme, with a clear 
gate process to ensure that we deliver a 
stream of new products and services in 
a controlled and cost-effective way. All 
new product development investments are 
informed by our strategy process, as well 
as partnering with small entrepreneurial 
companies to co-develop early-stage 
technologies that bring mutual benefit.
Another area of focus is geographic 
growth. We already operate across all 
major regional geographies, but see 
significant further opportunities across 
the Americas, Asia-Pacific and Europe. 
Recent contract wins in India, Taiwan, 
Japan and the USA are evidence of this 
latent geographic potential. Historically, 
each James Fisher business set up 
independent operations in each country 
but, going forward, the One James 
Fisher strategy will see us operating 
as a single country operation and 
entity, with a much-simplified structure 
and a customer-centric approach.
The remaining Renewables business 
had a challenging year financially, but I 
am encouraged by the potential across 
multiple different geographic markets 
and the focus we have on operational 
excellence to improve our competitiveness. 
Our decommissioning business continued 
to make a loss, caused by project delays 
and some operational challenges, 
but was profitable for the last few 
months as project execution improved 
and the cost base was reduced.
Performance in Defence hasn’t 
progressed at the pace we expected, 
with a small upturn in revenue leading 
to a marginal increase in UOP. 
Since I joined James Fisher, this is a 
business that has promised much, but 
has been hampered by long-delayed 
projects and slower than hoped financial 
turnaround. As we enter 2025 with 
a strong leadership team, several 
innovative new products in development 
and, most encouragingly, a stronger 
orderbook and sales pipeline, it’s vital 
that we improve our performance. It was, 
however, promising to see contract wins 
in India and Australia at the end of 2024, 
showing indicative signs of progress. 
Maritime Transport had a disappointing 
year with revenue down 4.5 percent and 
UOP down by 35 percent, largely due to 
slow market conditions for our ship-to-ship 
business, caused by high Liquefied Natural 
Gas (LNG) inventories reducing demand for 
operations, alongside reduced volumes in 
oil ship-to-ship activity in the Middle East. 
By contrast, performance in our Tankships 
business was steady, with utilisation at 
89 percent and further investment in the 
dual-fuel fleet replacement programme, 
and with four new vessels on order and 
expected for delivery in 2026 and 2027. 
From a cash perspective, it’s pleasing 
to see the focus on working capital, and 
the work of the Investment Committee 
on capital expenditure management, 
resulting in strong operating cash 
flow. It is a significant positive step to 
be able to report on management’s 
success in delivering these ‘self-help’ 
initiatives that have put James Fisher 
on a more solid financial footing.
As we complete the first stage of the 
turnaround and turn our attention to 
growth, I have confidence that Jean 
Vernet and his leadership team are putting 
the right foundations in place to deliver 
sustainable growth in years to come.
13
Strategic Report
Overview
Governance
Financial Statements

CEO’s statement 
In 2024, we delivered the 
second year of our turnaround 
programme and established 
a stronger, more sustainable 
platform for James Fisher. The 
progress made shows we are 
delivering through our driving 
principles of ‘focus, simplify 
and deliver’, increasing 
cohesion and improving 
customer synergies through a 
‘One James Fisher’ model.
Focus, simplify and deliver
A significant focus of our turnaround has 
been to strengthen the balance sheet and 
reduce leverage to a sustainable level. 
This goal was achieved by divesting 
RMSpumptools in July and Martek Marine 
in September, which delivered good value 
for our shareholders and contributed 
towards the simplification of our portfolio. 
Their teams leave the James Fisher Group 
with our sincere thanks for their hard work 
and dedication over many years. 
The net proceeds of both transactions, 
alongside improved cash management, 
reduced debt by c.£90m and enabled the 
re-financing of our Revolving Credit Facility 
in September 2024. The Group’s new bank 
facilities, provided by four major banks, 
significantly reduce administrative costs 
and provides increased flexibility to support 
the business. In addition, we obtained 
credit approval for a £12.5m General Export 
Facility in March 2025 (subject to finalising 
legal documentation) to specifically support 
our growth opportunities in Defence. I 
would like to personally thank our lenders 
for their trust and continued support.   
Back in 2023 we began the simplification 
of our portfolio and implemented the One 
James Fisher model with three divisions. In 
2024, we restructured our Energy Division 
to align with customer markets, invested in 
high growth business sub segments and 
product development. 
Overall, I am 
encouraged by our 
achievements, with 
James Fisher ending 
the year in a stronger 
position. We have a 
more resilient capital 
structure to complete 
our turnaround 
strategy, we are 
working as One Team 
and are starting to see 
the results of the hard 
work. 
As we continue to deliver on the business 
turnaround, we have stronger functions in 
place that are enabling our businesses to 
execute effectively and create consistency 
and efficiency across the organisation. 
Our key foundations of governance and 
compliance remain critical. It’s also pleasing 
to see Operations, Technology, HR, and 
Communications and Marketing delivering 
marked improvements enabling our three 
Divisions to deliver our roadmap to improve 
financial performance. 
In 2024, we further strengthened the 
Executive Team, including the appointments 
of a Chief Technology Officer and Head of 
Operations, both of whom will help to drive 
our growth strategy through technology 
innovation and supply chain. This includes 
our new Chief Human Resources Officer 
who joined in the second half of 2024 
and brings the expertise to deliver our 
five-year HR roadmap and ambitions. This 
will ensure our people continue to remain 
at the forefront of customer excellence, 
building on the quality and depth of 
existing relationships through a stronger 
commercial organisation next year. 
Our launch of a more efficient, centralised 
supply chain already delivered £1m of 
savings by the end of 2024, with greater 
potential in 2025 and beyond.   
14
James Fisher and Sons plc Annual Report and Accounts 2024

Delivering our turnaround
To deliver the first stage of our business turnaround in 2023, we established a set 
of One James Fisher company priorities. We are encouraged by the progress made 
in 2024 and it is safe to say, our turnaround programme has equipped us with a 
stronger financial platform to operate the business from. We have worked hard to 
deliver on the priorities we set out to deliver in 2024:
•	 Exceptional Safety – two of our 
three Divisions either maintained or 
improved their safety performance, 
although overall performance fell 
slightly short of our aspiration. We 
made positive progress in 2024, 
including improved awareness, 
enhanced training, and rolled out 
comprehensive procedures and 
protocols which are now embedding 
in all 2025 employee performance 
objectives.
•	 Employee Engagement – despite 
a significant year of change, our 
employee engagement survey scores 
increased to 3.94/5.0 this year. We 
remain committed to strengthening 
two-way engagement that aims to 
elevate our employees’ voice and 
help inform and deliver the future 
of our business together. We also 
focused on our anti-bribery and 
corruption training, with nearly 90% 
of employees trained, launching our 
new ethics and compliance system 
and whistleblowing speak-up service.
•	 Foundations for Growth – we 
successfully re-financed our bank 
facilities to create a more resilient 
financial platform, while improving 
cash management, reduced debt 
within our target leverage range and 
made good progress towards our 
medium-term financial targets.
•	 Strong Supply Chain – a new cross-
divisional supply chain function was 
established later in 2024, with a 
central procurement function that is 
strengthening supplier relationships 
and delivering savings. This is 
still at an early stage, and we look 
onwards to delivering much greater 
opportunities for efficiency and cost 
savings.
•	 Pipeline of Talent – the pace of 
our five-year people strategy 
was impacted by our new CHRO 
joining in the second half of 2024. 
Nevertheless, we launched an 
enhanced performance management 
process, a new rewards project 
and implemented a central data 
framework that aims to inform key 
decision making. We continued 
to drive diversity, support our 
apprentices and cadets and launched 
our first ever graduate programme.
Solid performance in a year 
of change
We ended 2024 with Underlying Operating 
Profit (UOP)*, Return on Capital Employed 
(ROCE)* and net debt slightly better than 
our expectations. While we continued 
to benefit from largely supportive end 
markets, our results also benefited from the 
work we did to strengthen our customer 
relationships and innovation roadmap.
During the year, the Energy Division was 
further simplified around Energy Services 
and Renewables with Inspection Repair and 
Maintenance (IRM) supporting both. Energy 
Services benefited from strong global 
demand for well services due to increased 
drilling activity, while bubble curtains saw 
continued growth from North America, 
adding to solid activity across its traditional 
basins. In addition, the IRM team made 
great progress in the second half on a major 
port infrastructure project in Mozambique 
which will conclude in Q1 2025. The team 
also made continuous progress in turning 
around some of our under-performing 
businesses, including decommissioning 
and control flow excavation.
We have seen success with our 
investment in noise attenuation solutions 
(bubble curtains) for offshore wind farm 
construction; this is a good example to 
demonstrate our agile business model 
pivoting into growing markets. We see 
broader potential across the offshore 
wind aftermarket services including cable 
and blade repair, and operations and 
maintenance services. In traditional oil and 
gas, we will continue to invest in services 
and technologies that make our customers’ 
wells more efficient and productive, 
meeting the demand for safer, more 
sustainable solutions on the back of robust 
end market demand.  
In Defence, our results do not yet reflect 
the significant progress made to resolve 
and complete long-standing projects, 
restructure our commercial organisation 
to rebuild a strong orderbook, pioneer a 
New Product Development (NPD) process 
and strengthen our supply chain. These 
foundations provide the platform to 
deliver stronger operational and financial 
performance into future years, with some 
signs of pickup in order intake and contract 
awards towards the later part of 2024. 
We see an acceleration in programme 
procurement activity together with a 
 Read more in our Driving the 
Change case study on page 52
broadening set of opportunities for 
submarine rescue and diving equipment 
renewal or expansion, that play to our 
strengths as market leader in both areas. 
Similarly, we focus on market development 
for our unique tactical diving vehicles and 
combined life support systems and host 
platform integration, across NATO and 
partner nations. 
Maritime Transport experienced a mixed 
year, in part due to the market conditions 
impacting the Liquified Natural Gas 
(LNG) demand for Fendercare’s, ship-to-
ship (STS) transfer services. As a global 
market leader in STS transfer, our focus 
is on building a stronger commercial 
organisation to benefit from our customer 
relationships and reputation for best service 
delivery. In Tankships, we delivered a solid 
performance, while we continued to invest 
in our dual fuel fleet of the future as our 
older vessels reach their end-of-life. This 
investment is central to our future returns 
and carbon reduction programme to enable 
us to meet our 2050 net zero commitment. 
We will continue to invest in the 
modernisation of our fleet, designing 
more efficient and sustainable tankers to 
ensure continuity of critical supply to the 
UK, allowing flexibility across cargo types 
and closely working with our long-term 
customers to expand our presence in other 
regions, such as the Caribbean.
With our three Divisions now established 
and driving continuous improvement, 
our primary focus is on completing our 
business turnaround, with the next phase 
set to support our growth ambitions. As part 
of our long-term strategy, we are looking to 
build synergies across selected geographic 
customers and markets. 
*Refer to Note 5 of the Consolidated financial statements
15
Strategic Report
Overview
Governance
Financial Statements

CEO’s statement continued
As we enter the next chapter of our turnaround, our Priorities for 2025 are clear:
1. Vitality index - revenue generated by the technology introduced in the last 5 Years per division as a percentage of 
the total revenue.
These priorities form the next chapter of our three-year business turnaround programme 
and position the Group for growth. We look forward to continued delivery in the period 
ahead. 
Sustainable growth
Everything we do is in pursuit of solving 
our customers’ challenges, whilst 
maintaining our number one priority of 
Exceptional Safety. Our three pillars to 
position the Group for growth are: Aligned 
strategic markets, People and capabilities, 
and Innovation and technology.
1.	 Aligned strategic markets - Our 
capabilities are tailored to the growth 
areas of future spending. We operate in 
the Global Energy and Defence markets 
which are growing in line with Energy 
transition investment and increasing 
Defence budgets to manage security 
threats. Within Maritime Transport 
we are selective by focusing on high 
barrier to entry sub segments where 
we provide a differentiated offering – 
we see this Division as a future cash 
generator to support our growth areas 
in Energy and Defence 
2.	 People and capabilities – We have 
deep expertise and unique capabilities 
which can be deployed around the 
world to provide our customers with 
solutions that they require. We know 
how to deploy efficiently and operate 
safely in complex and hazardous 
environments. We are committed to 
providing our people with opportunities 
to develop and learn, being an employer 
of choice.
3.	 Innovation and technology - We 
We are delivering our business 
strategy through our One James 
Fisher approach. 
 See our Strategic Report which 
starts on page 18
Outlook
Conditions remain supportive in most 
of our end markets, and while we are 
mindful of the near-term geopolitical and 
macro-economic uncertainty, we remain 
committed to delivering our ambition. 
We will continue to monitor emerging 
risks and their potential impact on global 
operations. February year-to-date trading 
was in line with management expectations 
and subject to geopolitical uncertainty, 
the Board remains confident on delivering 
further progress this year. 
We expect geopolitical uncertainty and 
energy security risk to increase in the 
medium-term. Our focus is on where 
we have the greatest opportunity to 
differentiate and accelerate our offering 
to customers in response to the macro 
environment – mostly within Energy and 
Defence verticals.
Our focus for 2025 is to deliver on the 
next chapter of our business turnaround, 
progressing on a path towards our UOP 
strategic target of 10% and our ROCE 
target of 15%, through a combination of 
further self-help, improved business unit 
performance, supply chain integration and 
revenue recovery for the Defence Division. 
 
As we execute this 
strategy, we will maintain 
a strong balance sheet, 
continue to focus on cash 
generation and ensure 
we allocate capital in a 
very disciplined way.
Exceptional Safety – remains our number 
one priority
Total recordable case frequency no greater 
than 1.6 (30% reduction from 2024)
Customer Focus – places customers 
at the heart of our strategy - central to 
our business model, reflecting our long 
tradition of bringing novel solutions that 
solve customers’ biggest challenges, 
wherever they operate in the world
Progress towards delivering 10% UOP 
margin and 15% ROCE target – growth 
consistently ahead of underlying markets
Pipeline of Talent – inspires people at the 
centre of our success
Employee engagement score to be > 3.95
New Product Development – drives 
innovation and develops a pipeline of 
unique product offerings
Disciplined capital allocation of investment 
in the business of £30-35m per annum 
Progress towards 15% vitality target1
Strong Supply Chain – accelerates the 
integration of our supplier base and 
enhances efficiency and productivity
Progress towards 10% UOP margin target
partner with our customers to provide 
new, innovative products that provide a 
competitive edge across a broad range 
of ecosystems. We have an evolving 
product and solutions roadmap driven 
by growing markets and macrotrends 
e.g. security, autonomy, electrification. 
As a leader in technologies, we have 
the ability to partner with industry, our 
customers and academia to deliver 
innovation and new technologies with 
agility.
As we execute this strategy, we will 
maintain a strong balance sheet, continue 
to focus on cash generation and ensure 
we allocate capital in a very disciplined 
way. We will prioritise organic investment 
in capability and capacity, to support our 
business where return hurdle rates can 
be achieved. We do see the potential 
over time to accelerate progress through 
targeted inorganic investment, which 
meets our strict financial criteria and would 
create value for our shareholders. 
Dividend 
An ordinary dividend will be reinstated at 
the appropriate time, when we can provide 
shareholders with a predictable annual 
return reflective of the Group’s progress. 
16
James Fisher and Sons plc Annual Report and Accounts 2024

Sustainability is an integral part 
of our transformation journey.
 Read more about Sustainability 
on pages 36 to 69
Everything we do is in 
pursuit of solving our 
customers’ challenges, 
whilst maintaining our 
number one priority of 
Exceptional Safety. Our 
three pillars to position 
the Group for growth will 
enable us to achieve this.
Thanks
Overall, I am encouraged by our 
achievements, with James Fisher 
ending the year in a stronger 
position. We have a more resilient 
capital structure to complete our 
turnaround strategy, we are working 
as One Team and are starting to see 
the results of the hard work playing 
through in our operational and 
financial performance.
My utmost gratitude goes to all  
our employees and their families, 
whose daily hard work and incredible 
energy have resulted in better 
results for the Group. Undertaking 
any business turnaround is difficult 
and distracting, but thanks to the 
resilience of many, we achieved 
our goal while continuing to deliver 
on our customer commitments, 
strengthening our compliance, 
financial discipline and delivering 
improved underlying performance.
I would also like to thank our 
shareholders for their support, and 
our customers for their trust. 
I am confident in the future of James 
Fisher and proud of our continuous 
and unique contribution to the future 
of the Blue Economy.
Jean Vernet 
Chief Executive Officer
17
Strategic Report
Overview
Governance
Financial Statements

We deliver our business 
strategy through our One 
James Fisher approach.
Strategic Report
18
James Fisher and Sons plc Annual Report and Accounts 2024
Our markets
20
Operational highlights
21
Key performance indicators 
22
Non-financial KPIs
23
Our Divisions 
24
Financial review
30
Sustainability 
36
– People 
42
– Planet
46
– Partnerships
50
– TCFD report
54
– Section 172 
68
Principal risks and uncertainties 
70
Viability statement
79
Non-financial and sustainability  
information statement 
80

Our focus for 2025 
is to deliver on the 
next chapter of our 
business turnaround, 
progressing on a path 
to reach our strategic 
targets.
19
Strategic Report
Overview
Governance
Financial Statements

MENA
Middle East and North Africa
KSA
Kingdom of Saudi Arabia
S/W 
Africa
South and West Africa
Our markets
Operating from 23 locations, we deliver 
products and services to over 60 countries. 
Using the right people, technology and supply 
chain to ensure safe and efficient operations 
for our customers. 
Key
Energy
Defence
Maritime Transport
Global reach through 
local presence
UK/Europe
MENA & KSA
South America
Asia Pacific
India
S/W Africa
Australia
North America
20
James Fisher and Sons plc Annual Report and Accounts 2024

Energy
Driving offshore 
energy forward 
We leverage our cutting-edge 
technology and expertise 
to deliver safe, efficient 
operations for renewables 
and oil and gas customers, 
across the lifecycle of 
their assets.
In 2024, the Division’s revenue was up 17.8 
percent to £183.3m* from £155.6m*, and 
the respective underlying operating profit 
increased to £18.0m* from £4.3m*.
Both oil and gas and offshore wind 
demand are set to increase through 
the next decade. Oil and gas capital 
expenditure is forecast to remain at similar 
rates through 2024-2028, with strong 
demand for well services. This is resulting 
in increased revenue across well testing 
services, including compressor rentals 
and services. While the decommissioning 
market remains challenging, a business 
improvement plan has refocused the 
Product Line on core offerings and 
enhanced operational efficiency. Offshore 
wind installed capacity continues to grow 
exponentially with construction set to add 
an additional 120 GW by 2030 (excluding 
China), with operations and maintenance 
growing through 2029. This trend aligns 
well with the Company’s core markets of 
Europe, Asia-Pacific and North America.
Defence
Enabling mission- 
critical success
Our expert team provides 
mission-critical support for 
naval assets and personnel, 
providing confidence in 
the most high-pressure 
environments. 
In 2024, the Division’s revenue increased 
from £72.5m to £80.1m, with underlying 
operating profit** up from £1.5m to £1.9m.
Defence global investment spend remains 
forecast to increase across all regions, 
including underwater capabilities and 
systems. The USA is the largest defence 
market, aligned to the Division’s growth 
strategy supporting new business in 
Defence diving and special forces 
platforms through collaborations with 
key strategic partners. Europe and Asia-
Pacific regions are also set to see spend 
increase, while the Division moved into a 
new Australian facility in 2024, to deliver 
contracts for the Royal Australian Navy. 
The commercial diving business continued 
to perform well, aligned to energy 
market conditions. Product innovation 
and development remain central to the 
Division’s success, with new product 
launches due from 2025. 
Maritime  
Transport
Shaping the future 
of Maritime 
As a global specialist in 
ship-to-ship transfer and 
tankships, James Fisher 
is a market leader in the 
movement of the world’s 
critical resources. 
In 2024, the Division’s revenue decreased 
from £157.2m to £150.1m, with underlying 
operating profit** falling from £23.3m to 
£15.1m.
The Division plays a key role in the supply 
of energy, petrochemicals and alternative 
fuels. As supply tightens, demand for mid-
sized tankers for the Northwest Europe 
coastal markets remains high and is set to 
continue in the mid-term. This supports 
James Fisher’s continued investment in 
the fleet replacement programme, aligned 
to its Sustainability Strategy and carbon 
reduction targets, with four further vessels 
on order and due for delivery in 2026/27. 
Slower than anticipated market conditions 
have impacted demand for LNG ship-to-
ship operations, with the Company focused 
on leveraging strong customer relationships 
and innovation to grow its customer base 
and expand into adjacent markets.
Operational highlights
* Adjusting for the impact of divested businesses and 
closures: RMSpumptools, Subtech Europe and Swordfish. 
See pages 30 to 35 for the reconciliation between reported 
underlying operating profit and underlying operating profit 
excluding disposals and business closures. 
** Underlying operating profit is an Alternative 
Performance Measure. Refer to Note 5 of the Consolidated 
financial statements.
Highlights included
•	 Restructured Division portfolio into: 
Energy Services and Renewables, 
underpinned by Inspection ,Repair 
and Maintenance.
•	 Simplified portfolio through sale 
of RMSpumptools, delivering good 
value for shareholders.
•	 Full year benefit from removal of loss-
making businesses in the prior year.
•	 Delivered good performance in 
compressor rentals and services 
to support offshore windfarm 
construction market. 
•	 Offset by reductions in Renewables 
and Subsea and Decommissioning 
Services following the refocus on 
core services with strong long term 
growth projections and the move 
away from commoditised services.
•	 Growth in Africa due to a major 
oil and gas infrastructure project. 
(concluding Q1 2025).
Highlights included
•	 Longstanding projects delivered, 
with strengthened management 
team in place to accelerate Division 
strategy.
•	 Strong performance in submarine 
rescue, defence diving and 
submarine platform, offset by lower 
revenue in special forces. Continued 
good performance from commercial 
diving and hyperbaric systems, 
aligned to the energy markets.
•	 A number of one-off set up 
costs associated with expansion. 
Expanding in key global regions, inc. 
Australia, the US, Indo Pacific and 
Europe, aligned to NATO nations.
•	 Key contract awards and extensions 
in India and Australia in Q4 2024.
•	 Order book increased by 37 percent 
with US Facility Clearance process 
initiated.
•	 Continued investment in new 
product development pipeline to 
drive innovation.
Highlights included
•	 Strong Cattedown Wharves port 
services and tankship performance, 
with good spot and fleet utilisation 
rates despite reduction in vessel 
fleet.
•	 Offset by poorer performance in 
LNG ship-to-ship transfers, due to 
slower market conditions impacting 
demand and reduction in volumes 
of oil ship-to-ship in the Middle East 
driven by regional unrest.
•	 Fleet replacement programme 
continues, with four new LNG 
dual-fuel tankships confirmed for 
delivery in 2026/2027.
•	 Simplified portfolio through sale 
of Martek Marine, delivering good 
value for shareholders.
•	 Good progress on carbon reduction, 
reducing Scope 1 and 2 emissions 
through digitally enabled pilots.
21
Strategic Report
Overview
Governance
Financial Statements

How we measure our financial progress – 
key performance indictors (KPIs)
Financial KPIs
Operating profit/(loss) 	
(£m)
Underlying operating profit*  	 	 	
	
(£m)
Return on operating capital 
employed*	
(%)
2024
2023
2022
£73.1m
£(18.6)m
£24.7m
2024 improvement driven by gains from 
business and assets disposals. Last year’s 
loss mainly reflected goodwill impairments 
and exceptionally high refinancing costs.
2024
2023
2022
£29.5m
£29.6m
£26.4m
Broadly flat underlying operating 
profit. Excluding the impact of divested 
businesses (Subtech Europe, Swordfish, 
RMSpumptools and Martek) adjusted 
underlying operating profit grew by 23.1 
percent.
2024
2023
2022
2024
2023
2022
8.2%
6.6%
5.3%
Return on operating capital employed 
(ROCE) improved to 8.2 percent, driven 
by more disciplined capital allocation 
supported by the sale of Raleigh Fisher 
during the year. This marks progress 
toward our strategic target of a 15 percent 
ROCE.
£73.1m
Underlying operating margin*  	 	
	
(%)
2024
2023
2022
6.7%
6.0%
5.5%
Margin improved to 6.7 percent, driven by 
strong performance in compressor rentals 
for Well Services and Offshore Wind, plus 
the Inspection Repairs and Maintenance 
contract in Mozambique. Exiting non-
profitable businesses in the prior year also 
improved results. The Group strategically 
aims for a minimum 10 percent operating 
margin as a profitability target.
6.7%
Cash flow from operating 
activities 	
(£m)
2024
2023
2022
£49.3m
£37.8m
£44.5m
The Group generated £49.3m of cash from 
operating activities, with a working capital 
inflow of £4.2m (2023: inflow of £6.7m). 
The increase in operating profit was the 
key driver of the improved cash flow. 
£49.3m
Leverage* 	
(times)
2024
2023
2022
1.4x
2.8x
2.7x
Significant deleveraging was achieved 
through the repayment of borrowings from 
in-year business disposals, followed by 
successful refinancing on much improved 
terms. This represents positive progress 
toward our target leverage of 1.0x to 1.5x.
1.4x
£29.5m
8.2%
* Underlying operating profit, underlying operating 
profit margin, return on capital employed, and leverage 
are Alternative Performance Measures (APMs) that 
are reconciled and defined in Note 5 of the financial 
statements. Underlying operating profit adjusted for 
business disposals and closures has been reconciled 
on page 30 of the Financial Review.
22
James Fisher and Sons plc Annual Report and Accounts 2024

Non-financial KPIs
Lost Time Incident Frequency 	 	 	
	
(LTIF)1
Scope 1 and Scope 2 emissions 		
	
(tCO2e)3
Employee Engagement Score 	 	 	
	
(grand mean)
2024
2023
2022
Base year 	
Baseline 
2021	
	
2.6
2024
2023
2022
3.94
3.86
3.84
Base year	
Baseline 
2021	
	
3.6
2024
2023
2022
49,594
74,885
74,530
Base year	
Baseline 
2021	
	
84,650
0.44
Total Recordable Case 
Frequency	
 (TRCF)2	
2.09
3.30
2.65
Base year	
Baseline 
2021	
	
7.4
2024
2023
2022
2.09
% Voluntary attrition	
(%)
2024
2023
2022
12%
14%
18%
Base year	
Baseline 
2022	
	
18%
12%
49,594
3.94
0.44
0.98
0.51
1.	 LTIF = (Number of lost time injuries x 1,000,000)/
(Total hours worked).
2.	 TRCF = (Fatality + Lost Time Injury + Restricted Work 
Day Case + Medical Treatment Case) x 1,000,000)/
(Hours worked).
3.	 Net Zero interim target year. Refer to our TCFD report.
23
Strategic Report
Overview
Governance
Financial Statements

In 2024 our Energy Division 
restructured under two  
distinct portfolios: 
Renewables and Energy 
Services underpinned by 
Inspection, Repair and 
Maintenance. 
This allowed us to realign our business 
to emerging market and customer needs, 
delivering the energy transition through 
safe, efficient energy production and 
innovative renewable energy solutions.  
Our transformation will continue as we 
maintain our focus on delivering innovative, 
market-leading products and services 
that make a difference in solving customer 
challenges. We sold RMSpumptools, with the 
proceeds used to reduce debt and re-invest 
and we wish everyone in the business well. 
Changes in energy markets, geopolitics, 
new technologies, the shift to clean 
energy, and the effects of climate change 
are all affecting how securely our energy 
supply is delivered. This creates significant 
challenges and opportunities, which 
James Fisher is well positioned to support. 
Growth and Strategy 
We are investing in advanced technologies, 
such as offshore wind noise attenuation 
systems (bubble curtains) – becoming 
the global leading provider. We continue 
to develop our cable protection and 
diagnostic services, minimising costly 
downtime while maximising the value 
of data to our customers. At the same 
time, we are reducing carbon emissions 
through the continued development of 
efficient compressors for well testing 
and production, including development 
of a new net zero emission electric 
compressor. These are just some of the 
innovations coming through our New 
Product Development Roadmap.
Beyond this, we are continuing to expand 
our strategic partnerships and target new 
markets in Latin America, Asia and the 
USA, building on long-term ambitions 
to expand our global presence. This 
complements our One James Fisher 
ambition, partnering with our Defence 
Division to provide cross-customer 
capabilities, including commercial diving. 
As we expand, we are strengthening 
our relationship with our supply chain, 
Our Divisions
2024 Highlights
Neil Sims
Head of Energy
integrating best practice and efficiency 
through regional hubs. 
We are leveraging synergies between 
offshore wind and traditional oil and gas 
operations to support the construction 
and operation and maintenance phases, 
such as air compressors for the big bubble 
curtains, controlled flow excavation 
and subsea services including Remote 
Operated Vehicles (ROV). 
Our success relies on a skilled workforce 
and I’m pleased to have our new senior 
leadership team in place, as well as the 
successful delivery of our first James 
Fisher Academy programme and emerging 
talent coming through our businesses 
including graduates and apprentices. 
Our People and Safety
I’d like to acknowledge and thank all 
our teams. Together we have delivered 
significant progress and improved our 
performance across the portfolio. It is 
our people and their focus on safety and 
consistent customer delivery that make 
all the difference. We have bettered both 
our Lost Time Incidents (LTI) and Total 
Recordable Case Frequency (TRCF) 
targets for 2024. Our focus for 2024 
included situational awareness campaigns, 
benchmarking our safety culture, and the 
adoption of Intelex our safety incident 
management tool. 
Outlook 
As we continue to transform our Energy 
Division for the future, our strategy will 
remain centred around strategic markets, 
people and capabilities, innovation and 
technology. This will drive a sustainable 
growth and our underlying commitment 
to a resilient future that meets the world’s 
energy demands while protecting assets, 
people and our planet.
207.5
266.5
74.8
9.5
24.8
15.7
17.6
9.3
Enhancing
Protecting
Connecting
 Safety
•	 Over 11 years LTI free in Norway
•	 Sapura Thailand project successfully 
completed in 361 days, with ZERO LTIs
•	 Awarded Vesterhav Project (VHP) Safety
•	 Honour Award from Vattenfall
 Performance
•	 Grew market share in well test support 
projects in Australia
•	 Continued commitment to the growth 
of renewables in Asia-Pacific, securing 
Zhong Neng offshore windfarm 
commissioning contract in Taiwan
 Innovation
•	 Internet of things (IoT) condition-based 
monitoring for marine deployed assets
•	 IoT asset management monitoring for 
windfarm data collection
Revenue (£m)
2024
2023
Statutory operating profit (£m)
2024
2023
Underlying operating profit* (£m)
2024
2023
Return on capital employed* (%)
2024
2023
24
James Fisher and Sons plc Annual Report and Accounts 2024
Energy

Case Study
Service quality in 
offshore wind 
We were asked to establish a 
24-hour, dual-language control 
room, and oversee high voltage, 
network safe operations during 
commissioning of the Saint-Brieuc 
Bay offshore windfarm.
The 25-strong team provided remote and vessel-
based support throughout the construction phase 
and during connection to grid. Post construction, 
the team trained customer technicians to ensure 
ongoing safety from the system during the  
operational phase. 
From the outset, communication 
was consistent between the 
project and site teams. Changes 
were quickly managed and 
everyone was kept informed, 
helping to ensure that safety  
and quality standards  
were maintained. 
Natanael Trascasa Barbero, Commissioning 
Manager Iberdrola Saint-Brieuc.
Location: France 
Supporting a  
multi-well campaign 
We successfully deployed our ScanTech Zone II 
electrical compressors in Namibia, supporting an 
ambitious multi-well campaign for our client. 
This first-of-its-kind project in the region provided 
a reliable, sustainable solution with reduced 
carbon output, lower noise levels, minimised fire 
risk, and an enhanced safety profile compared to 
traditional diesel alternatives. 
Both the team and equipment performed 
exceptionally, helping our customer to adopt 
sustainable solutions in their operation and 
leading to the adoption of Zone II electrical 
compressors for additional projects in the region. 
Location: Namibia
25
Strategic Report
Overview
Governance
Financial Statements
Overview

In 2024 our Defence Division 
moved into the second year 
of its turnaround.
We completed some longstanding projects 
that had suffered from COVID-related 
disruption, strengthened our team and 
operations as we prepared for growth, 
accelerated progress in delivering our 
strategy, and secured significant orders  
to accelerate our momentum. 
Safety 
With global teams operating in high-hazard 
environments, safety remains our highest 
priority. I am proud to report a significant 
reduction in our Total Recordable Injury 
Frequency Rate (TRIFR) during a year of  
high operational intensity. This achievement 
demonstrates our ability to uphold the 
highest safety standards while delivering 
critical services. 
Across many countries, we delivered 
essential submarine rescue trials and 
exercises, affirming our vital role in 
safeguarding lives and enabling mission 
success for navies around the world. 
Growth and Strategy 
2024 saw strong market momentum and  
new contract wins that position us for sustained 
growth. We also enhanced project and 
pipeline management, improving financial 
forecasting and ensuring more predictable 
performance. 
•	 Australia: Secured contract extensions 
with the Royal Australian Navy and 
moved into a state-of-the-art facility in 
Caringbah, improving our capacity to 
deliver services and grow. 
•	 USA: Initiated the Facility Clearance 
Process, enabling direct engagement 
with the Department of Defense, and 
achieved key early contract wins to 
develop our presence in the USA with 
existing partners. 
•	 UK and NATO: Embedded fully into the 
Third In-Service Support contract for the 
NATO Submarine Rescue Service (NSRS) 
while securing contract enhancements 
which further improve our ability to 
support our customer and the rescue 
readiness of the system. Introduced a 
new military diver training programme 
for an international customer. 
We enter 2025 with a pipeline which 
includes strategic opportunities across 
submarine platforms, tactical diving 
vehicles,special operations, and commercial 
diving capabilities – all areas where we are 
positioned to deliver innovative solutions. 
We also see significant opportunities 
across the Asia-Pacific region and Europe 
where geopolitical developments and 
growing defence budgets align with our 
expertise. Our ability to deliver tailored, 
reliable solutions positions us to expand 
in these markets while deepening 
partnerships with existing customers. 
Our People 
In 2024, we strengthened our team by 
recruiting talent across Product Lines and 
leadership roles which have already resulted 
in measurable improvements in engagement 
and performance. This investment reflects 
the team’s confidence in the Division’s 
future and enables us to deliver capable 
and relevant solutions for our customers. 
The unique and meaningful nature of the 
work we do continues to inspire pride and 
innovation across our organisation. 
Outlook 
The underlying drivers of our market 
remain robust and we are positioned to 
capitalise on growing demand across 
both underwater defence and energy 
security. While procurement timelines in 
the defence sector can be unpredictable, 
our order book, expanding pipeline and 
improvements to our forecasting provide 
confidence in the road ahead.  
Our financial pathway is driven by: 
•	 Growing pipeline across submarine 
rescue, submarine platforms, tactical 
diving vehicles and life support solutions.
•	 Expanding in key global regions, 
including Australia, USA, Asia-Pacific, 
Europe and NATO-aligned nations.
•	 Investments in innovation to remain at 
the forefront of our industry.
•	 A focus on flexibility and interoperability 
across mission sets and roles to meet 
diverse customer needs.
We are immensely proud of our 40 years 
of delivering mission-critical solutions, 
and our purpose remains clear: to enable 
mission success in the harshest operating 
environment on earth. With a strengthened 
leadership team, a focus on safety, 
performance, and innovation, and a clear 
strategy for growth, we are poised for 
sustained progress in 2025 and beyond.
Rob Hales
Head of Defence
Revenue (£m)
2024
2023
Statutory operating profit/(loss)
(£m)
2024
2023
Underlying operating profit* (£m)
2024
2023
Return on capital employed* (%)
2024
2023
80.1
72.5
2.0
(23.7)
1.9
1.5
3.5
2.1
Enhancing
Protecting
Connecting
Our Divisions
2024 Highlights
 Safety
•	 Significant reduction in the Total 
Recordable Injury Frequency Rate (TRIFR) 
during a high-intensity operational year
 Performance
•	 Closed legacy projects which incurred 
higher-than-anticipated costs
•	 Secured significant strategic contracts 
in Q4 
 Innovation
•	 Implemented the New Product 
Development process to accelerate 
innovation across our Product Lines
•	 New advanced health monitoring solution 
launched, securing first contract win
26
James Fisher and Sons plc Annual Report and Accounts 2024
Defence

Excellence in Global 
Submarine Rescue: 
Dynamic Monarch 24
Our reputation as a global 
leader in submarine rescue 
was once again demonstrated 
during Dynamic Monarch 24,  
a multi-nation submarine 
rescue exercise held off the 
coast of Norway to test and 
refine submarine intervention 
and rescue capabilities  
in some of the most  
challenging environments.
Having delivered the NATO Submarine 
Rescue System In-Service Support (ISS) 
contract since 2015, we are responsible 
for maintaining the system in a rescue- 
ready state so that it can be called upon to 
respond to a disabled submarine as rapidly 
as possible. The exercise, which involved 
forces from nations including the UK, France, 
Norway, Sweden, USA, Germany, Canada, 
and Turkey, focused on refining rescue 
protocols, enhancing interoperability, and 
ensuring rapid response to emergency 
scenarios.   
Highlights:  
•	 Successful deployment of the Submarine 
Rescue Vehicle (SRV): The SRV 
conducted dry transfer personnel rescues 
from Swedish GOTLAND and Norwegian 
ULA Class submarines.  
•	 	Intervention operations: The Intervention 
System, mobilised aboard the French Navy 
ship BSAM Rhone, performed serials using 
a Remotely Operated Vehicle.  
•	 Collaborative success: Partnering with 
systems from other nations, we shared 
practical knowledge and experience to help 
ensure the best possible submarine rescue 
procedures and assistance are ready if 
ever needed.  
Location: Norway
Case Study
Participating in Dynamic 
Monarch not only gives 
us the opportunity 
to demonstrate our 
competence, but it is also 
essential for the continual 
enhancement of our 
expertise and capability, 
ensuring we remain at  
the forefront as global 
submarine rescue  
operations evolve rapidly.
Richard Devlin, JFD Defence Director
27
Strategic Report
Overview
Governance
Financial Statements

Our Divisions
2024 Highlights
Our focus for 2024 was 
to continue integrating 
our business, developing 
stronger customer synergies 
while we maintain the  
highest standards of  
safety and quality.
It has been a mixed year, in part due to 
the slower market conditions that have 
impacted demand for our liquefied natural 
gas (LNG) ship-to-ship (STS) operations. 
We continue to focus on leveraging 
our strong customer relationships and 
innovation, to grow our customer base, 
which we demonstrated through our 
first LNG STS transfer off the UK coast 
at Southwold earlier this year, alongside 
an industry-first ammonia bunkering 
simulation via STS transfer in Australia. 
The success of operations like these 
paves the way for the transition to more 
sustainable marine fuels, with James 
Fisher specifically chosen as adviser for 
this world-first project.
Another proud moment was the christening 
of the Lady Maria Fisher in Sunderland, 
UK, in January. With four further LNG-
fuelled tankships on order, this will fulfil the 
long-term demand for mid-sized ships that 
provide a vital service for our North-West 
Europe coastal shipping markets. 
Cattedown Wharves, which provides 
essential port services, had a strong 
year, and the focus is on continuous 
improvement of operations and efficiencies 
as well as investigating opportunities to 
support the energy transition.  
Martek Marine also performed well in the 
first half of this year, prior to its disposal 
in summer 2024, with the proceeds used 
to reduce our debt and reinvest in our 
business innovation and growth. We wish 
them every success as they continue to 
thrive under new ownership.
Growth and Strategy 
Much of our innovation remains centred 
around the transition to a lower carbon 
future. Alongside our investment in tankers 
I’m proud of the progress we’ve made this 
year with our decarbonisation strategy. 
This includes optimising ships’ operational 
efficiencies through digitalisation which 
enables improved speed and consumption 
levels, voyage routing and hull cleaning, 
setting up the UK LNG bunkering supply 
required for our newbuild vessels. We  
have exceeded our emissions reduction 
targets this year and will continue play  
a key role in achieving our Net Zero 2050 
target. 
Safety
With regards to safety we faced headwinds 
from a high point in 2023 with zero Lost 
Time Incidents (LTIs). By contrast 2024 
saw five LTIs and as a leadership team we 
took collective responsibility: implementing 
our Safety Stand Down, increasing our 
presence onboard with Leadership site 
visits and providing further emphasis 
on ‘Stop the Job’. These actions led to a 
significant improvement on the incident 
frequency and severity during Q4 2024. 
Exceptional Safety will remain a key priority 
for our business and everyone in Maritime 
Transport has a vital role to play.
Outlook 
As we look ahead, we will continue to 
focus on evolving our business for the 
future, identifying synergies to grow our 
customer base and market share. This 
year we have already partnered with our 
colleagues to launch a One James Fisher 
business presence in Brazil, with the focus 
turning to Asia in 2025. Thanks to our 
strong foundations of people, innovation 
and growth, I remain confident in our 
Division’s continued potential, including 
the ability to differentiate ourselves 
through our products, service quality and 
the outstanding expertise of our people. 
Krystyna Tsochlas
Head of Maritime Transport
Revenue (£m)
2024
2023
Statutory operating profit/(loss)
(£m)
2024
2023
Underlying operating profit* (£m)
2024
2023
Return on capital employed* (%)
2024
2023
150.1
157.2
17.2
21.7
15.1
23.3
22.4
30.3
Enhancing
Protecting
Connecting
 Safety
•	 Leadership site visits to emphasise ‘Stop 
the Job’ 
 Performance
•	 Strong performance from Tankships and 
Cattedown Wharves
•	 Tankship utilisation at 90% 
 Innovation
•	 Investment in four further  
LNG-fuelled tankships
•	 Bunkering software to optimise 
shipping routes
28
James Fisher and Sons plc Annual Report and Accounts 2024
Maritime Transport

Supporting clean fuel 
development with 
ammonia bunkering 
simulation  
We supported an industry 
consortium led by the 
Global Centre for Maritime 
Decarbonisation (GCMD) to 
simulate ammonia bunkering 
with ship-to-ship transfers 
as part of an industry-
leading pilot.
The important pilot project was designed  
to demonstrate the operational viability  
of future ammonia bunkering and highlight 
the potential of ammonia as a  
zero-carbon solution. 
As the shipping industry advances its 
decarbonisation efforts and explores 
ammonia as a marine fuel, testing and 
operationalising these enhanced safety 
protocols were critical objectives of  
this pilot.
Due to the toxic and harmful nature of  
the cargo, its safe handling is a major 
industry concern. 
Highlights
•	 Our specialist operations team undertook 
meticulous operational co-ordination and 
planning, conducting all pre-operational 
studies, compatibility assessments, 
detailed risk assessments and dynamic 
mooring analyses to support the safe 
execution of the pilot.
•	 The team worked closely with the GCMD 
and their partners, harnessing their 
specialist skills and experience to ensure 
the ammonia cargo was transferred safely 
while addressing any challenges.
Benefits
•	 The pioneering transfer revealed the 
operational viability of future ammonia 
bunkering in the Pilbara region and helps 
pave the way for ammonia to be used as a 
sustainable marine fuel.
Location: Pilbara, Australia 
Case Study
The potential of ammonia is 
huge as a zero–carbon fuel 
to accelerate the energy 
transition, and STS services 
will play a significant role. 
We’re extremely proud to 
have been involved in this 
industry-leading initiative 
with the GCMD and its 
partners, helping to safely 
demonstrate the operational 
viability of ammonia as a 
sustainable marine fuel.
Ruth Christie, Product Line Director  
at Fendercare
29
Strategic Report
Overview
Governance
Financial Statements

Financial review
Reported results from 
continuing operations
The Group generated revenue of £437.7m 
in 2024, a decrease of 11.8% compared to 
£496.2m in 2023 largely due to the impact 
from disposed businesses. The Energy 
Division delivered a strong performance 
in Well Services and Offshore Wind. 
Inspection, Repair & Maintenance benefited 
from a major infrastructure contract in 
Mozambique, which is due to complete in 
Q1 2025. In both, Renewables and Subsea 
and Decommissioning revenue was actively 
reduced, following a strategic refocusing on 
core growth services. In Maritime Transport 
the performance was mixed, with revenue 
down 4.5% to £150.1m. Tankships performed 
well, achieving 89% fleet utilisation. The 
business is progressing its fleet renewal 
programme, with four new vessels 
arriving from 2026. JF Fendercare faced 
headwinds due to reduced LNG ship-to-ship 
activity, Middle East instability, and order 
rephasing. Defence revenue increased by 
10.5% to £80.1m, with strong performance 
in submarine rescue, defence diving, 
and submarine platforms. The division 
secured long-term renewals in Australia 
and expanded its NATO submarine rescue 
contract. Although special forces vehicle 
revenues were impacted by a contract 
Table 1: A summary of the Group’s performance from continuing 
operations is set out below
	
Underlying results1
Reported results
2024
2023
Change
2024
2023
Change
Revenue (£m)
437.7
496.2
(11.8%)
437.7
496.2
(11.8%)
Operating profit/(loss) (£m)
29.5
29.6
(0.3%)
73.1
(18.6)
n/m
Profit/(loss) before tax (£m)
11.9
8.3
43.4%
54.0
(39.9)
n/m
Profit/(loss) for the year (£m)
5.5
2.3
139.1%
46.4
(50.9)
n/m
Operating margin
6.7%
6.0%
70 bps
16.7%
(3.7%)
n/m
Return on capital employed
8.2%
6.6%
160 bps
n/a
n/a
n/a
Net debt – covenant basis
61.0
149.8
(59.3%)
n/a
n/a
n/a
Net debt
56.1
144.2
(61.1%)
n/a
n/a
n/a
Earnings/(loss) per share
16.9
11.4
48.2%
92.0
(101.2)
n/m
Excluding disposals and closures2
Revenue (£m)
406.0
373.7
8.6%
Operating profit (£m)
22.0
16.8
31.0%
1. 	The Group uses a number of alternative (non-Generally Accepted Accounting Practice (non-GAAP)) performance 
measures (APMs) which are not defined within IFRS. The APMs should be considered in addition to and not as 
a substitute for or superior to the information presented in accordance with IFRS, as APMs may not be directly 
comparable with similar measures used by other companies. The APMs are described more fully and reconciled to 
GAAP performance measures in Note 5 of the Consolidated financial statements. 
2. 	Revenue and operating profit excluding disposals and closures is after the impact of RMSpumptools, 
Martek,Subtech Europe and Swordfish. RMSpumptools contributed £24.2m in revenue (2023: £42.5m) and £6.8m 
in operating profit (2023: £11.3m). Martek contributed £7.5m in revenue (2023: £11.6m) and £0.7m in operating 
profit (2023: £1.4m). In 2023, operating profit from Swordfish was £3.9m, while Subtech Europe recorded losses of 
£3.8m.
Table 2: Reconciliation of continuing operations underlying operating 
profit to operating profit
2024
£m
2023
£m
Underlying operating profit
29.5
29.6
Amortisation of acquired intangible assets
(0.3)
(1.1)
Impairment charges, net
(5.1)
(28.1)
Re-financing costs
(3.5)
(12.2)
Restructuring costs
(1.7)
(5.7)
Disposal of businesses and assets
54.9
1.7
Other
(0.7)
(2.8)
Operating profit/(loss)
73.1
(18.6)
With positive 
cash generation 
and successful 
deleveraging, we 
are well-positioned 
to drive growth, 
enhance margins, 
and scale efficiently.
Karen Hayzen-Smith
Chief Financial Officer
30
James Fisher and Sons plc Annual Report and Accounts 2024

cancellation, a major contract for tactical 
diving vehicles for special forces equipment 
and new submarine platform projects 
strengthen the forward orderbook to £306m 
(2023: £223m).
Reported operating profit was £73.1m, 
an increase of £91.7m over 2023, despite 
underlying operating profit remaining 
relatively flat. The improvement was driven 
by a £91.8m reduction in net adjusting items, 
shifting from a £48.2m loss to a £43.6m 
gain. This year’s movement includes £54.9m 
from the disposal of RMSpumptools, Martek, 
and certain Subtech Europe assets. The prior 
year’s loss was primarily due to a £28.1m 
reduction in goodwill related impairments 
and exceptionally high re-financing costs.
Reported profit before tax was £54.0m, 
an increase of £93.9m. The increase in 
profit before tax was driven by the reported 
operating profit performance, along with a 
benefit from lower net finance expenses. 
The reduction in net finance expense 
resulted from re-financing on more 
favourable terms and overall deleveraging 
(October 2024 onwards), which was made 
possible following various in year disposals.
Reported earnings per share were 92.0 
pence compared to a loss of 101.2 pence in 
2023 reflecting the improved operating profit 
performance and gain from adjusting items.
Underlying operating profit 
from continuing operations – 
See Table 2
Underlying operating profit was broadly 
flat at £29.5m (2023: £29.6m). The Energy 
and Defence Divisions delivered growth in 
both underlying operating profit and margin, 
whereas Maritime Transport saw declines in 
both underlying operating profit and margin. 
The Group’s overall underlying operating 
profit margin improved by 70 bps, from 
6.0% in 2023 to 6.7% in 2024 reflecting the 
strong performance in compressor rentals 
into both Well Services and Offshore Wind 
and the Inspection Repairs and Maintenance 
Mozambique contract.
Full year operating performance 
by Division
Energy - See Table 5
Strong performance in Compressor 
Services product lines
The Energy Division provides services 
to the energy and renewables markets 
including compressor services in Oil 
and Gas markets and Bubble Curtains 
for Offshore Wind (Scantech), IRM (JF 
Subtech), Commissioning, Cable and  
Blade maintenance and support into 
Table 3: Summary of underlying revenue from continuing operations
2024
£m
2023
£m
Change
%
Energy
207.5
266.5
(22.1%)
Defence
80.1
72.5
10.5%
Maritime Transport
150.1
157.2
(4.5%)
Total
437.7
496.2
(11.8%)
Table 4: Summary of underlying operating profit/(loss) from continuing 
operations
2024
£m
2023
£m
Change
%
Energy
24.8
15.7
58.0%
Defence
1.9
1.5
26.7%
Maritime Transport
15.1
23.3
(35.2%)
Corporate
(12.3)
(10.9)
(12.8%)
Total
29.5
29.6
(0.3%)
Renewables (JF Renewables) and 
Subsea and Decommissioning Services 
(JF Offshore). The Artificial Lift 
(RMSpumptools) product line was sold 
on 8 July 2024 for net consideration of 
£82.8m and is included in the results until 
the disposal date.
The Energy Division achieved a 17.8% 
increase in revenue (excluding Subtech 
Europe, Swordfish and RMSpumptools) 
with strong performance in compressor 
rentals into both Well Services and 
Offshore Wind (ahead by 18.6%) and 
the continuing Inspection Repairs and 
Maintenance businesses, although this was 
mainly due to a contract in Mozambique 
which will conclude in early 2025. 
Offsetting these advances were revenue 
reductions in Renewables and Subsea and 
Decommissioning Services following the 
refocus on core services with strong long 
term growth projections and the move away 
from commoditised services. Including the 
£3.5m gain from the sale of life of field rental 
assets, the Division achieved a more than 
fourfold increase in underlying operating 
profit (excluding disposals and closures).
Compressor Rentals were particularly 
strong both in traditional Well Testing 
service support in Africa and the Middle 
East and in Bubble Curtain support to 
Offshore Windfarm construction, with some 
significant contract wins in the US which will 
continue into 2025. The overall increase was 
£11.5m; from £61.9m to £73.4m or 18.6%, 
with strong asset utilisation extending into a 
traditionally lower activity fourth quarter due 
to strong customer demand.
Inspection, Repair and Maintenance 
(excluding Subtech Europe and Swordfish) 
increased revenue by 59.7% from £39.7m 
to £63.4m, there was good growth 
particularly in Africa as a major port 
infrastructure project ramped up in H2, 
this contract will conclude in H1 2025.
Renewables revenues declined by 20.4% 
from £29.9m to £23.8m mainly due to a 
strategic portfolio review and a refocus 
onto commissioning and Blade/Cable 
monitoring and repairs and away from 
other commoditised activities. There were 
also lower levels of construction activity 
with deliveries in 2023 (Seagreen and 
Hollandse-Kust) not replaced in 2024. 
Subsea and Decommissioning Services 
revenue declined by 15.2% from £22.3m 
to £18.9m. In a similar vein to Renewables 
this business has been restructured 
with non-core commoditised product 
offerings being disposed of and the 
remaining business being aligned to 
robust growth markets supporting Subsea 
and Decommissioning services only.
The now divested RMSpumptools 
product line is included within 
continuing operations as it did not 
satisfy the accounting criteria to be 
reported as a discontinued operation. 
The net proceeds from the sale 
of the business has significantly 
decreased Group financial leverage.
31
Strategic Report
Overview
Governance
Financial Statements

Financial review continued
Defence – See Table 6
Positive progress in growing the 
orderbook, the pipeline remains strong.
The Defence Division provides underwater 
systems and life support capabilities, 
for the defence and commercial diving 
markets. The main business lines are 
submarine rescue, defence diving, special 
forces vehicles, submarine platforms, and 
commercial diving and hyperbaric systems.
The Defence Division’s revenue increased 
by 10.5%, to £80.1m (2023: £72.5m), 
with an underlying operating profit of 
£1.9m, an increase of £0.4m compared 
to 2023. The revenue increase was 
primarily due to strong performance in 
the submarine rescue, defence diving 
and submarine platform product lines; 
partially offset by lower performance in 
special forces vehicles mainly caused by 
the cancellation of a contract in the US. 
Although operating margin improved, 
there were a number of one-off set up 
costs associated with expansion. 
Commercial diving and hyperbaric product 
line activity was steady during 2024 with 
strong growth potential identified for 2025 
and beyond. Long term submarine rescue 
and defence diving contracts were renewed 
in Australia during 2024, and the scope 
of the NATO submarine rescue contract 
was expanded. Two submarine rescue 
equipment build projects were completed 
during the year, now in the warranty phase. 
Good progress has been made in 
strengthening the order book, including 
successful contract awards in the US and 
a major special forces equipment contract 
secured during the year. As of 31 December 
2024, the Division’s forward order book 
stood at £306m, a significant increase from 
£223m in the prior year. Further awards are 
expected in 2025 subject to procurement 
processes, particularly in the submarine 
platforms and special forces vehicles 
product lines.
The underlying drivers for the key markets 
remain strong, and the Group is focused 
on securing new contracts as customers 
around the world prioritise undersea 
defence and energy security.
Maritime Transport – See Table 7
Mixed performance across product lines 
with challenges in STS markets.
The Maritime Transport Division comprises 
the Tankship business, Cattedown 
Wharves (Cattedown) and JF Fendercare.*
The Maritime Transport Division’s revenue 
decreased by 4.5% to £150.1m (2023: 
£157.2m), reflecting mixed performance 
across product lines. Underlying operating 
Table 5: Energy
2024
£m
2023 
£m
Change
%
Revenue 
207.5
266.5
(22.1%)
Revenue excl. disposals and closures1
183.3
155.6
17.8%
Underlying operating profit2
24.8
15.7
58.0%
Underlying operating profit excl. disposals 
and closures1
18.0
4.3
318.6%
Underlying operating profit margin
12.0%
5.9%
610 bps
Underlying operating profit margin disposals 
and closures1
9.8%
2.8%
700 bps
Return on capital employed2
17.6%
9.3%
830 bps
1.	 Revenue and operating profit excluding disposals and closures is after the impact of RMSpumptools, Subtech 
Europe and Swordfish. RMSpumptools contributed £24.2m in revenue (2023: £42.5m) and £6.8m in operating 
profit (2023: £11.3m). In 2023, operating profit from Swordfish was £3.9m, while Subtech Europe recorded losses 
of £3.8m.
2. 	Please refer to Note 5 of the Consolidated financial statements for further information on this alternative 
performance measure.
Table 7: Maritime Transport
2024
£m
2023 
£m
Change
%
JF Tankships (incl. Cattedown)
80.5
76.1
5.8%
JF Fendercare (excl. Martek)
62.1
69.5
(10.6%)
Martek
7.5
11.6
(35.3%)
Total revenue 
150.1
157.2
(4.5%)
Underlying operating profit1
15.1
23.3
(35.2%)
Underlying operating profit (excl. Martek)2
14.4
21.9
(34.2%)
Underlying operating profit margin
10.1%
14.8%
(470 bps)
Underlying operating profit margin (excl. Martek)
10.1%
15.0%
(490 bps)
Return on capital employed1
22.4%
30.3%
(790 bps)
1. 	Please refer to Note 5 of the Consolidated financial statements for further information on this alternative 
performance measure.
2.	 Martek contributed £0.7m in operating profit (2023: £1.4m).
Table 6: Defence
2024
£m
2023 
£m
Change
%
Total revenue 
80.1
72.5
10.5%
Underlying operating profit1
1.9
1.5
26.7%
Underlying operating profit margin
2.4%
2.1%
30 bps
Return on capital employed1
3.5%
2.1%
140 bps
1. 	Please refer to Note 5 of the Consolidated financial statements for further information on this alternative 
performance measure.
32
James Fisher and Sons plc Annual Report and Accounts 2024

profit declined by 35.2% to £15.1m (2023: 
£23.3m), with the operating profit margin 
reduced to 10.1% from 14.8%. 
Tankships and Cattedown continued to 
deliver good performance in the year 
with revenues up from £76.1m to £80.5m. 
Demand continued to be strong allowing 
Tankships to achieve fleet utilisation of 
89% (2023: 93%). The increase in revenue 
was down to Tankships taking on the 
management of an additional services, 
repair and maintenance contract following 
the closure of Subtech Europe. Cattedown 
saw an increase in the throughput from 
petroleum and dry cargo which, combined 
with inflationary price increases, lead to 
improvement in revenues. The underlying 
operating profits from these two businesses 
saw a 6% decline mostly due to costs 
incurred in stengthening capabilities. 
During December 2024 and in early 2025, 
three vessels operated and managed by 
Tankships left the fleet as they reached 
the end of their commercial lives. An 
owned vessel, the Raleigh Fisher was 
sold in December generating a profit on 
disposal of £2.8m recognised in separately 
disclosed items. The Cumbrian Fisher and 
Clyde Fisher, which were leased, were 
redelivered to their owners in December 
2024 and February 2025 respectively. 
The Raleigh Fisher was replaced by 
the Leander Fisher, a vessel of similar 
specifications that was taken on a long-
term bareboat hire in order to service the 
MOD time charter awarded to Tankships in 
November 2024.
Tankships continues its fleet replacement 
programme, with four new sub-
intermediate tankers to be delivered 
throughout 2026 and early 2027.
JF Fendercare (excl. Martek) experienced 
an £7.4m reduction in revenue year-on-
year, due to a lull in LNG ship-to-ship 
activity as global LNG stocks have remained 
high. This was exacerbated by a reduction 
in volumes of oil ship-to-ship in the Middle 
East driven by regional unrest as well as 
rephasing of some large product orders into 
2025. The reduction in revenue together 
with margin pressures caused by increased 
vessel costs in Brazil have caused a 
significant reduction in underlying operating 
profit for the business. 
*Martek Marine (“Martek”) was sold in 
September 2024. The Divisional results 
include the contribution for the eight 
months in 2024 and full year in 2023.
Corporate 
Corporate costs were £12.3m compared 
to £10.9m in 2023. The increase reflects 
the full year impact of investments made 
to strengthen capabilities to support the 
turnaround strategy as well as higher 
bonus and share-based payments costs, 
partially offset by various cost saving 
initiatives. The investments in Corporate 
serve as a foundation for sustainable 
growth by driving stronger business 
performance and operational efficiencies, 
ultimately leading to margin improvements 
across the Group. Key areas of focus 
include enhancing the supply chain to 
improve resilience and cost-effectiveness, 
advancing engineering capabilities to 
drive technical excellence, and fostering 
innovation to maintain a competitive edge 
in evolving markets.
Non-underlying items included 
within operating profit – See Table 8
The Group has recognised a net gain of 
£43.6m from non-underlying items during 
the year, compared to a net loss of £48.2m 
in the prior year.
The £5.1m net impairment charge in 
2024 mainly comprises a £3.2m goodwill 
impairment related to our IRM business, 
£1.4m impairment relating to two joint 
ventures within the Maritime Transport 
division which we have classified as “held 
for sale”, a further £0.9m impairment 
in a South African joint venture within 
our Maritime Transport division and 
£0.2m impairment of assets within the 
Scantech Norway business in the Energy 
division. This is partially offset by an 
impairment reversal of £0.6m following the 
successful recovery of previously impaired 
receivables from a closed business. The 
2023 net impairment charge of £28.1m 
relates to goodwill impairment charges of 
£28.0m, largely in the Defence division and 
asset impairments of £2.4m in Maritime 
Transport and Energy divisions, partially 
offset by a £2.2m impairment reversal. 
The Group incurred £3.5m in re-financing 
charges during the year, primarily 
related to legal and advisory costs for 
the new revolving credit facility (RCF). In 
comparison, similar costs associated with 
the previous facility amounted to £12.2m 
in 2023
Restructuring costs of £1.7m relate to 
the Group’s multi-year transformation 
programme, which focuses on 
simplification, rationalisation, and business 
integration. These costs primarily consist 
of redundancy related expenses.
Amortisation of acquired intangible assets 
relate to customer relationships acquired 
through business combinations which are 
amortised over their useful economic life. 
The disposal of businesses and assets 
generated a profit of £54.9m in 2024. This 
includes a £48.8m gain from the sale of 
RMSpumptools and a £0.7m gain from 
the disposal of Martek. The remaining 
profit primarily arises from the sale of the 
remaining assets of the closed Subtech 
Europe business.
Other costs predominantly comprise of legal 
and professional fees that are non-recurring 
and outside the normal course of business.
Capital expenditure
Capital expenditure in the year was £29.3m 
(2023: £29.4m) and £2.4m (2023: £1.8m) 
on development expenditure. The capital 
expenditure to depreciation ratio was 
1.4 (excluding intangibles additions and 
amortisation). Approximately half of the 
expenditure incurred was in the Energy 
Division which included spend on a new 
fleet of compressors as well as upgrades 
to existing compressors to support sighted 
opportunities. The remaining expenditure 
was largely weighted towards Maritime 
Transport in relation to deposits on the 
Tankships re-build programme.
Net finance charges
The Group’s net finance charges decreased 
by £2.2m to £19.1m (2023: £21.3m). 
Underlying finance charges excludes 
the impact from the remeasurement of 
borrowings and net unrealised foreign 
exchange on lease liabilities.
Finance charges in the full year to 
December 2024 primarily comprise of 
£13.6m of interest expense on loans and 
overdrafts (2023: £15.8m), £0.9m for 
deferred completion fees payable under 
the previous RCF (2023: £2.6m), £1.7m of 
loan arrangement fees (2023: £1.9m), and 
£4.3m interest expense on lease liabilities 
(2023: £4.0m), partially offset by £2.8m 
(2023: £3.2m) interest income on cash 
balances and pensions. The decrease in 
interest expense on loans and overdrafts 
was mainly due to the reduction in the 
quantum of debt following the Group 
deleveraging activities in 2024.
The Group’s interest cover ratio, which 
is an alternative performance measure is 
fully described and reconciled in Note 5 
of the Consolidated financial statements. 
Under the new facility the interest cover 
ratio metric has been redefined to be 
calculated as underlying EBITDA divided 
by net interest payable (excluding IFRS 
16 finance charges) from the date of the 
first utilisation, rather than being on a 
last 12-month basis and using underlying 
operating profit under the previous 
calculation. The interest cover at 31 
December 2024 is 4.5x compared to a 
banking covenants requirement of greater 
than 4.0x.
33
Strategic Report
Overview
Governance
Financial Statements

Financial review continued
Taxation
The Group has recognised a tax charge in 
respect of continuing operations of £7.6m 
in the period (2023: charge of £11.0m). 
The tax charge on underlying profits from 
continuing operations for the period is 
£3.3m (2023: £2.4m). The effective tax 
rate (ETR) rate on the underlying profit 
before tax is 27.6% (2023: 29.0%), which 
has been adjusted for a £3.1m (2023: 
£3.6m) Corporate Interest Restriction (CIR) 
disallowance due to exceptionally high 
interest costs which cause a distortion 
on the tax rate and has no bearing on the 
operational performance of the Group. The 
Group’s ETR excluding this adjustment is 
53.4% (2023: 72.7%).
The unrecognised UK Deferred Tax Asset 
has been maintained for FY24, which 
results in no tax credit being recognised for 
the losses generated by the UK businesses. 
Given the tax benefit is not recorded in 
the financial statements, and therefore 
results in a higher ETR, a useful metric is to 
understand the underlying ETR excluding 
the UK which for FY24 is 25% (2023: 30%). 
As the UK stabilises, and we can include the 
tax credit we would anticipate an underlying 
ETR would fall within the 25.5% to 27.5% 
range on the assumption of a consistent 
geographic mix.
The decrease in the overall tax charge on 
continuing operations is primarily driven 
by the fact in 2023 the tax charge included 
the impact of decreognising tax losses 
in the UK for earlier periods. In 2024 the 
Group continues the unrecognised UK 
deferred tax asset position, although the 
impact to the tax charge is reduced as it 
only considers current year UK losses.
Dividends and earnings per share
The Board has not recommended 
dividends for 2024 or 2023, as the Group 
is still in the process of its turnaround. 
However, the Board remains committed to 
reintroducing a sustainable dividend policy 
at the appropriate time.
Basic earnings per share, on a statutory 
basis, increased to 92.0 pence (2023: loss 
of 101.2 pence) reflecting higher profit after 
tax. Underlying basic earnings per share 
increased to 16.9 pence (2023: 11.4 pence) 
primarily due to lower interest charges in 
the year.
Table 8: Non-underlying items included within operating profit
2024
£m
2023 
£m
Impairment charges, net
5.1
28.1
Refinancing costs
3.5
12.2
Restructuring costs
1.7
5.7
Amortisation of acquired intangible assets
0.3
0.3
Gain on disposal of businesses and assets
(54.9)
(1.7)
Other
0.7
3.6
Total
(43.6)
48.2
Table 9: Cash flow
2024
£m
2023 
£m
Cash flow from operating activities
49.3
37.8
Cash flows (used in)/from investing activities
79.7
(4.7)
Cash flows used in financing activities
(131.6)
(27.4)
Net (decrease)/increase in cash and cash equivalents
(2.6)
5.7
Cash and cash equivalents at 1 January
26.4
22.8
Net foreign exchange differences
(0.4)
(1.7)
Cash transferred to asset held for sale
0.4
(0.4)
Cash and cash equivalents at 31 December
23.8
26.4
Table 10: Net debt
2024
£m
2023 
£m
Net borrowings
108.0
201.1
Less: right-of-use operating leases
(52.6)
(56.9)
Amortised cost adjustment
0.7
–
Add: Guarantees and collateral deposits1
4.9
5.6
Net debt – covenant basis
61.0
149.8
Covenant EBITDA
43.9
54.4
Net debt: EBITDA1
1.4x
2.8x
1. 	Includes one-time James Fisher Nuclear Limited settlement of £3.4m in 2024.
2. 	Defined as as leverage APM in Note 5.3 of the Consolidated financial statements.
34
James Fisher and Sons plc Annual Report and Accounts 2024

Cash flow and borrowings – See 
Tables 9 and 10
The Group generated £49.3m (2023: 
£37.8m) of cash from operating activities, 
with a working capital inflow of £4.2m 
(2023: inflow of £6.7m). The increase in 
operating profit was the key driver of the 
improved cash flow. The working capital 
inflow arose due to an improvement 
in creditor days, partially offset by an 
increase in trade and other receivables 
which was mainly as a result of ongoing 
projects for which billing milestones have 
not yet been reached. Creditor balances 
have seen a modest reduction since 2023. 
Tax payments were slightly higher than last 
year at £9.7m (2023: £8.6m).
Cash inflows from investing activities during 
Cash inflows from investing activities during 
the year were £79.7m (2023: outflow of 
£4.7m). Capital expenditure, at £31.7m, was 
in line with the £31.2m invested in 2023. Key 
expenditure in 2024 included investment 
in energy efficient compressors in the 
Energy Division, which is expected to yield 
attractive returns. Other capex investments 
included deposits on new build vessels, 
dry docking of the Group’s vessels and 
equipment purchases. The Group realised 
£80.0m from the disposal of RMSpumptools 
and Martek in addition to £25.8m of 
proceeds from the disposal of property, 
plant and equipment (2023: £25.6m). 
The Group’s net borrowings at 31 
December 2024, including all lease 
liabilities, was £108.0m (2023: £201.1m). 
During the period, bank borrowings 
decreased by £89.3m and lease liabilities 
decreased by £6.8m.
On 31 December 2024, the Group had 
£95.0m of committed credit facilities 
(2023: £192.7m) and £17.0m of undrawn 
committed credit facilities (2023: £24.7m).
The Group’s net debt for the purposes of 
its banking covenants consists of net bank 
borrowings, finance lease liabilities (on an 
IAS 17 basis), and bonds and guarantees, 
as summarised in Table 10.
Liquidity
In September 2024, following the 
successful deleveraging of the Group, 
combined borrowing facilities of £95m, 
with three of its lending banks and one 
new lender, were agreed. The new 
facilities consist of £75m RCF and a £20m 
term loan with maturity dates of September 
2027 (extension options available subject 
to lender consent) and September 2029 
respectively. As per the agreement, £2.5m 
of the RCF commitments will step-down 
and be cancelled in the first half of 2025. 
The Group operates a minimum internal 
liquidity target of £20m (being committed 
facility headroom and readily available 
cash) to enable the settlement of any 
liabilities as they become due and to 
provide additional comfort over the 
liquidity headroom of the Group. At 31 
December 2024, the Group’s liquidity 
position was £25m which is 125% of 
the liquidity target. However, ensuring 
sufficient liquidity has been included 
within the financial, liquidity and treasury 
Principal Risk in the Annual Report and 
Accounts and continues to be closely 
monitored by management.
Additional committed and non-committed 
facilities continue to be scoped by the 
Group to ensure the minimum liquidity 
objective will be maintained during the 
growth phase of the strategic plan.
Balance sheet
The Group’s net assets increased by 
£41.7m to £190.3m (2023: £148.6m). Total 
comprehensive income for the year of 
£40.5m contributed to the increase in 
retained earnings. The primary driver 
of the increase in net assets was the 
reduction in borrowings following the re-
financing offset by a decrease in net assets 
due to the disposals of RMSpumptools and 
Martek.
Non-current assets
Non-current assets decreased by £23.4m 
to £271.9m, driven by movements in 
Goodwill and right-of-use assets. Goodwill 
reduced by £13.8m to £64.5m (2023: 
£78.3m), reflecting the disposal of £9.7m 
as part of the RMSpumptools transaction 
and an impairment charge of £3.2m on 
the Continental goodwill balance. Right-
of-use assets decreased by £7.4m, driven 
by natural in-year amortisation exceeding 
the rate of additions. The majority of 
the Group’s right-of-use assets relate to 
vessels which are typically under longer 
term rental agreements.
Current assets and current 
liabilities
The Group’s net current assets stand 
at £36.8m, a decrease of £37.4m from 
2023. This reduction reflects a £21.3m 
decrease in inventories, trade and other 
receivables, and trade and other payables, 
of which £14.5m relates to the disposal of 
RMSpumptools and £14.7m to the removal 
of assets held for sale following the 
completion of the Martek transaction.
Short-term bank borrowings (mainly 
overdrafts) increased to £78.9m from 
£64.1m as of 31 December 2023, while the 
net position of short-term cash and short-
term borrowings reduced to £7.3m (31 
December 2023: £13.4m).
Non-current liabilities
Non-current liabilities decreased by 
£102.5m to £118.4m as of 31 December 
2024. This reduction was primarily driven 
by repayments following various business 
and asset disposals during the year, as well 
as the Group’s subsequent re-financing.
35
Strategic Report
Overview
Governance
Financial Statements

Sustainability is an  
integral part of our 
transformation journey.
Sustainability
36
James Fisher and Sons plc Annual Report and Accounts 2024
Sustainability 
36
– People 
42
– Planet
46
– Partnerships
50
– TCFD report
54
– Section 172 
68

Our rich heritage built on 
innovation and ambition has 
seen James Fisher drive 
towards a stronger, more 
sustainable future, focused 
on growth.
37
Strategic Report
Overview
Governance
Financial Statements

Sustainability 
As we reflect on a year of change, it’s 
encouraging to see our sustainability and 
business strategies working hand-in-
hand. Through our three Sustainability 
Pillars of People, Planet and Partnerships 
we are harnessing our rich heritage 
of innovation to deliver a strong, more 
sustainable future, focused on growth.
Our 2024 achievements are a continuation of 2023, 
building our commitment to decarbonisation through 
our Maritime Transport Divsion, while we continue 
to prioritise our people through safety, engagement 
and innovation. Good governance and transparent 
reporting will continue to underpin everything we do. 
Whilst there is more to do, sustainability remains front 
and centre as we aim to protect the Blue Economy for 
future generations. As we navigate an ever-changing 
world our commitment to a safer, more sustainable 
future will continue to inspire and drive us forward.
Jean Vernet  
Chief Executive Officer
38
James Fisher and Sons plc Annual Report and Accounts 2024

A sustainably driven 
Company Purpose
Key highlights
 Strategy
Delivered Maritime Transport 
carbon reduction targets for 
2024
 Planning
Ordered four dual-fuel 
tankers to help deliver our 
decarbonisation targets 
 Collaborating
Implemented New Product 
Development process to 
deliver customer innovation
 Net Zero 
Scope 1 and 2 Net Zero 
reduction target on track 
 Empowering
Increased employee 
engagement score in a year  
of transformation
 Driving change
Optimised processes and 
resources through the Lean 
Business System
O
ur
 V
is
io
n
S
u
st
ai
n
a
bi
li
ty
 P
ur
p
o
s
e
C
o
m
p
a
n
y 
P
u
rp
o
s
e
Harness the 
Blue Economy 
for future 
generations 
The leading 
provider of unique 
marine solutions 
in Energy, Defence 
and Maritime 
Transport
To protect the 
environment and create a 
positive impact on society 
and the economy by 
integrating sustainability 
considerations into our 
operations
39
Strategic Report
Overview
Governance
Financial Statements

2024 Strategy 
Highlights
Our Company Purpose is 
aligned with our sustainability 
agenda. Our Sustainability 
Strategy comprises value-
driven activities appropriate 
to our Company’s Priorities 
and maturity in ESG-related 
matters. These are some of 
our 2024 achievements.
People
Through Exceptional Safety we are 
committed to delivering an improvement 
in our performance. While we 
achieved mixed results in 2024, we are 
implementing the right foundations of 
leadership, engagement and training to 
keep our people safe from harm.
We have seen our employee engagement 
score increase, after implementing a 
range of communications, engagement 
opportunities and events. This year 
we continued to inspire, retain and 
attract talent by developing our reward 
framework, which is expected to continue 
into 2025.
Planet
2024 was a significant step forward for 
the Maritime Transport Division with the 
investment in four more dual-fuel tankers 
ordered and due for delivery in 2026/27.
Our focus now turns to carbon reduction 
pathways for Energy and Defence 
Divisions, ensuring they contribute 
towards our climate reduction target of 
Net Zero by 2050.
Partnerships
Our key partnerships are pioneering 
new ways to innovate in pursuit of our 
goals. This includes programmes across 
Maritime Transport to embrace digitisation 
or implementing new infrastructure.
We have also started to implement a New 
Product Development process (NPD) that 
will ensure we invest, engineer and launch 
the right customer solutions.
Finally, we are also partnering with the 
supply chain to establish our Scope 3 
emissions baseline that will inform  
future action.
Our Sustainability Strategy Pillars 
People
Planet
Partnerships
Talent Strength
Portfolio Choices, 
Products & Services
Innovation
Equality, Diversity and 
Inclusion (ED&I)
Resource Efficiency
Customers & Suppliers
Health & Safety
GHG Emissions
Governance
Employee Engagement
Sustainability continued
40
James Fisher and Sons plc Annual Report and Accounts 2024

Our commitment to sustainability was guided by a materiality 
assessment that informed our three Sustainability Pillars of 
People, Planet and Partnerships.  
People
Attract, develop and retain a high-performing workforce by providing a safe and inclusive 
environment where everyone can thrive.
Talent Strength
Equality, Diversity & Inclusion
Health & Safety  
Ensure talent is a strategic differentiator. 
Attract, engage, develop, and retain our 
talent and drive engagement and optimise 
capabilities through key talent and 
retention strategies.
Work to promote a diverse and inclusive 
workplace by recruiting from our local 
communities and celebrating the 
uniqueness of individuals. Develop our 
internal community and work to ensure 
our actions promote equality, diversity and 
social cohesion and enforce equal pay.
Prioritise the health and safety of our 
employees, customers, suppliers and 
local communities through education, 
engagement, advocacy, and policy 
development.
 Read more on page 44
 Read more on page 44
 Read more on pages 44 to 45
Planet
Transform and refocus our business to ensure our impact on the environment is reduced, 
and we enable our stakeholders to do the same.
Portfolio Choices, Products & 
Services
Resource Efficiency
Greenhouse Gas (GHG) Emissions 
and Net Zero
Refocus and develop our portfolio of 
products and services where appropriate, 
to support the global energy transition, 
with focus on sustainability, remediation 
capabilities, and improving customers' 
efficiency.
Adopt circular economy governed by 
3Rs (Reduce, Repurpose, Recycle), and 
incorporate Lean principles throughout 
One James Fisher to minimise material 
waste and increase energy, people and 
asset efficiency.
Reduce our GHG emissions footprint by 
switching to low-carbon energy and fuels 
and investing in emissions abatement 
initiatives to help contribute to a Net Zero 
future.
 Read more on page 48
 Read more on page 48
 Read more on pages 48 to 49
Partnerships
Leverage our deep industry expertise and track record for excellence to innovate responsibly 
and deliver consistent, value-generating results for our customers and shareholders.
Innovation
Customer & Supplier Engagement
Governance
Leverage expertise from industry players 
and Group-wide to pioneer creative 
solutions to complex challenges.
Maintain our position as a trusted partner 
by strengthening our customer and 
supplier relationships to better understand 
and resolve complex industry challenges. 
Foster collaboration to drive shared 
success.
Commit to openness and accountability by 
living our valued behaviours. Maintain high 
ethical standards with the right policies, 
standards and controls, and improve 
transparency of our supply chain. Work 
with suppliers that align with our principles 
and commit to sustainable practices 
outlined in our Supplier Code of Conduct.
 Read more on page 51
 Read more on page 51
 Read more on page 51
41
Strategic Report
Overview
Governance
Financial Statements

Sustainability continued
 Talent Strength
 Health & Safety 
 Equality, Diversity  
& Inclusion
People
Our people are critical 
to the safe, successful 
operation of our 
business. 
United by a common purpose and 
shared valued behaviours, their 
pioneering spirit, integrity, energy 
and resilience enable us to create 
value for all our stakeholders. With 
our operations spreading across the 
globe, our people are geographically 
dispersed and we are working 
towards building an inclusive culture 
which allows everyone to use their 
unique skills, shine and thrive.
We have three initiatives under our 
People Pillar. These are:
•	 Talent Strength
•	 Equality, Diversity and Inclusion 
(ED&I)
•	 Health and Safety 
Talent Strength
 Read more on page 44
Equality, Diversity & 
Inclusion (ED&I)
 Read more on page 44
Health & Safety
 Read more on pages 44 to 45
Established new reward 
framework to attract and 
retain talent 
2024 Gender Pay Gap: Snapshot
Gender Split Of UK Workforce 
Median hourly pay gap
Welcomed new Chief Human 
Resources Officer and  
Head of Talent 
Increased Engagement at 
James Fisher from 3.84 to
 3.94/5
Relaunched the Engagement 
Champions Network
First Group-wide Wellbeing 
Week to promote mental 
health awareness 
Launched initiative  
to train at least 
1 in 10 
employees as Mental Health 
First Aiders (MHFA)
Launched 
Intelex 
our new global HSEQ system
80% of 
employees 
trained in the 
James Fisher          
Life-Saving 
Rules
Launched first 
Safety Culture 
Survey with 
60% response 
rate
Aim for 
MHFAs to 
receive 
training in 
Suicide First 
Aid (SFA)
50%
Established and delivered new 
employee forums
Female 
32% 
Male 
68% 
Highlights
Engagement 
survey 
participation 
rate
60%
80%
77%
25.0%
 Read more about our highlights 
on page 44
42
James Fisher and Sons plc Annual Report and Accounts 2024

Keeping people 
safe
Safety continues to be 
our number one priority 
at James Fisher. Our 
common goal is to ensure 
that everyone who works 
for us returns home 
safely. This requires the 
right safety culture, as 
well as the right tools and 
training.
While we have seen improved 
performance in two of our 
three Divisions, we still 
experienced too many 
Lost Time Injuries (LTIs).
To address this we held a global Safety 
Stand Down to reflect, learn and discuss 
what actions could have been taken 
to avoid these incidents ocurring.
We have launched targeted Group-
wide safety campaigns focused on 
Stop the Job, taking a two-minute 
pause and observing Line of Fire 
rules. These campaigns, supported 
by leaders, reinforced that everyone 
is empowered to champion safety. 
House Rules Cards have been provided 
to employees across the Group for 
instant access to safety messaging.
James Fisher Life-Saving Rules are part of 
compliance training and over 80 percent 
of employees have now been trained. 
Intelex
The launch of the new electronic health, 
safety, environment and quality (HSEQ) 
system Intelex for Incident Management 
and Reporting including hazard 
observation was a major milestone in 
2024. Intelex helps to quickly identify any 
issues or trends and respond effectively.
Safety Culture Survey
For the first time we launched a Safety 
Culture Survey to better understand 
what is working well or where we can 
make improvements. Feedback on 
communications around safety was  
one of the most positive scores.  
We are focusing on the most pressing 
issues with the lowest scores. 
•	 Relationships with customers  
& contractors: we are creating an 
approved contractor list to ensure 
everyone who works for us has the 
necessary safety training. 
•	 Investigating incidents and sharing 
learnings: we’re developing  
incident training. 
•	 Recognising good safety initiatives: 
we’re exploring ways to better recognise 
safe behaviours through recognition and 
reward schemes. 
•	 Ongoing training: we’re developing an 
HSEQ competency framework. 
•	 Involving office-based staff in 
our safety journey: everyone can 
understand the role they play in safety. 
Exceptional Safety 
remains a priority 
for 2025 and we are 
committed to providing 
the leadership and 
support to deliver a 
marked improvement 
in our baseline safety 
performance.
Matt Abraham 
Head of Operations
Case Study
43
Strategic Report
Overview
Governance
Financial Statements

 Health & Safety 
Safety is our number one priority and we 
want to ensure everyone who works for us 
returns home safely every day.
 Engagement
Sustainability continued
 Talent Strength
We welcomed a new Chief Human  
Resources Officer and Head of Talent, who  
are helping drive our five-year People 
Strategy. We are proud to share some of the 
progress made, recognising this remains a 
long-term journey to transformation. 
 Equality, Diversity  
& Inclusion (ED+I)
We believe that if we get inclusion right, 
diversity will come. We are committed to 
this by: 
•	 Carrying out business fairly, honestly 
and ethically and celebrating the 
uniqueness of our people. 
•	 Engaging the communities where we live. 
•	 Ensuring global reach across all locations.
•	 Developing our understanding of being 
inclusive and diverse. 
 Gender Diversity
Our gender diversity metrics show we 
are heading in the right direction with 
the percentage of female employees 
increasing from 28 percent to 32 percent.
Our median gender pay gap has reduced 
from 28 percent to 25 percent and we 
continue to work towards equitable 
compensation practices through the 
initiatives in our People Plan.
 Wellbeing 
We remain committed to providing a safe and 
healthy workplace in which our employees 
can thrive. We held our first Group-wide 
Wellbeing Week to promote mental health 
awareness and continued our push for 
recruiting Mental Health First Aiders.
We are aiming for 50 percent of those trained 
to receive additional training in Suicide  
First Aid.
Equality, Diversity & Inclusion
Gender diversity metrics 
As at 31 December 2024
Board of Directors1
Senior Managers2
UK employees
 Men (4) 
 Women (4)
female 
50%
 Men (611) 
 Women (289)
female 
32%
 Men (45) 
 Women (9)
female 
17%
Gender diversity data
Men
Women
Board of Directors1
4
50%
4
50%
Senior Managers2
45
83%
9
17%
UK employees
611
68%
289
32%
What we delivered in 2024:
 Read more on page 43
•	 Trained over 80 percent of 
employees in the James Fisher Life-
Saving Rules.
•	 Introduced Intelex, our new global 
HSEQ (Health, Safety, Environment, 
and Quality) system, and improved 
the way we report and act on 
incidents.
•	 Launched our Safety Culture Survey. 
•	 Launched ‘Line of Fire’ ‘Two-Minute 
Pause’ and our ‘House Rules’.
What we delivered in 2024:
 Read more on page 45
•	 Your Voice, our Employee 
Engagement Survey, achieved a 77 
percent participation rate, with our 
overall engagement score rising 
from 3.84 to 3.94. 
•	 Developed a suite of resources 
including training, guides and 
templates to support managers to 
act on their team’s survey results. 
•	 Held focus groups with the highest 
and lowest scoring teams to 
support our managers to drive 
engagement locally. 
What we delivered in 2024:
A new performance management 
process and data system is providing 
the backbone to our approach. In 
2024 we launched a job levelling 
programme that will build clear career 
pathways, global mobility and a 
market-based approach to reward.
•	 High potential identification: refined 
processes and defined key indicators 
to identify high-potential individuals. 
•	 Top talent retention: designed and 
implemented strategies and initiatives 
aimed at retaining our top talent. 
•	 Employee development: reviewed 
our onboarding process, performance 
management, and talent mobility to 
create an environment that fosters 
continuous growth. We introduced 
induction through HowNow and 
compliance training and incorporated 
James Fisher Life-Saving Rules. 
•	 Early careers: recruited and 
developed apprentices and cadets.
1.	 The Chief Executive Officer and Chief Financial 
Officer are members of both the Board and Executive 
Committee and are counted once in the Board 
category. 
2.	 “Senior Managers” is defined in section 414C (9) 
and 414C (10)(b) of the Companies Act 2006 and, 
accordingly, the disclosure comprises the Executive 
Committee members and the Directors of all the 
subsidiaries of the Company.
44
James Fisher and Sons plc Annual Report and Accounts 2024

Engaging for 
growth
Our people are at the 
heart of what we do. As 
we deliver the next phase 
of our transformation, it 
is important that we build 
a working environment 
where employees are 
engaged and able to 
deliver their best work.
Employee Engagement was one of our 
five Company Priorities, recognising 
that engaged employees are essential 
for driving our long-term success and 
delivering for our customers.
Your Voice, our Employee Engagement 
Survey, achieved a 77 percent 
participation rate, with our overall 
engagement score rising from 3.84 to 
3.94. Our engagement survey helps us to 
better understand where we are meeting 
employee needs and where we have 
opportunities to improve.
Leaders & Managers
Our managers play a critical role in 
engaging and inspiring their teams. The 
survey results told us that we need to do 
more to support managers to help them 
confidently lead their teams.
To improve the way we inform and equip 
managers, we: 
•	 Launched a monthly managers’ briefing 
pack to help them share key information 
with their teams. 
•	 Supported managers to analyse, share 
and act on their survey results to show 
employees their voices were heard and 
actions were being taken. 
•	 Relaunched our Engagement 
Champions network to drive cultural 
change and offer support to managers.
•	 Held offsite strategy sessions with 
the Senior Leadership team to co-own 
delivery plans. 
Focus Groups and 
Communication
2024 saw us launch focus groups and 
employee forums to better understand 
what matters to employees. We spoke 
with employees and managers across 
all levels, role types and from across all 
Divisions and countries to ensure there 
was a representative picture of our 
global workforce. 
As a result of feedback and ideas from 
employees, we centred our efforts around 
better informing employees on our change 
programmes, establishing improved two-
way communication channels, including 
all employee webinars, Divisional 
townhalls, BiteSize Briefings and 
leadership engagement events.  
As we continue to 
transform our business 
for the future, people 
remain central to our 
success. That’s why 
we’ve delivered a step 
change in how we 
engage, inform and 
inspire our colleagues 
into action - creating a 
more inclusive workplace 
where everyone 
can thrive.
Kay Marshall 
Head of Sustainability, 
Communications and 
Marketing 
Case Study
45
Strategic Report
Overview
Governance
Financial Statements

 Portfolio Choices, 
Product & Services
 Resource Efficiency
 GHG Emissions
Planet
The objective of this 
pillar is to integrate the 
environmental impact of 
our business activities 
into our strategic and 
investment decisions. 
We have three initiatives under our 
Planet Pillar. These are:
•	 Portfolio Choices, Products & 
Services
•	 Resource Efficiency
•	 GHG Emissions
Our aim is to work collaboratively 
with our customers and suppliers 
to develop energy efficient and 
sustainable products and services 
that will support the energy 
transition.
 Portfolio Choices, 
Products & Services
 Read more on page 48
 Resource Efficiency
 Read more on page 48
 GHG Emissions
 Read more on pages 48 to 49
Sustainability continued
Confirmed investment in 
4 
further LNG-fuelled tankships 
5.4 GW
managed on long-term 
operations and maintenance 
portfolio
GHG emissions (Net Zero) 
 
 
On target with Net Zero 
reduction pathway for Scope 
1 and Scope 2 
Trained
63 Green Belts
and 9 Black Belts in Lean Six Sigma 
Secured major commissioning 
project for Zhong Neng 
windfarm in Taiwan
Graduation of 
1st 
Renewables Academy intake
Set up Obeya rooms  
in each Product Line 
Launched Lean Awards 
recognising teams for 
process improvements
Reduction of Scope 1 and 2 
emissions against baseline 
1st 
international Green Belt 
cohort in Brazil
Defined Scope 3 emissions 
for three additional 
categories
 41%
Highlights
 Read more about our highlights 
on page 48
46
James Fisher and Sons plc Annual Report and Accounts 2024

Fuelling the future
Sunderland 
Port, UK 
As the world transitions 
to a lower carbon 
economy, traditional 
marine fuels are not a 
long term environmentally 
sustainable solution.
As we wait for low and zero-carbon fuels 
to become available at scale, we require a 
fuel solution to reduce our carbon intensity 
today. Liquefied Natural Gas (LNG) meets 
key criteria of availability and supply 
chain readiness, technology maturity and 
industry experience, providing immediate 
environmental benefits and making it the 
leading alternative fuel option today. 
Partnering for progress
Pioneering LNG bunkering 
operations in the UK
As part of our commitment to 
decarbonisation, we are embarking on a 
groundbreaking journey to introduce LNG 
bunkering operations for tankers in the 
UK. The collaborative efforts, innovative 
solutions and challenges we overcame to 
achieve this milestone set a benchmark  
for sustainable shipping. 
Although LNG supply infrastructure 
is established in Europe, the UK lags 
behind, with no existing bunkering 
facilities available to meet our needs. To 
address this challenge, we led an in-depth 
evaluation of bunkering options in the UK, 
from barge-based delivery to trucking.  
While not the end solution, trucking LNG 
to ports was identified as the best interim 
measure. Sunderland Port, a strategic 
choice due to its ability to accommodate 
our vessels while in ballast, emerged as  
a key partner for our operations. 
Bunkering operations
Breaking new ground 
With the preparation work approaching 
completion, we are aiming for the first LNG 
bunkering operations to be delivered in 
the first half of 2025 - the first of its kind in 
the UK tanker industry. Collaborating with 
Sunderland Port required extensive Health, 
Safety, Environment, and Quality (HSEQ) 
preparations, including rigorous procedure 
reviews by the Society for Gas as a Marine 
Fuel (SGMF). The effort underscored the 
dedication of all involved to achieving a 
safe and successful operation. 
A blueprint for the future
Our pioneering work in establishing LNG 
bunkering operations underscores the 
power of partnerships in driving progress. 
Collaborating with Sunderland Port and 
other stakeholders, we demonstrated that 
determination and innovation can break 
new ground in sustainability. 
This milestone is just the beginning. As 
LNG infrastructure develops across the  
UK, our operations stand as a proof of 
concept, inspiring others to follow suit.  
By working together, we’re not just fuelling 
ships; we’re aiming to fuel the future of 
sustainable shipping. 
Case Study
47
Strategic Report
Overview
Governance
Financial Statements

Sustainability continued
 GHG Emissions
James Fisher is committed to achieving 
Net Zero by 2050, recognising the 
transition to a lower-carbon economy will 
require innovation, technological changes 
and resources. 
 Portfolio Choices, 
Products & Services 
Our One James Fisher model is intended to 
allow us to harness our collective strength 
in order to achieve a safe, sustainable 
transition to a low-carbon future. 
 Resource Efficiency
We focus on energy efficiency by 
embedding a data-driven approach to our 
operations through the implementation of 
the Lean Business System. Our aim is to 
ensure our resources are used effectively 
and sustainably, minimising waste and 
protecting the planet’s natural resources. 
This involves optimising our processes, 
use of resources, and maximising value for 
our customers. 
What we delivered in 2024:
•	 The Six Sigma Lean operating 
system continues to be deployed 
following its launch in 2023. 
•	 Established Obeya rooms in each 
Product Line which includes 
Kaizen Funnels (a registry of 
improvement opportunities).
•	 Implemented tools to improve 
efficiency, reduce waste and 
optimise processes including, 
Value Stream Mapping, Kanban 
events, Root Cause Analysis 
and 5S (Sort, Set in order, Shine, 
Standardise, Sustain).
•	 2024 has seen further cohorts of Six 
Sigma Green and Black Belt training. 
We currently have 63 Green Belts 
and 9 Black Belts, with the first 
international Green Belt cohort 
in Brazil.
What we delivered in 2024:
Maritime Transport
•	 Confirmed investment in four 
further LNG dual-fuel vessels 
that will service the North-West 
Europe coastal marketplace. 
Energy 
•	 Expanded our offshore wind 
renewables footprint, securing 
new major construction and 
commissioning contracts including 
Taiwan.
•	 Monitored and managed over 5.4 
GW on long-term operations and 
maintenance portfolio.
•	 In 2024, became the leading global 
provider of bubble curtain solutions 
to the global offshore wind market. 
•	 Continued investment in product 
innovation, including more efficient 
compressors for well testing and 
production, with plans to develop a 
fully electric compressor underway.
To further embed sustainability in  
long-term investment decisions, an 
Internal Carbon Pricing (ICP) pilot 
was introduced in 2024. The pilot 
studies form part of our phased 
strategy to integrate internal carbon 
pricing across the organisation. Our 
intentions are to build capabilities in 
incorporating ICP’s into proposal bids 
and begin evaluating carbon impact 
alongside our other key decision 
criterium. 
Our People
We provide the skills and expertise 
needed to support our customers to 
deliver safely and efficiently. 
What we delivered in 2024:
•	 Pilot year of the JFR Academy 
focused on high voltage safety, an 
area in need of skilled personnel to 
sustain the industry’s rapid rate of 
growth. 
•	 We are planning to launch 
applications for the next cohort, and 
recruiting an Academy Manager to 
build on the progress made so far. 
What we delivered in 2024:
Scope 1 and 2
The main source of the Group’s 
Scope 1 emissions is shipping. The 
decarbonisation strategy focuses 
on operational efficiencies through 
digitalisation, investigating new 
technologies and low carbon fuels, as 
well as ensuring compliance with the 
latest decarbonisation regulation. 
Through our Tankships Product Line, 
we completed key pilot projects that 
would reduce our carbon footprint.
•	 Trialled a fuel additive to blend with 
Marine Gasoil with a potential of up 
to 10 percent emission reduction. 
Results end of Q1 2025.
•	 	Introduced bunker software on 
our existing and newbuild vessels 
providing data to identify new 
energy saving opportunities.
•	 Focused on setting the LNG bunker 
supply in the UK to fuel our dual-fuel 
vessel engines. 
Scope 3 - Supply Chain Engagement
In collaboration with our top suppliers 
across Divisions, we have taken a 
step toward defining our Scope 3 
emissions by establishing a baseline. 
This initiative involved gathering and 
analysing spend data on emissions 
generated throughout our value chain, 
to provide a clear understanding of our 
indirect carbon footprint. The baseline 
serves as a critical foundation for 
setting targeted reduction goals and 
prioritising impactful actions.
Net Zero
In 2022 we made a science- based 
commitment to be Net Zero by 2050. 
In this context, Net Zero means 
reducing the Group’s Scope 1 and 
Scope 2 GHG emissions to as close 
to zero as possible by 2050 and 
applying a residual strategy to remove 
emissions.
James Fisher has 
committed to achieving 
Net Zero by 2050, 
recognising the transition 
to a lower-carbon 
economy will require 
innovation, technology 
change and resources.
 Read more on our LNG dual-fuel 
case study on pages 52+53
48
James Fisher and Sons plc Annual Report and Accounts 2024

The changes in methodology detailed 
in the SECR section of the report have 
resulted in a restatement of previous 
years’ emissions.
Combined Scope 1 and Scope 2 location-
based emissions make up 31 percent 
of our 2024 GHG emissions. Scope 3 
emissions are 69 percent of our 2024 
footprint, as illustrated in the table 
above. In 2024, we added three new 
categories to our Scope 3 calculations - 
purchased goods and services, capital 
goods and upstream transportation & 
distribution. We have used a spend-based 
approach and US EPA EEIO factors.
We have used a spend-based 
approach and US EPA EEIO factors. 
In 2025, we are calculating the remaining 
relevant Scope 3 categories to set a 
complete Scope 3 baseline, which 
will inform our Net Zero plans.
Energy Intensity Ratio
The energy intensity of our vessels is 
measured internally, using the Carbon 
Intensity Index to align with the International 
Maritime Organization. Across the Group, 
*	 New Scope 3 categories were added in 2024; therefore totals are not comparable year on year.
1. 	GHG Emissions data covers our updated reporting period January – December to align with financial reporting; for further details on the calculation methodology, see our SECR  
	
statement page 121. 
2. 	Business Travel flight emissions 2024 methodology update: to ensure consistency with the latest available emissions factors, for 2023 and 2024, the DESNZ flight emissions 
factors now use an updated aviation multiplier, which considers the broader climate impact beyond CO2 emissions; this has been reduced from 1.9 to 1.7. 
% changed 
compared 
to 2023
GHG Emissions (tCO2e)1
2021
2022
2023
2024
Scope 1 and 2
Scope 1
82,807
72,975
73,638
48,584
(34%)
Scope 2 Location Based
1,843
1,555
1,247
1,010
(19%)
Total Scope 1 and 2  
(Location-based)
84,650
74,530
74,885
49,594
(34%)
Scope 3
Category 1: Purchased goods and services
–
–
–
37,242
–
Category 1: Purchased water
1
14
8
6
(25%)
Category 2: Capital goods
–
–
1,869
–
Category 3: Fuel and energy-related activities
19,375
17,039
17,064
10,405
(39%)
Category 4: Upstream transport & distribution
–
–
–
10,373
–
Category 5: Waste
194
831
573
374
(35%)
Category 6: Business travel2
3,765
6,732
9,058
8,845
(2%)
Category 7: Commuting and teleworking
290
3,095
2,420
2,416
(0.2%)
Category 8: Upstream leased assets
19,003
30,534
34,202
39,995
17%
Total Scope 3
42,628
58,245
63,325
111,525
n/a*
2024 Total Scope 1,2 and 3
161,119
we are tracking two emission-based 
intensity indicators and consumption-based 
intensity indicators. 2024 results are below:
•	 Scope 1 and 2 tCO2e/FTE headcount: 31.4
•	 Scope 1 and 2 tCO2e/£M revenue: 113.3
•	 Scope 1 and 2 MWh/£M revenue: 414.1
•	 Scope 1, 2 and 3 tCO2e/FTE headcount: 
102.1
•	 Scope 1, 2 and tCO2e/£M revenue: 368.1
As a multi-sector business, using FTE 
and revenue £M allows consistency and 
comparability for the Group.
GHG emissions changes
Compared to our 2021 baseline, Scope 1 
and 2 GHG emissions have reduced by 41 
percent. 
Our Scope 1 emissions vary due to the 
nature of our shipping activities. We use the 
operational control approach of the GHG 
Protocol, to distinguish between Scope 1 
for operations under our control and Scope 
3 when operated by a third party. We will 
introduce energy intensity ratios specific to 
shipping in 2025 to simplify the analysis of 
our annual carbon footprint variation.
Further Scope 1 emissions reductions stem 
from the redelivery of several chartered 
vessels before or during the reporting period. 
The reduction in Scope 1 and 2 this year 
was predominantly due to the closure of our 
Subtech Europe entity in December 2023, 
removing the Subtech Swordfish vessel, 
which made up 16 percent of our total Scope 
1 emissions in 2023. 
Some Scope 1 emissions were reassigned 
to Scope 3 Category 8 when vessels were 
leased to third parties. This is mirrored by a 
17 percent increase in Scope 3 Category 8 
upstream leased assets. 
We have had further emissions reductions 
primarily in Scope 3 due to divestments 
from RMSpumptools and Martek Marine in 
2024. The divestments did not exceed our 5 
percent restatement threshold for baseline 
GHG emissions data.
Scope 3 fuel and energy-related emissions 
have also seen a significant decrease partly 
due to the overall reduction in mobile fuel 
consumption in Scope 1. 
For more information on our GHG footprint, 
please see the TCFD Metrics and Targets 
section on pages 64+65.
49
Strategic Report
Overview
Governance
Financial Statements

 Innovation
 Customers & 
Suppliers 
 Governance 
Partnerships
Our culture of shared 
success means that we 
seek out collaborations 
with customers, suppliers, 
and other industry 
players that align with our 
values and contribute to 
our shared vision for a 
sustainable future. 
We have three initiatives under our 
Partnerships Pillar
These are 
•	 Innovation
•	 Customers & Suppliers
•	 Governance 
 Innovation
 Read more on page 51
 Customers & 
Suppliers
 Read more on page 51
  Governance
 Read more on page 51
Sustainability continued
Trained over 
170 
colleagues globally in NPD Process
Launched intellectual property 
incentive programme to 
reward innovation
Grew the James Fisher 
Engineering & 
Innovation Technical 
Network 
Developed consistent 
standards and documents 
Established
Cross-divisional Supply  
Chain function
Central Procurement function 
for indirect goods/services
Sourcing Function in India to 
support our low-cost sourcing 
programme and offset 
commitments
Introduced a new global  
travel provider 
Piloted 
Commercial  
Excellence
project and launched new 
framework
Relaunched 
Whistleblowing 
Speak-Up service 
Relaunched the
Document  
Control Library 
Reviewed and updated a 
range of policies to ensure a 
consistent approach
Data assurance 
review delivered
Delivered 
over £1 million
 in external cost savings
400+ 
Suppliers 
signed up to Code of Conduct
	
Employees 
trained 
on Anti-
Bribery and 
Corruption 
90%
Highlights
 Read more about our highlights 
on page 51
50
James Fisher and Sons plc Annual Report and Accounts 2024

 Innovation 
In 2024 we launched a New Product 
Development (NPD) process across our 
Defence and Energy Divisions, ensuring 
business-critical opportunities are 
supported from idea to execution. 
Engineering and Innovation (E&I) 
Technical Network 
We continued to evolve the James 
Fisher E&I Technical Network through 
four quarterly sessions across Divisions, 
Product Lines and geographies. 
In these sessions we shared knowledge, 
expertise, and explored new and emergent 
technologies and industry trends to ensure 
we equip our technical talent with the skills 
and knowledge for the future.
 Governance 
We believe that ethical leadership and 
effective stewardship, consistent with our 
valued behaviours are essential attributes 
for the Group’s success.
 Customers & Suppliers 
We maintain our position as a trusted 
partner by strengthening our customer and 
supplier relationships to better understand 
and resolve complex industry challenges. 
Our Customers 
We are establishing a market-driven 
commercially focused organisation with 
the people, processes and systems in 
place to provide predictable, sustainable 
revenue and profitable growth. 
Our Suppliers 
Our suppliers are critical for sustainable 
growth and long-term resilience, enabling 
the Group to meet its current and ongoing 
customer expectations.
What we delivered in 2024 
•	 Delivered top-down training to 
nearly 90 percent of employees 
on anti-bribery and corruption, 
equipping them with the knowledge 
needed to uphold integrity across 
James Fisher. 
•	 Finalised the design of the wider 
Group Governance framework and 
three-year implementation plan. 
•	 Made progress on implementation 
of new and updated Group 
policies, standards, procedures 
and guidelines.
•	 Completed the implementation 
of our new document control 
framework and processes.
•	 Launched our central Document 
Control Library.
•	 Enhanced and raised awareness 
of our Whistleblowing Speak-
Up service.
•	 Designed and implemented a new 
third-party risk mitigation strategy.
•	 Implemented new internal 
approval and reporting controls 
for gifts, hospitality, sponsorships 
and donations.
•	 Launched a new Supply Chain Code 
of Conduct. 
What we delivered in 2024 
•	 Created a cross-Divisional Group 
Supply Chain Function. 
•	 Established a Central Procurement 
Function for indirect goods/services.
•	 Established a Sourcing Function 
in India to support our low-
cost sourcing programme and 
offset commitments.
•	 Developed a suite of standards 
and documents to support a 
consistent approach.
•	 Introduced a new global travel 
provider for a better, safer, and more 
sustainable travel experience.
•	 Rolled out the Supply Chain Code 
of Conduct and over 400 suppliers 
have signed up. 
•	 Moved to 100 percent purchased 
renewable energy for all UK Product 
Lines out of contract in 2024.
•	 Delivered over £1m in external cost 
savings.
What we delivered in 2024 
•	 Introduced a formal stage-gate 
approach to enhance decision-
making for NPD. 
•	 Implemented an NPD procedure 
to drive consistency and 
effective execution. 
•	 Invested in our people, delivering a 
global training programme to upskill 
more than 170 colleagues globally. 
•	 Engaged 270 colleagues globally 
on a Bitesize Briefing to provide 
an overview of NPD and the 2024 
pilot programme.
What we delivered in 2024 
•	 Piloted a Commercial Excellence 
project in the Energy Division, 
aligning our commercial and 
sales organisation with our 
customer markets. 
•	 Introduced an organisational 
structure that will strengthen our 
sales pipeline process and align 
with our strategic objectives.
•	 Held our first Energy Division 
Sales Conference to embed 
the organisation, process and 
share learning.
Karen Adams, Head of Group 
Engineering and Innovation
51
Strategic Report
Overview
Governance
Financial Statements

Driving the change
Dual-fuel boiler 
Burns LNG & MGO
Large slow-speed 
propeller 
Speed optimisation 
system for maximum 
efficiency
Rudder & propeller 
integration 
Reduces energy  
losses from propeller
SmartShip  
monitoring 
Real-time  
performance 
tracking
Our commitment 
to sustainable 
shipping
Decarbonising shipping is 
a multi-faceted challenge. 
While the shipping industry 
has committed to reach Net 
Zero by 2050 and regulation 
is gradually developing, 
alternative fuels and 
technologies remain costly 
and scarce.
The EU is currently leading the way with 
the introduction of Shipping in the Emission 
Trading Scheme and the FuelEU Maritime 
regulations designed to incentivise 
emission reduction initiatives and the use 
of greener grades of fuel.
Although only required for larger ships for 
now, James Fisher’s Maritime Transport 
Division is developing decarbonisation 
strategies for its fleet of coastal tankers 
focusing on improving energy efficiencies 
through digitalisation and data analytics. 
In 2024, this led to route optimisation, hull 
cleaning and improved consumption levels.
The Division also made the key decision to 
invest in four new LNG dual-fuel tankers, 
designed in partnership with FKAB 
Marine Design. With a cargo capacity of 
6,300 cubic meters and a deadweight of 
6,000 tonnes, the vessels are designed 
to operate on LNG and Liquefied Bio Gas 
(LBG), both of which are lower-carbon 
alternatives to traditional marine fuels.
This investment in LNG dual-fuel 
technology and an emissions abatement 
initiative is part of a broader strategy 
to modernise our fleet and meet our 
decarbonisation targets over the next 
twenty years. Our ongoing commitment 
to sustainability is reflected in our actions, 
which include sourcing low-carbon fuels, 
integrating energy-efficient technologies 
and continuously improving our operational 
processes.
52
James Fisher and Sons plc Annual Report and Accounts 2024

Large LNG storage tank 
Improved EEDI rating 
(11.27 vs. 16.44 for phase 3 
requirement) 
Shore power 
compatibility
Future provision  
for shore power 
Variable frequency  
drives
Speed optimised  
pumps & fans
Main engine  
generates electrical 
power in port
Reduces import  
carbon emissions
Long-term commitment  
to fleet decarbonisation
Case Study
Highlights
Cleaner, flexible propulsion
LNG Dual-Fuel
Propulsion technology
Energy-efficient illumination
100%
LED Lighting
High efficiency and low 
emissions
Wärtsilä 
25DF Engine
Recovers energy, boosting 
efficiency
Waste heat 
recovery
Reduced drag & fuel 
consumption
Optimised  
hull design
53
Strategic Report
Overview
Governance
Financial Statements

TCFD disclosures
James Fisher and Sons plc (the Company) 
and its group of companies (the Group) 
has prepared its 2024 climate-related 
disclosures in accordance with UK Listing 
Rule 6.6.6(8) and in compliance with 
section 414CB of the UK Companies 
Act 2006 (the Companies Act). 
The Group considers its climate-
related disclosures set out below to be 
consistent with the 11 recommended 
disclosures of the Task Force on Climate-
related Financial Disclosures (TCFD). 
Achieving our emissions target 
remains a key strategic priority for 
James Fisher. This year, the Group 
has evolved its understanding of its 
climate-related impacts, and ways 
in which the business can account 
for climate in business decisions.
This has included the expansion of our 
Scope 3 footprint, as well as progressing 
with an internal carbon pricing (ICP)
strategy. These activities help to build 
upon the Group’s understanding of its 
full value chain footprint and appraising 
decarbonisation opportunities.
This year we increased the proportion 
of primary data for Scope 1 and 2 
calculations and included three new 
Scope 3 categories (purchased goods 
and services, capital goods and upstream 
transportation and distribution). This 
means we can better understand and 
reduce emissions across the value chain. 
In 2025, we aim to further enhance 
the integrity and analysis of our data 
to uncover additional opportunities for 
improving energy efficiency. Alongside 
this, we intend to continue developing 
our supplier engagement strategy 
and further a specific decarbonisation 
trajectory for our Divisions that could 
support the broader energy transition.
In 2024, we also began the development 
of our internal carbon pricing (ICP) 
strategy which has been supported by the 
Executive Committee. Whilst the Group 
is not currently subject to any carbon-
pricing mechanisms, we recognise that the 
application of an internal carbon price in 
decision-making can help to direct capital 
towards climate mitigation and adaptation.
In 2025, we intend to roll out pilot studies 
across different business functions 
with the aim of gradually increasing 
the use of ICP across the business.
TCFD recommended disclosures 
Governance.
Disclose the organisation’s 
governance around 
climate-related risks and 
opportunities.
a) Describe the Board’s oversight of climate-related risks and opportunities. 
Status: Disclosed. 
 Page 55
b) Describe managements role in assessing and managig climate-related risks and opportunites. 
Status: Disclosed. 
 Pages 55 to 56
Strategy
Disclose the actual and 
potential impacts of 
climate-related risks 
and opportunities on the 
organisation’s businesses, 
strategy, and financial 
planning where such 
information is material.
a) Describe the climate-related risks and opportunities the organisation has identified over the short, 
medium and long term. 
Status: Disclosed. 
 Page 58
b) Describe the impact of climate-related risks and opportunities on the organisation’s businesses, 
strategy, and financial planning. 
Status: Disclosed. 
 Pages 58 to 63
c) Describe the resilience of the organisation’s strategy, taking into consideration different climate-
related scenarios, including a 2°C or lower scenario. 
Status: Disclosed. 
 Page 62
Risk 
Management
Disclose how the 
organisation identifies, 
assesses, and manages 
climate-related risks.
a) Describe the organisation’s processes for identifying and assessing climate-related risks. 
Status: Disclosed. 
 Page 63
b) Describe the organisation’s processes for managing climate-related risks. 
    Status: Disclosed. 
 Page 63
c) Describe how processes for identifying, assessing, and managing climate-related risks are 
integrated into the organisation’s overall risk management. 
Status: Disclosed. 
 Page 63
Metrics and 
Targets
Disclose the metrics and 
targets used to assess 
and manage relevant 
climate-related risks and 
opportunities where such 
information is material.
a) Disclose the metrics used by the organisation to assess climate-related risks and opportunities in 
line with its strategy and risk management process. 
Status: Disclosed. 
 Pages 64 to 65
b) Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) emissions and the 
related risks. 
Status: Scope 1 and Scope 2 emissions disclosed. Scope 3 emissions categories 1- 8 are 
disclosed. The remaining material categories are being reviewed in 2025. 
 Pages 66 to 67
c) Describe the targets used by the organisation to manage climate-related risks and opportunities 
and performance against targets. 
Status: Scope 1 and Scope 2 climate targets disclosed. Scope 3 targets are in process and are 
intended to be set once the Group fully understands its Scope 3 footprint, which is expected to be 
end of 2025. 
 Pages 64 to 65, 67
Sustainability continued
54
James Fisher and Sons plc Annual Report and Accounts 2024

Governance
The Sustainability governance structure 
has been strategically aligned with 
Group governance to promote integration 
and facilitate communication on 
sustainability and climate-related issues. 
In practice, climate considerations 
are included in the following ways:
•	 The Board is involved in sustainability-
related matters through direct 
updates on the performance 
against the Group’s strategy.
•	 Product Line teams are engaging 
through stakeholder steering teams 
focused on driving accountability and 
alignment with Group objectives.
•	 Implementing a Group-wide feedback 
cycle of regular sustainability 
monitoring and reporting to enable 
continual improvement.
Board oversight of climate-
related risks and opportunities. 
The Board is ultimately responsible for 
the Company’s climate change strategy 
and monitors progress toward achieving 
climate-related targets. Climate-related 
risks and opportunities are considered 
as part of the Board’s strategic decision-
making, including setting the Group’s 
direction, evaluating major investments, 
and approving capital expenditure. 
Implementation of the climate strategy, 
including the management of associated 
risks and opportunities, is delegated to the 
CEO. The Board is also informed through 
Executive-level and management-level 
updates on the Sustainability Strategy. 
This includes an annual review of progress 
on the strategy, incorporating updates on 
progress against the Group’s goals and 
targets for addressing climate-related 
issues, and reviewing and approving these 
climate-related disclosures as part of the 
wider annual report approval process.
For example, a topic raised during 2024, 
through our Executive Committee and 
due for Board review in 2025, concerns 
our internal carbon pricing process. 
To embed sustainability into core business 
processes, the Board is overseeing the 
integration of ESG criteria into the Group’s 
broader decision-making framework. 
This initiative focuses on incorporating 
GHG emissions, energy efficiency, 
and broader sustainability impacts 
into evaluations of capital expenditure, 
acquisitions, and divestitures.
Executive and management’s 
role in assessing and 
managing climate-related 
risks and opportunities
There are various governance structures  
in the organisation including the Executive-
level management committees such as 
the Executive Risk Committee and the 
Sustainability Committee, that support 
the management of the Sustainability 
Strategy. In addition, there are several 
Group Support Functional Leads that have 
management responsibility for the strategy.
Executive Committee
The Executive Committee meets monthly, 
is chaired by the CEO and includes the 
Chief Financial Officer, Divisional Heads, 
and other senior leaders. It is responsible 
for daily Group operations and supporting 
Executive Directors in their Board-
delegated authority. Effective January 
2024, the Chief Technology Officer joined 
as an additional member of the Committee. 
Executive Risk Committee
The Executive Risk Committee meets bi-
annually to monitor the Group’s principal 
risks, including climate change. The 
Risk Committee is made up of Executive 
Directors and the heads of functional 
teams. Responsibility for identifying, 
assessing and monitoring climate-related 
risks principally sits with the Executive 
Risk Committee, but it is the responsibility 
of each functional head to provide a 
report that identifies any matters in 
their functional area which relate to the 
Group’s principal risks and uncertainties, 
or individual Divisions’ risk registers 
(including climate-related matters). 
Committee meetings are reported to the 
Board via the Executive Directors and 
any key issues raised are discussed at 
meetings of the Board. The Committee 
reviews the following matters twice a year:
•	 Effectiveness of the Group’s risk 
management framework. 
•	 Risk appetite recommendations. 
•	 Emerging and principal risks 
across Divisions and Functions, 
including climate-related risks. 
The Risk Committee also ensures that 
a robust assessment of the principal 
and emerging risks facing the Group 
has been undertaken annually.
Executive Sustainability 
Committee 
The Sustainability Committee, a 
sub-committee of the Executive 
Committee, supports the CEO in 
shaping and recommending the Group’s 
Sustainability Strategy to the Board. 
The Sustainability Committee is tasked 
with developing and implementing 
the Group’s Sustainability Strategy, 
including its climate-related components, 
with input from local management. 
The Sustainability Committee drives 
the Group’s Sustainability Strategy 
and Roadmap, aligning governance, 
risk management, and operations. 
Key aspects include: 
•	 Setting and recommending to the 
Board, via the CEO, the Group’s 
Sustainability Strategy. 
•	 Stakeholder engagement through 
Divisional steering teams to ensure 
ESG-related accountability. 
•	 Regular sustainability monitoring and 
reporting to support improvement
Internal Audit Function
The Group’s Internal Audit function, 
outsourced to PricewaterhouseCoopers 
(PwC LLP), has key responsibilities, 
namely conducting audit assurance across 
operational, compliance, financial, and 
climate-related risks. The annual Internal 
Audit Plan is risk-assessed, reviewed, 
and approved by the Audit and Risk 
Committee. PwC reports audit findings, 
recommendations, and implementation 
progress at all scheduled Audit Committee 
meetings. An Internal Controls Function 
was established in 2022, led by external 
advisers BDO LLP. This function implements 
the annual risk evaluation process and the 
internal control and risk management review 
questionnaire process with the individual 
Product Lines. Within this review, climate 
risks and opportunities are considered as an 
integrated part of the procedure.
Group Support Functions
The Group’s Support Functions support 
the Product lines and Divisions. Each 
functional team reports to or is led by 
a member of the Executive Committee. 
the Board retains an oversight role and 
receives regular reports on key issues 
from the following functional areas:
•	 Strategy and sustainability 
matters, including climate 
strategy risks and commitments, 
from the Head of Sustainability, 
Communications and Marketing.
•	 Legal and regulatory matters from 
the Group General Counsel.
•	 Financial, tax and treasury matters 
from the Chief Financial Officer.
•	 People and Human Resources (HR) 
matters from the Chief HR Officer.
55
Strategic Report
Overview
Governance
Financial Statements

Group Divisions
Divisions and Product Lines, are 
responsible for managing their risk 
registers, including climate-related 
risks, and reporting on sustainability 
matters through Group Committees and 
reporting cycles, with recommendations 
for risk management improvements. 
They regularly report principal and 
emerging risks, along with mitigation 
activities, to the Risk Committee. 
Reporting structures, illustrated in the 
table below, ensure climate-related risks 
and opportunities are communicated to 
the Board, stakeholders and committees, 
supporting effective management. 
Incentives and Executive 
Leadership
The Group has tied Executive 
remuneration to sustainability objectives 
since 2022, ensuring alignment with 
stakeholder interests and progress 
on climate-related initiatives. 
For 2024, the Remuneration Committee 
has introduced a performance condition 
within the Long-Term Incentive Plan (LTIP) 
tied to the Group’s ambition to transition 
to Net Zero by 2050. Specifically, the 
payout of this LTIP element will depend on 
achieving targets for absolute reductions 
in Scope 1 and Scope 2 greenhouse 
gas (GHG) emissions over the three 
financial years from 2024 to 2026. 
Following shareholder engagement 
on the Remuneration Policy and its 
implementation for 2024, the strategic 
element (which includes this sustainability 
metric) has been weighted at 20 percent 
as the maximum opportunity for each 
participant, with the sustainability metric 
comprising one-third of this weight. 
Threshold performance, below which 
the sustainability element will lapse 
entirely, has been set at an 18 percent 
reduction in Scope 1 and Scope 2 GHG 
emissions compared to the 2021 baseline. 
At the threshold level, 25 percent 
of this element will pay out, with 
payouts increasing on a straight-line 
basis to 100 percent for achieving 
at least a 21 percent reduction.
The weighting and targets for this metric 
will be reviewed in future cycles to 
ensure they are appropriately balanced 
with other key performance indicators 
and remain effective in driving the 
behaviours necessary to deliver the 
Group’s sustainability ambitions. 
Incentives are being reviewed to 
strengthen ESG-related metrics across 
operational levels, supported by the 
newly appointed Group Head of Reward.
Board Level
Audit and Risk Committee
Monitors effectiveness of the Company’s 
risk management controls and the 
TCFD disclosures.
Remuneration Committee
Aligns the management incentives to the 
ESG strategy.
Nomination Committee
In reviewing Board composition, it ensures 
that the Board includes ESG experience and 
expertise.
Executive Level
Executive Committee
Reviews sustainability-related material 
and periodically discusses climate-related 
issues.
Executive Risk Committee
Reviews climate-related risks as part of its 
overall risks remit.
Executive Sustainability Committee
Meets to monitor and report all climate-
related risks and opportunities.
Management Level
Overview of our Governance Framework for Climate-Related Matters
The following structures hold key climate-related responsibilities and form part of the communication channels to inform the Board, 
stakeholders and committees on climate risks:
Internal Audit Function
Conducts audit oversight for climate 
related risks.
Group Support Functions
Supports the Group Product Line. Each 
functional team reports to or is led by a 
members of the executive committee
Group Divisions
All manage their own risk register and 
report on principal; risks and mitigating 
activities to the Risk Committee.
Sustainability continued
56
James Fisher and Sons plc Annual Report and Accounts 2024

Strategy
Our approach to strengthening 
climate resilience
The Group recognises the critical 
importance of addressing the global 
climate crisis and is committed to playing 
its part in the transition to a low-carbon 
economy. We view climate change as 
a central consideration in our strategic 
planning and decision-making processes.
To better understand how the Group may 
be impacted by climate-related risks and 
opportunities, in 2022 we undertook a 
comprehensive climate scenario analysis. 
Conducted in partnership with SLR 
Consulting, a leading external specialist, 
this analysis has assessed the potential 
impacts of varying climate scenarios 
across different time horizons. The 
insights gained have been instrumental in 
enhancing our understanding of climate-
related challenges and opportunities, 
enabling us to strengthen the Group’s 
resilience to climate change.
One example of how we are translating 
this understanding into action is the 
implementation of an ICP strategy. This 
approach reflects our commitment to 
embedding climate considerations into 
our operations and ensuring alignment 
with our long-term sustainability goals.
Looking ahead, we intend to refresh our 
qualitative and quantitative scenario 
analyses in 2025, aligning with UK 
guidance on the frequency of such 
assessments. This re-assessment 
is expected to build on our previous 
work, with a view to ensuring that 
the Group remains well prepared to 
navigate the financial and operational 
challenges posed by climate change.
Climate Scenario Analysis Process
Comprehensive Assessment Approach
Our scenario analysis followed a dual-
phased approach, comprising qualitative 
and quantitative evaluations:
1. Qualitative Assessment:
	ୡIdentified climate-related risks and 
opportunities were evaluated across 
three time horizons and three climate 
scenarios. (See pages 59-61)
	ୡScoring was informed by data 
sets, desk-based research, and 
interactive sessions with Group 
Executives and Division Leaders. 
2. Quantitative Assessment:
	ୡThe focus was on modelling the 
financial impact of key value drivers 
and impact pathways related 
to the most significant climate-
related risks and opportunities. 
	ୡProjections were made for how 
changes in these value drivers would 
affect the Group’s performance 
under different climate scenarios. 
Outcomes and Integration
The results of this process were shared 
with the Board and key stakeholders 
across the Group. The insights 
derived are being actively used to:
•	 Inform climate-related target setting: 
The Group currently has climate targets 
that are aligned with SBTi criteria. 
However, we are monitoring emerging 
climate regulation that may change 
the suitability of another target-
setting framework, such as the IMO.
•	 Develop metrics to monitor material 
risks and track performance: James 
Fisher monitors its climate performance 
through several specific metrics. A 
recent additional metric that aligns with 
an emerging opportunity is the revenue 
association with low-carbon services.
•	 Guide strategic decision-making 
processes: Using the climate 
assessment to engage with Divisions, 
and by translating the effects of 
climate change into financial terms, 
James Fisher is better positioned 
to make informed decisions that 
could affect climate resilience.
Qualitative Scenario 
Analysis Process
Our qualitative scenario analysis 
was conducted using a structured 
and methodical approach:
1. Initial Risk and Opportunity 
Identification:
	ୡ	Peer reviews, desk research, 
and interviews with Divisional 
teams were used to identify a 
comprehensive list of climate-
related risks and opportunities.
	ୡInitial sensitivity and adaptive capacity 
scores were assigned to these risks 
based on preliminary findings.
2. Stakeholder Engagement:
	ୡWorkshops and surveys with 
Executives and Division Leads refined 
the risk and opportunity list and 
validated sensitivity and adaptive 
capacity scores across Divisions.
3. Vulnerability Assessment:
	ୡBuilding on the refined shortlist 
of climate risks and opportunities, 
exposure, sensitivity, and 
adaptive capacity data informed 
a vulnerability score for each 
identified risk and opportunity.
4. Likelihood and Magnitude Scoring:
	ୡLikelihood and magnitude were 
assessed over three time horizons 
and three climate scenarios using data 
from globally recognised sources, 
including the NGFS (Network for 
Greening the Financial System) 
Scenario Explorer. See page 58 for 
more details. See website 
www.ngfs.net/ngfs-scenarios-portal/
data-resources/.
5. Risk and Opportunity Prioritisation:
	ୡ	Risks and opportunities were 
ranked based on aggregated 
scores for likelihood, magnitude, 
and vulnerability. This ranking 
informed strategic priorities 
and mitigation efforts.
The findings, detailed on pages 59-61, 
categorise risks aligned with the Task 
Force on Climate-related Financial 
Disclosures (TCFD) framework, including 
physical (acute and chronic), policy and 
legal, market, technology, and reputational 
risks. Each category encompasses specific 
risk drivers with potential impacts on the 
Group. For additional details on our risk 
scoring methodology, please refer to the 
Risk Management section on page 70.
57
Strategic Report
Overview
Governance
Financial Statements

Timeframes and Climate Scenarios 
James Fisher’s climate scenario 
analysis is aligned with its risk 
management framework and 
long-term strategic planning:
•	 Short term: 0–1 year
•	 Medium term: 1–5 years
•	 Long term: Over 5 years (up to 2050)
These timeframes ensure consistency 
in integrating findings into broader 
business strategies. Notably, the 
long-term horizon extends to 2050, 
recognising the increasing relevance 
of climate risks over time.
To ensure our assessment was 
comprehensive and provided insights 
into different climate eventualities, the 
analysis utilised scenarios from reputable 
sources, including the NGFS, IPCC WGI 
Interactive Atlas, and the World Bank 
Climate Change Knowledge Portal. 
Each scenario reflects varying levels of 
projected global warming, enabling the 
Group to evaluate a wide range of potential 
outcomes and prepare accordingly
Interpreting the results
The analysis employs a colour-coded 
risk scoring system (ranging from ‘low’ 
to ‘very high’) to represent the most 
significant risks within each category. 
Our risk scoring framework is depicted 
on the following page with details of our 
scoring methodology. These scores evolve 
across various time horizons and climate 
scenarios, offering a directional view of 
expected risk impacts. These scores are 
depicted as a matrix for each risk category.
The qualitative scenario analysis 
conducted in 2022 remains relevant. 
Consequently, both the results of the 
analysis and the Group’s risk position 
remain stable. However, we intend to 
refresh our qualitative and quantitative 
scenario analysis during 2025. The 
Group’s decision to invest in four more 
new LNG dual-fuel tankers demonstrates 
our commitment to aligning strategic 
planning with climate considerations 
to inform decision-making. For more 
information on this, please see the 
Driving the Change section, pages 52-53. 
Additionally, further examples of how key 
climate risks and opportunities are being 
managed are included on page 63. 
The NGFS climate projections used are derived from the following representative 
scenarios:
Scenario name
Orderly 
Transition
Disorderly 
Transition
Hot House 
World
Description
Net Zero 2050 
limits global 
warming to 1.5°C 
through stringent 
climate policies 
and innovation, 
reaching global 
Net Zero CO2 
emissions 
around 2050.
Delayed transition 
assumes annual 
emissions do not 
decrease until 
2030. Strong 
policies are 
needed to limit 
warming to below 
2°C. Negative 
emissions are 
limited.
Current policies 
assume that 
only current 
implemented 
policies are 
preserved, 
leading to high 
physical risks.
Temperature 
rise by 2100
1.4-1.6°C
1.7-1.8°C
2.9°C+
Note: totals may not add up due to rounding.
Risk Score (1-100)
Vulnerability
Likelihood
Probability of occurring
Magnitude
Size of impact
Varies over time horizon and climate scenario
Adaptive Capacity
Ability to adjust or respond
Sensitivity
Degree to which processes could be affected
Exposure
Presence of processes that could be affected
Hazard
Risk scoring approach
Risks and opportunities are scored:
Across three scenarios: Orderly Transition, Disorderly Transition and Hot House 
World scenarios (NGFS)
Over three time horizons: Short term, medium term and long term
Sustainability continued
58
James Fisher and Sons plc Annual Report and Accounts 2024

Physical (acute & chronic) 
Context
Significant Risks
Group Risk
Marine and coastal operations are globally distributed (e.g. 
North Sea, Mediterranean, Middle East, Caribbean, Indian 
Ocean, and Eastern Pacific) and physical climate-related 
hazards will vary by location (e.g. tropical, and extratropical 
storms, sea-level rise and storm surges, wave climate, and 
heat stress). 
Whilst we have not experienced any climate-related incidents 
to date, in the medium to long-term timeframes (one to five+ 
years), the frequency and severity of climate hazards may 
change this. Additionally, there may be opportunities for James 
Fisher to become a specialist in providing operations and 
services in extreme conditions. 
•	 Extreme weather events impacting 
marine and coastal operations. 
•	 Climate-related hazards impacting 
facilities and offices. 
•	 Supply chain disruption from 
climate-related hazards delaying 
service provision. 
•	 Changing wind speed and 
storm conditions increasing 
risk exposure.
•	 Changing length and/or severity 
of seasons impacting operations 
and service provision.
Short term (<1)
Med term (1-5)
Long term (>5)
Orderly
Disorderly
Hot House
Response options and opportunities
•	 Undertaking location and operation-specific physical climate risk assessments and developing suitable bespoke 
response measures. 
•	 Extreme weather protocols are maintained and regularly updated by the Maritime Transport Division, helping to ensure continued 
safe operation in changing climates. James Fisher aims to continue developing next generation health and safety protocols and 
specialising in providing operations and services under extreme climate conditions. 
•	 Using bunker software to track relationship between increased climate hazards and time spent sheltering in ports for James 
Fisher vessels.
•	 Extending provision of maintenance and repair services to accommodate increasing client demand as a result of asset damage due 
to the manifestation of physical climate risks. 
Policy and legal
Context
Significant Risks
Group Risk
Sustainability and climate-related regulations are increasingly 
shaping our markets, with further legislation anticipated. 
This presents potential risks, including stricter compliance 
requirements, higher costs and increased litigation.
Carbon pricing mechanisms could include more sectors and 
geographies. The expansion of the UK’s Emissions Trading 
Scheme from 2026 to domestic shipping has been assessed, 
with minimal risk identified.
We expect these risks to materialise over the medium to long 
term, but there may be benefits to proactive compliance.
•	 Regulatory pressure on 
carbon-intensive industries 
increasing costs. 
•	 Carbon prices increasing 
direct costs. 
•	 Revoking of permits for failing to 
meet standards reducing revenue. 
•	 Litigation, if environmental 
regulations are breached, 
impacting brand and adding 
costs.
Short term (<1)
Med term (1-5)
Long term (>5)
Orderly
Disorderly
Hot House
Response options and opportunities
•	 The Sustainability Committee monitors regulatory changes and is driving progress on climate transition planning. Maritime 
Transport Division ensures shipping-related updates are communicated to maintain compliance.
•	 Providing responsible stewardship of oil and gas service provision and maintaining climate-responsible oil and gas service lines.
•	 Tracking metrics for renewables revenue streams versus other areas. Increasing revenue from low-carbon aligned activities and 
reviewing revenue targets for direct involvement in carbon-intensive activities.
•	 Delivering the Sustainability Strategy and investing in energy transition capabilities and technologies. 
•	 Reducing emissions across the Group and achieving Net Zero status by 2050. 
•	 Setting Scope 3 baseline and strengthening supplier relationships to enable future reductions.
•	 Introduction of Internal Carbon Pricing to put a financial value on GHG emissions to drive positive change.
Key
 Low  
 Moderate  
 High  
 Very High 
59
Strategic Report
Overview
Governance
Financial Statements

Technology
Context
Significant Risks
Group Risk
Advancements in renewable energy technologies are 
accelerating the growth of renewables. The Group recognises 
the need for engagement in the energy transition to capitalise 
on opportunities. These depend on the extent of global action 
on climate change, and the Group’s ability to adapt.
Early adopters of renewable and low-carbon technologies are 
likely to benefit from enhanced access to capital, cost-saving 
efficiencies, and revenue growth. Maintaining agility will be 
critical to remaining competitive.
•	 Renewable/green energy 
technologies becoming more 
competitive, decreasing demand 
for and revenue from traditional 
technologies. 
•	 Competitors gaining market 
share. 
•	 Missed opportunities from 
delayed investment into low-
carbon technologies.
Short term (<1)
Med term (1-5)
Long term (>5)
Orderly
Disorderly
Hot House
Response options and opportunities
•	 Continuing growth and expansion of Renewables (JFR) and associated service lines e.g. such as implementing cutting-edge (DAS 
and DTS*) to reduce the number of vessels undertaking routine subsea surveys. 
•	 Exploring partnerships with low-carbon technology providers.
•	 Introducing Lifecycle analysis as part of product research and development to reduce indirect emissions. 
•	 Adopting green energy technologies for reducing costs, increasing efficiencies and safeguarding.
•	 Capitalising on environment-related internal initiatives and rolling out best practice.
•	 Chief Technology Officer to integrate sustainability into our New Product Development process. 
Key
 Low  
 Moderate  
 High  
 Very High 
Market
Context
Significant Risks
Group Risk
Divisions face varying degrees of exposure to market-related 
transition risks and respond to macroeconomic factors such as 
fluctuations in oil and gas prices, supply, and demand. These 
have the potential to play a disruptive role over the medium 
to long term.
The Group’s sensitivity to these risks varies across Product 
Lines, reflecting differences in value chain positioning. 
Transitioning fossil fuel markets, such as declining oil reliance 
alongside growing natural gas demand, may create favourable 
conditions, while reduced oil and gas investment could 
pose challenges. Such shifts also open new opportunities in 
remediation services and renewable energy markets, where 
rapid growth presents significant potential.
•	 Energy and fuel price volatility 
increasing operational costs. 
•	 Sensitivity to oil and gas 
markets and impact on demand 
and revenue. 
•	 Uncertainty surrounding evolution 
of global energy mix, potential for 
high capital costs. 
•	 Changes in customer behaviour 
demanding climate-engaged 
service providers, leading to 
reduced market share and 
lower revenue.
Short term (<1)
Med term (1-5)
Long term (>5)
Orderly
Disorderly
Hot House
Response options and opportunities
•	 Enhancing business segments in new and growing market opportunities, such as renewables service lines, and meeting the 
growing demand for chemical cargo carriers. 
•	 Growing maintenance and repair service lines for assets that will experience damage under climate change.
•	 Diversifying operations and services to avoid reliance on, and over-exposure to, volatile markets. 
•	 Collaborating with partners in emerging markets to safely secure increased market share by providing unique specialised 
services (e.g. partnering with onshore and offshore wind turbine developers set to benefit from increasing public commitment to 
renewables growth).
Sustainability continued
60
James Fisher and Sons plc Annual Report and Accounts 2024

Reputation
Context
Significant Risks
Group Risk
Customers and investors are increasingly prioritising 
companies that demonstrate robust sustainability and climate-
related strategies aligned with national and international 
standards. This growing emphasis is expected to influence 
the Group over the medium to long term (one to five+ years), 
as stakeholders continue to elevate their expectations for 
corporate environmental responsibility.
Reputation risks may arise if the Group’s climate strategies 
are perceived as insufficiently ambitious or misaligned with 
evolving stakeholder demands. Conversely, maintaining a 
positive brand reputation, supported by transparent and 
realistic sustainability initiatives, strengthens the Group’s 
position in competitive tenders and aligns with broader 
market trends.
•	 Decreased competitiveness from 
weak sustainability and climate-
related credentials leading to 
reduced market share. 
•	 Negative perceptions of 
involvement with carbon and 
energy-intensive industries 
leading to a downturn in investor 
interest and decreased market 
share and access to capital.
Short term (<1)
Med term (1-5)
Long term (>5)
Orderly
Disorderly
Hot House
Response options and opportunities
•	 Aligning sustainability and climate reporting with international disclosure standards such as the SECR, SFDR, EU Taxonomy, SBTi, 
IFRS, TPT and TCFD. 
•	 Publishing ambitious and realistic climate targets, such as Group-wide emissions reduction targets, and committing to regular 
progress reporting. 
•	 Demonstrating that James Fisher is a sustainable business with a vision of moving toward a low-carbon future by preparing the 
Group’s Climate Transition Plan.
Products and 
Services
•	 Increasing demand for services resulting from negative impacts of climate change. 
•	 New service opportunities from low-carbon transitions and low-carbon infrastructure. For example, 
in 2023 we began using LCA to understand product emissions with the aim of avoiding emissions to 
guide product development and support industry-wide transition to a low-carbon economy.
•	 New revenue stream from emerging technologies.
•	 Regulatory pressure increasing demand for emissions reduction services.
Markets
•	 Growth of renewable and green technologies.
•	 Changing physical climate conditions growing market size.
Energy
•	 Energy use reduction strategies and rolling out best practice. For example: responsible procurement 
practices such as progressing to 100 percent renewable purchased energy across UK Product Lines, 
investing in energy-efficient Company vehicles, and instilling a culture of making good decisions in 
our day-to-day behaviours, for example installing signage around our offices/sub-stations, reminding 
staff to turn off lights and equipment when not in use.
Resource Efficiency
•	 Capitalising on more circular business models to improve product and resource efficiency. For 
example, Lean principles and tooling are in place across 100 percent of our Product Lines and we have 
63 trained Six Sigma Green Belts and 9 Black Belts all working toward sustainable change.
•	 Adopting new technologies and digital approaches to gain efficiencies. For example, through the 
application of our core technology there is significant opportunity to reduce travel to/from assets, and 
comprehensive monitoring systems will help identify operational efficiency opportunities.
•	 Reviewing and maximising vessel utilisation efficiencies. For example, use of bunker software which 
produces optimum speed based on ‘coach data’ and use of fuel enhancer - a biofuel-based additive 
that can be mixed directly with fossil fuels to reduce fuel consumption and emissions. Trials to validate 
the reduction opportunity are due to begin.
Resilience
•	 Extending carbon reduction strategies across the Group.
•	 Extending the scope of the Environment Forum, promoting peer learning and inclusivity.
•	 Establishing recognised sustainability and climate credentials.
•	 Reviewing and diversifying supply chain providers, ensuring business continuity. This work is 
currently underway with our Head of Group Supply Chain.
Climate-related opportunities
Key
 Low  
 Moderate  
 High  
 Very High 
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Quantitative Scenario Analysis
Building on the qualitative assessment, 
the Group also undertook a quantitative 
analysis of selected climate-related 
risks and opportunities to estimate the 
financial implications of climate change. 
The purpose of this assessment was 
to understand how climate-related 
influences (the value driver behind the 
risk or opportunity) may impact future 
revenues and costs, using assumptions 
about climate and macroeconomic 
conditions from defined climate scenarios. 
This inaugural assessment helped to better 
understand our environmental risks and 
impacts, but through further engagement 
has highlighted the importance of ensuring 
that the data and methodologies used 
are robust and are grounded in the 
context of our business. In addition to the 
Group’s increasing maturity on climate 
awareness, we are also aware of more 
developed data sets that have emerged. 
As such, we are prioritising reconducting 
a quantitative climate scenario analysis 
next year and will leverage this data 
alongside engagement with Divisions to 
ensure the results are meaningful and 
can be integrated into financial planning. 
Climate resilience  
assessment outcome
The future holds a range of potential 
outcomes that could impact our business 
in various ways. For instance, in scenarios 
with lower warming, regulatory changes 
and energy price stability will be primary 
concerns. Conversely, in higher warming 
scenarios, our vulnerability to service 
disruptions from physical climate 
hazards will increase. By assessing 
a broad spectrum of indicators, we 
ensure that our outcomes encompass 
the full range of potential impacts.
We intend to refresh our qualitative 
and quantitative scenario analysis 
every three years to incorporate up-
to-date climate scenario data. Based 
on our current scenario analysis, the 
Group considers itself resilient to the 
risks posed by climate change. 
As a company, we are equipped to support 
both Orderly and Disorderly transition 
scenarios through our services, which 
include fostering the growth of the 
renewable energy sector (e.g. offshore 
wind power), responsibly decommissioning 
redundant oil and gas assets, and 
maintaining and repairing assets exposed 
to extreme climate conditions. 
Our existing operations and safety controls 
position us to withstand significant 
disruptions from physical climate hazards, 
and we are expected to remain resilient 
even in a Hot House World scenario 
where physical risks are most severe.
Embedding climate considerations 
into business, strategic and 
financial planning
James Fisher is in the process of 
integrating climate further into its 
budgetary and strategic planning, 
using insights from the climate scenario 
analysis. This is an important step 
as it helps direct capital towards 
climate mitigation and adaptation. 
The Group recognises the growing 
strategic importance of aligning climate 
considerations with long-term business 
planning. In the shipping industry, 
regulatory developments such as the 
International Maritime Organization’s 
(IMO) Revised GHG Reduction Strategy 
(MEPC80/2023), alongside regional 
measures from the European Union 
and the UK, are accelerating the 
push towards decarbonisation.
Anticipating these shifts, James Fisher has 
proactively sought to position itself within 
more sustainably orientated markets. We 
have invested in four more LNG dual-fuel 
IMO II tankers and are actively exploring 
investment opportunities in LNG bunker 
operations. These initiatives are designed 
to meet the increasing demand for 
lower-carbon services, such as chemical 
transport. For more information, see the 
‘Fuelling the Future’ section, page 47
As part of our ongoing efforts to 
enhance decision-making processes and 
integrate innovative practices, James 
Fisher is exploring new methodologies 
to improve our operations by exploring 
the introduction of an ICP strategy. The 
Group is taking a phased approach 
by testing the potential application in 
pilot studies for the Maritime Transport 
Division. As part of this initiative, we are 
testing what a suitable price would be to 
help manage risk as well as incentivise 
decarbonisation investment within project 
proposals. As a next step we will assess 
opportunities to review this across the 
business and roll out more widely. 
Next steps to further 
integrate climate 
As we continue to evolve our strategy, 
James Fisher is committed to building on 
the insights gained from this analysis:
•	 We intend to refresh our scenario analyses 
in 2025, ensuring our understanding of 
risks and opportunities remains current.
•	 Transition planning is a growing 
component of the Group’s Climate 
Strategy. Following a gap analysis 
conducted against the Transition Plan 
Taskforce (TPT) guidelines, the Group is 
considering its climate transition planning. 
The results of this analysis are expected 
to shape strategic initiatives throughout 
2025. By continuing to assess and address 
climate-related risks and opportunities, 
James Fisher remains committed to 
fostering resilience, seizing growth 
opportunities, and supporting the global 
transition to a low-carbon economy.
•	 We aim to use insights to inform a more 
detailed decarbonisation roadmap for 
the Group in 2025. The purpose is to 
help guide decision-making, inform 
financial planning, and contribute to 
achieving our sustainability targets.
Sustainability continued
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James Fisher and Sons plc Annual Report and Accounts 2024

Climate Risk Identification, 
Assessment, and 
Management
Identification and 
assessment framework
Climate change risk management is 
incorporated into Group-wide risk 
processes as opposed to being identified, 
assessed and managed as part of a 
separate, climate-specific process.
The Group’s internal control and risk 
management framework comprises a 
structured system of policies, procedures, 
and organisational processes designed 
to align risk exposure, including 
climate-related risks, with the Group’s 
strategic objectives and risk appetite.
Climate Scenario Analysis 
Methodology 
Qualitative climate scenario analysis 
(see page 57) is a key component of our 
overall risk management framework. 
The outcomes supplement the Group’s 
understanding of climate issues, whilst 
the granular insights inform the relative 
significance of climate-related risks and 
emerging impacts, test sensitivities and 
refine strategies to strengthen long-term 
resilience, our overall position in relation 
to climate is stable. In 2025, we intend 
to incorporate quantitative insights into 
our assessment and that will feed into 
the financial decision-making process. 
Implementing management 
measures and controls
The Group risk management processes 
are aligned in the same period as its 
strategic review. This means business 
risks, including climate-related risks and 
opportunities, are integrated into the 
Group’s strategy discussions and operating 
processes. As part of this process each 
Division reviews and presents a five-
year strategic outlook to the Board. 
The Group’s decision to invest in four  
new LNG dual-fuel tankers demonstrates 
our commitment to align strategic 
planning with climate considerations 
to inform decision-making. For more 
information on this, please see the Driving 
the Change section, pages 52 to 53.
Additionally, further examples of how key 
climate risks and opportunities are being 
managed are included on pages 46 to 47.
required actions in the short to long term 
to mitigate and adapt. 
The risk-scoring methodology considers 
vulnerability, which is a function of 
exposure (an evaluation of the presence 
of operations in vulnerable settings), 
sensitivity (a measure of predisposition to 
climate hazards), and adaptive capacity 
(an indication of the ability to mitigate or 
adapt to risks). The overall risk score is a 
combination of vulnerability, likelihood, 
and magnitude of impact, each determined 
within a five-point scale. Each risk is 
scored across these criteria under each 
timeframe and climate scenario as outlined 
on page 58. The opportunity-scoring 
methodology also uses a five-point 
scale but considers the potential size of 
opportunity and the capacity to execute 
them. This scoring methodology aligns 
with the Group risk management process 
to support the integration of climate 
considerations across the business.
Unlike other business risks, climate 
risks are characterised by high levels 
of uncertainty regarding future climate 
conditions and their potential impacts. 
Therefore whilst this forward-looking 
approach allows the Group to understand 
Dual Approach for Risk Management
 Top-down approach 
 Bottom-up approach
1. Risk Committee Oversight
The Executive Risk Committee consolidates risks identified 
at the Product Line level, along with inputs from Functional 
teams and external macroeconomic and environmental factors. 
This process enables the Committee to assess the materiality 
of climate-related risks and recommend appropriate actions 
(mitigation, transfer, acceptance, or control).
1. Quarterly Business Reviews
Each Product Line conducts quarterly reviews, creating a platform 
for discussing and reporting current and emerging risks, including 
climate related risks and corresponding mitigation strategies. 
Updates are communicated to the Risk Committee via Divisional 
reports.
2. Board and Committee Reviews
Risk registers undergo thorough reviews by Internal Audit, 
the Risk Committee, and the Board. These registers inform 
the Group’s principal and emerging risks, their management 
strategies, and the alignment of risks with Group objectives. 
Principal risks are revisited during regular Board meetings, with 
deep-dives conducted biannually.
2. Annual Risk Evaluation
Product Lines undertake an annual assessment to identify 
significant operational and financial risks, including climate-related 
risks, considering pre and post-mitigation. Inputs include industry 
data, market intelligence, and historical insights, combined with 
management judgement.
3. Board Reporting
The Risk Committee and Executive Directors report findings from 
the bottom-up and top-down approach to the Board and Audit 
Committee, ensuring a holistic perspective on risk management.
3. Divisional Self-Assessments
Division Leads complete an annual review of internal controls  
and risk management, evaluating operational compliance with 
Group policies, legal requirements, and applicable regulations.  
This exercise helps identify risks, define mitigation strategies,  
and ensure effective controls are in place.
4. Internal Audit Oversight 
Internal Audit provides independent oversight via biannual reviews, 
ensuring Divisional risk registers are current and most significant 
risks are reviewed periodically by the Executive Committee.
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Metrics and Targets
In line with the growing urgency to limit 
global warming to 1.5°C by 2050, as set 
out in the Paris Agreement, James Fisher 
has committed to a Net Zero target for our 
operations by 2050. Our initial commitment 
was to establish targets through the 
Science Based Targets initiative (SBTi) in 
2021, however the SBTi paused validation 
of targets and commitments from fossil 
fuel sector companies. Consequently, 
we are assessing alignment with other 
international frameworks to guide our 
emission reduction pathway. In the 
interim we continue to align with the 
SBTi Standard to ensure adherence to 
established and recognised practices. At 
this stage, we are evaluating the feasibility 
of setting Scope 3 targets in the future.
Our Commitment to 
Performance Monitoring
James Fisher recognises that robust 
metrics and ambitious targets are 
essential to driving meaningful progress 
in addressing climate change. By aligning 
these with our strategic priorities, 
we aim to ensure accountability and 
transparency in our sustainability journey.
In 2024, we focused on improving 
our understanding of our 
emission profile through: 
•	 Enhancing GHG Calculation 
Methodology and Data Quality: On 
an ongoing basis we are investigating 
the transparency and granularity in 
emissions calculation and reporting, 
particularly for Scope 3 categories, 
to enhance our understanding on 
emission hotspots. We also intend 
to pressure check GHG data quality, 
methodologies and process to prepare 
for future assurance of our data.
•	 In 2025, our key focus areas are 
expected to include improving data 
quality and refining methodologies, 
updating Division-specific 
decarbonisation pathways, and exploring 
ways to embed climate into decision-
making processes through the use of 
an internal carbon pricing strategy. 
•	 Update Decarbonisation Pathways: 
In 2025, we plan to revise and expand 
our decarbonisation pathways to 
include Division-specific strategies, 
providing a clearer roadmap for 
achieving our climate goals. 
•	 Integration of climate in decision-
making: Recognising the importance 
of embedding climate risks and 
opportunities into our financial planning, 
we are advancing our capabilities 
in climate financial quantification by 
updating our climate scenario analysis 
models, working closely with cross-
functional teams to incorporate these 
insights into decision-making processes. 
This will also include the investigation 
into future Group-wide application of 
an internal carbon pricing strategy. The 
aim of this exercise is to account for the 
future financial risk of climate to better 
manage the risk and strengthen the 
business case for decarbonisation.
Our climate-related metrics  
and targets
James Fisher employs a range of metrics 
to assess its impact and exposure to 
climate-related risks. Our primary focus 
is on greenhouse gas (GHG) emissions, 
particularly Scope 1 and Scope 2, as 
detailed on page 66. As our understanding 
of climate-related impacts evolves, we 
intend to explore the measurement and 
disclosure of additional metrics to enhance 
our reporting.On page 66 we outline our 
emissions-related metrics, which serve 
as a critical proxy for assessing both our 
environmental impact and risk exposure.
This year we have updated the 
reporting period for our non-financial 
data to align with the financial 
period January to December. 
Our emissions performance 
and decarbonisation plans
The transition to a low-carbon economy 
will require innovation, technological 
advancements, and dedicated resources, 
both financial and human. While 
emissions reduction is a core component 
of this transition, it is only part of the 
broader effort to align the Group with 
a sustainable, low-carbon future.
We are committed to the identification 
and implementation of decarbonisation 
activities in the short term as well as 
engaging on longer-term transformation 
that will be required across industries to 
achieve more ambitious decarbonisation 
for a low-carbon transition.
James Fisher is acutely aware that 
the broader shipping industry has 
committed to achieving Net Zero by 
2050, and we expect the introduction 
of stringent regulations in the medium 
term. As these regulations emerge, we 
aim to accelerate reductions in carbon 
intensity through strategic investments 
and operational enhancements.
While the identified emission reduction 
measures are insufficient to align with 
the 1.5°C trajectory in the near term 
(2021–2030), the Group remains confident 
that it will achieve alignment with this 
target over the long term (2030–2050).
Sustainability continued
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James Fisher and Sons plc Annual Report and Accounts 2024

Metric
Goals
Associated risks
Commentary
Metric: Scope 1 –2
Unit: tCO2e
2024: 49,594 
2023 74,885
We aim to reduce our Scope 1 
and 2 emissions by 4.2% annually 
and intend to review our short to 
long-term target commitments.
Rising carbon prices could result 
in an increase to operational 
expenses. Our Scope 1 and 2 
emissions are a good indication 
of the potential exposure to these 
potential future costs.
Whilst we cannot validate targets 
with SBTi we are referencing its 
methodology for target setting. 
We intend to update our targets 
based on latest methodologies 
and our decarbonisation plans 
going forward.
Metric: Scope 3
Unit: tCO2e
2024: 111,527 
categories (1-8) 
2023 63,325 
categories (3,5-8
Increase the coverage of 
Scope 3 categories included in 
measurement.
No GHG reduction target set - 
feasibility of potential target is 
under review.
Increasing regulatory pressure 
on carbon-intensive industries, 
leading to higher costs passed 
through from suppliers. Our 
Scope 3 emissions are a good 
indication of the potential 
exposure to these potential future 
costs.
This year, we completed 
measurement across eight 
relevant categories and intend to 
look further into setting targets in 
the future.
Metric: Revenue from 
low-carbon activities
Unit: £m (% of total 
revenue)
2024: 14.8%
2023 16.4%
Year-on-year increase in the 
proportion of revenue derived 
from low-carbon activities.
Oil and gas markets may decline 
over time, particularly with the 
energy transition to a low-carbon 
economy. This can also create 
an opportunity for low-carbon 
markets.
As we increase services linked 
to low-carbon activities we are 
expected to reduce our exposure 
to regulatory risk.
Metric: 
Remuneration
Unit: tCO2e
The long-term remuneration 
programme tracks performance 
of new product development and 
carbon reduction in Scope 1 and 
2 emissions.
Reduced competitiveness if 
climate-related credentials lag 
behind market expectations.
Reviewed to ensure balance 
with other KPIs whilst driving 
behaviours to deliver the Group’s 
sustainability ambitions.
Metric: Internal 
carbon pricing
Unit: £ per tCO2e
n/a
Potential expansion of the UK 
Emissions Trading Scheme (UK 
ETS) to domestic shipping by 
2026.
Explore ways to integrate internal 
carbon pricing mechanisms 
as part of project profitability 
assessments.
Our climate-related metrics and targets 
In 2024, the Group saw an overall decrease of 34 percent in Scope 1 and 2 emissions compared to 2023. Our year-on-year emission 
performance can vary greatly due to how we operate. This predominantly stems from what the proportion of leased vessels (Scope 3) 
and chartered vessels (Scope 1) has been during the reporting year. Whilst this performance may change significantly year-on-year, it 
is still essential to James Fisher that the net overall change is decreasing in pursuit of our emission target. For more information on our 
emission reduction performance see our Planet section (pages 46 to 49 and SECR disclosure (page 121).
65
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0
10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000
0
50,000
100,000
150,000
0
300
600
900
1,200
0
10,000 20,000 30,000 40,000 50,000 60,000 70,000
0
5000
10000
15000
20000
25000
30000
35000
40000
Our footprint: Scope 1, Scope 2 and Scope 3 
(Reported Categories) (CO2)
Scope 1 and 2 Emissions (tCO2e)
Scope 2 Emissions Per Category (tCO2e)
Scope 1 Emissions Per Category (tCO2e)
2024 Scope 3 Emissions Per Category (tCO2e)
 Electricity 
 District Heating Chilled 
 Water Supply 
 Dry dock electricity 
consumption
 Scope 1 & 2 
 Scope 3 
 Scope 3  
New Categories  
(1,2 & 4) 
 Scope 1 
 Scope 2 
 Fugitive Emissions 
 Stationary Combustion 
 Mobile Combustion 
Upstream Leased 
Assets (8)
2024
2023
2024
2023
2024
2023
2024
2023
Upstream Transport 
& Distribution (4)
Purchased Goods 
and Services (1)
Business Travel (6)
Capital Goods (2)
Fuel & Energy 
Related Activities (3)
Commuting (7)
Waste Generated  
in Operations (5)
49,594
988
47,834
39
712
1,177
39,995
10,405
8,845
37,248
10,373
2,416
1,869
374
72,636
71
931
48,584
1,010
74,885
73,638
63,325
62,041
17
66
49,484
1,247
Sustainability continued
66
James Fisher and Sons plc Annual Report and Accounts 2024

0
10000
20000
30000
40000
50000
60000
70000
80000
90000
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2050
Scope 1+2 Actual
Scope 1+2 Projection
Scope 1 and 2 emissions (tCO2e)
Decarbonisation pathway
Summary of short to long term emission reduction 
plans, assumptions and limitations 
From baseline to date our emission reduction activities  
have been focused on operational efficiencies and 
sustainable procurement for our vessels as well as broader 
day-to-day operations:
•	 Bunker Software: Provides trend analysis of vessel’s 
speeds and consumptions and improves accuracy of 
voyage estimates. 
•	 Biofuels: Exploring the avaliability and compatibility of 
biofuel grades.
•	 New Fleet Investments: Delivery of LNG dual-fuel tankers 
with enhanced hydrodynamic performance, as well  
as switch to electric vehicles for company cars.
•	 Hull Performance: The data is now avaliable to identify 
opportunities for off-cycle hull cleaning.
•	 Renewable Energy: Transitioning offices to 100 percent 
renewable energy suppliers.
We aim to continue to expand and scale identified 
decarbonisation activities, alongside updating 
decarbonisation plans with more specificity.
•	
•	
•	
•	
As part of our decarbonisation strategy, we acknowledge that 
shipping is our primary source of Scope 1 emissions and the 
importance of collaboration with industry peers to overcome 
challenges, including insufficient infrastructure for low-
carbon and alternative fuels, such as LNG supply in the UK. 
  
However, with decarbonisation regulations in the shipping 
industry tightening, we anticipate that these changes will 
drive innovation and the development of new technologies. 
  
Our current focus is on:
•	 Enhancing operational efficiency through digitalization,
•	 Chartering energy-efficient vessels for our projects,
•	 Advancing a tanker newbuild program with improved 
hydrodynamics and machinery,
•	 Exploring low-carbon fuel alternatives.
This trajectory assumes a phased 
renewal of our fleet, enabling the 
transition to energy-efficient vessels 
capable of utilising low-emission 
alternative fuels, such as green methanol.
Pathway to Net Zero
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Sustainability continued
Engaging for value 
Growth creates value through 
a multi-stakeholder model.
The Group’s success depends on a 
deep understanding of the views, and 
challenges, that stakeholders face, and the 
complexities posed by the environments in 
which they operate.
The Board is committed to engaging with 
all its stakeholders, factoring key decision-
making on:
•	 How decisions align with the 
Group’s purpose.
•	 The likely short, medium and long-term 
consequences of the decision.
•	 The value created for investors.
•	 The enhancement of performance 
created by the decision.
•	 The potential impacts on people, local 
communities, and the environment.
•	 The need to create strong, mutually 
beneficial customer and supplier 
relationships.
•	 The Group’s commitment to 
business ethics.
•	 External factors which may impact 
decision-making and stakeholders. 
Section 172(1) statement
This serves as James Fisher’s section 
172(1) statement explaining how the 
Directors have had regard to the matters 
set out in Section 172(1)(a) to (f) of the 
Companies Act 2006, when performing 
their duty under section 172.
Under section 172, Directors are required 
to act in a way that they consider, in good 
faith, to be the most likely to promote 
the long-term success and resilience 
of the Company for the benefit of the 
shareholders as a whole, while having 
regard for all our stakeholders (employees, 
customers and suppliers, shareholders, the 
environment and local communities).
By considering key stakeholders and 
aligning activities with the strategic plan, 
as well as the Company’s culture, values, 
sustainability principles and practices, 
the Company will act fairly, transparently 
and in the best interests of the Company 
over the long term. Examples of how the 
Directors have had regard to the factors set 
out in section 172 in practice over the past 
year are as follows:
Our stakeholders
The Sustainability Strategy brings all our stakeholders into the heart of the Group and 
informs how we actively engage with them.
Shareholders
Promote a sustainability-driven 
business model and strategy that 
delivers attractive returns for 
shareholders and delivers on our ESG 
metrics.
Board engagement
•	 The Directors had regular in-person 
meetings with investors, principally 
through investor roadshows, 
investor events and the Annual 
General Meeting (AGM).
•	 The Chairman met with the largest 
shareholders to discuss results and 
other announcements.
•	 With a dedicated investors section, 
the Annual Report and Accounts 
and the Company website set out 
the Group’s Strategy and progress 
against its strategy and key 
activities.
How we supported during 2024
•	 The Board engaged with 
shareholders at the AGM.
•	 The Directors consulted with the 
Company’s major shareholders 
regarding the 2024 Remuneration 
Policy.
Key areas of focus for this 
stakeholder group
•	 Operational and financial 
performance.
•	 Company Strategy implementation.
•	 Capital structure, liquidity and 
capital allocation.
•	 Risk management and controls. 
•	 Sustainability Strategy.
Customers and 
suppliers
Support our customers and suppliers 
to achieve their sustainability 
ambitions, through strategic 
partnerships and investment in 
innovation.
Board engagement
•	 The Board received regular updates 
from Product Line Directors through 
the Executive Committee on their 
strategic priorities, markets, and key 
customers.
•	 Through the Sustainability 
Committee the Board received 
updates on customer and supplier 
engagement.
•	 Where appropriate, Executive 
Directors, and Divisional Leads, 
worked with major customers to 
develop innovative products and 
services and to find solutions to 
their problems.
How we supported during 2024
•	 Created a new Chief Technology 
Officer role in January 2024.
•	 Supply Chain Code of Conduct 
was redeveloped to align with our 
Sustainability Strategy.
•	 The Head of Group Supply Chain 
identified synergies and other 
benefits of procurement co-
ordination and standardisation 
between Group businesses.
Key areas of focus for this 
stakeholder group
•	 Innovation and problem solving.
•	 High-quality products and services.
•	 Trusted relationships.
•	 Social and environmental impacts.
•	 Payment practices.
•	 Supply chain resilience.
Sustainability continued
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James Fisher and Sons plc Annual Report and Accounts 2024

Local communities
Invest in the communities in which 
we operate to position ourselves 
as a strong corporate citizen that 
can demonstrate its positive impact 
on society.
Board engagement
•	 Through the Sustainability 
Committee, the Board received 
updates on community integration 
performance throughout the Group. 
•	 The Board supported employees 
to engage with community-based 
projects that help make a positive 
impact, including charitable 
fundraising, volunteering and 
education, including STEM (Science, 
technology, engineering, and 
mathematics) learning and events.
How we supported during 2024
•	 	We continued to support employees’ 
local community initiatives and 
events through the donation of 
time, material, or provision of 
expertise, for example STEM event 
participation and local internships.
•	 We have formed a strong 
partnership with a local Education 
and Skills Partnership which 
brings schools, colleges, and local 
employers together who recognise 
the need to equip local young 
people with knowledge, skills, 
and aspirations.
•	 James Fisher, has pledged its 
support as an employer, to the 
Young Persons Guarantee, a 
Scottish Government initiative to 
ensure all young people aged 16-
24 have the opportunity of work, 
education and training.
Key areas of focus for this 
stakeholder group
•	 Environmental and social impacts of 
our operations.
•	 Health and safety.
•	 Employee wellbeing.
Employees
Attract, invest in and retain our people 
to enable delivery and position 
ourselves as a leading employer of 
choice ensuring wellbeing is at the 
heart of all we do.
Board engagement
•	 The Board met with employees in 
Belfast and London at an informal 
lunch. 
•	 Kash Pandya, the designated Non-
Executive Director for Employee 
Engagement, met with employees 
in Aberdeen and Dubai to get 
feedback to inform our engagement 
strategy. 
•	 The employee Sharesave Scheme 
encourages employees’ involvement 
in Company performance.
•	 Employees can receive matching 
employer pension contributions of 
up to 7.5 percent of salary.
•	 The Board reviews the results of 
our annual employee engagement 
survey.
How we supported during 2024
•	 We delivered Engage, our quarterly 
all-employee webinars providing 
updates from across the Group and 
the opportunity for employees to 
feed back.
•	 We launched Bitesize Briefings to 
provide interractive updates on key 
initiatives across the Group.
•	 We held Division Townhalls to 
update teams on progress.
•	 We relaunched our Group Intranet 
and news pages to provide easy 
access to important, timely 
information.
•	 We held Senior Leaders 
Conferences to involve the senior 
team in delivering strategy.
•	 We supported World Mental Health 
Day across the Group and extended 
mental health first aid training.
•	 The Group Head of Reward was 
appointed to shape and lead the  
reward strategy.
Key areas of focus for this 
stakeholder group
•	 Health and safety.
•	 Development and progression.
•	 Remuneration and recognition.
•	 Equality, diversity and inclusion.
The environment
Assess, quantify, and manage the 
impact of our operations on our planet, 
and how external factors may affect 
the Group’s performance.
Board engagement
•	 The Board considered climate-
related risks and opportunities 
on a continuous basis, such as 
when deciding on the strategic 
direction of the Group, acquisitions 
and divestments, or major 
capital expenditure.
•	 	A Board member attends 
Sustainability Committee meetings 
on a regular basis, bringing ESG 
expertise while strengthening 
communication between 
management and the Board.
How we supported during 2024
•	 We continued to focus on our 
performance and embedding 
ESG considerations into business 
as usual.
•	 As part of the Group’s 
transformation, the groundwork is 
underway to reshape our portfolio 
including identifying innovative 
solutions to support our customers’ 
energy transition.
•	 The Group continued its reporting 
and disclosures in accordance 
with the Carbon Disclosure 
Project (CDP), the UK SECR 
requirements, TCFD and the UK 
Government’s introduction of 
reporting requirements through 
the Companies (Strategic Report) 
(Climate-related Financial 
Disclosure) Regulations 2022.
•	 Net Zero and GHG emissions 
awareness webinar sessions 
took place and learning pathways 
were identified. 
•	 Commenced implementation of 
the gap analysis conducted in 
2024 which will inform our detailed 
climate transition planning activities 
in 2025. 
Key areas of focus for this 
stakeholder group
•	 Carbon management.
•	 Net zero strategy.
•	 Climate disclosure.
•	 Climate risk and opportunity/energy 
transition.
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Financial Statements

Principal risks and uncertainties
The Board
The Board establishes the Group’s risk appetite, ensuring it aligns with strategic objectives. It retains ultimate responsibility for 
riskmanagement, maintaining oversight to ensure the framework evolves in response to changing market conditions and regulatory 
requirements. The Board also assesses principal and emerging risks to ensure they are effectively identified, managed, and mitigated.
Bottom-up risk management
Top-down risk management
Investment 
Committee
The Group’s 
Investment Committee 
oversees the review 
of all significant 
bids and tenders, 
capital investments, 
substantial operating 
expenditures, mergers, 
acquisitions, joint 
ventures, disposals, 
contracts containing 
clauses outside the 
Group’s standard 
contracting principles, 
and the appointment of 
agents.
Risk Committee
The Risk Committee operates as a subcommittee 
of the Executive Committee, reviewing the risk 
framework and processes. Functional Heads 
and Divisional teams report on principal risks, 
uncertainties, and emerging issues. The Committee 
oversees an annual risk assessment, drawing from 
risk registers across the Group.
Audit and Risk Committee
On behalf of the Board, the Committee actively challenges and ensures thorough 
consideration of risks: reviewing the Group’s risk management and internal 
control systems, conducting in-depth reviews, and overseeing the work of 
internal and external auditors.
Risk governance framework
The Group is subject to a combination of 
macro risks and business-specific risks. 
The Group’s risk management process provides the framework 
for risk management practices across all areas of the Group and 
seeks to ensure that business risks are adequately identified, 
quantified and understood. The framework and accompanying 
risk management processes continue to evolve and improve 
across the Group. 
Our risk management and assurance activities follow the “Three 
Lines of Defence” model. The first line, comprising the Group’s 
Divisions and Functions, report to the Risk Committee, which 
serves as the second line under the oversight of the Executive 
Committee. 
Every six months, the first line formally confirms compliance with 
Group policies, including the reporting of any incidents related 
to fraud, anti-bribery and corruption, and modern slavery. This 
six-monthly exercise also covers matters arising in relation to the 
internal control environment.
Group Support Functions
The Group’s Divisions are supported by Group 
Functions, with each Functional Head reporting  
to an Executive Director.
Group Divisions
Group Divisions manage their own risk register and 
report on principal risks and mitigating activities to 
the Risk Committee.
Internal Audit
The Group’s Internal 
Audit Function, 
outsourced to 
PwC, conducts 
regular reviews of 
operations and internal 
controls, providing 
recommendations 
and ensuring their 
implementation. The 
annual Internal Audit 
plan, informed by a 
risk assessment, is 
approved by the Audit 
and Risk Committee, 
with PwC presenting 
updates and progress 
at each Committee 
meeting.
Executive Committee
The Executive Committee oversees the risk 
framework, supporting businesses in risk 
management, offering a macroeconomic 
perspective, and reporting on Group-wide risk 
management to the Audit and Risk Committee. 
The Committee ensures that risks are effectively 
identified, assessed, and mitigated to safeguard the 
Group’s strategic objectives.
The Internal Audit function operates as the third line, providing 
independent assurance. The Investment Committee plays a critical 
role in the Group’s risk management framework by ensuring the 
appropriate level of review for investment and contract-related 
decisions.
Managing risk and enabling growth
The Group has continued to enhance the risk management 
processes, achieving notable progress in 2024 through ongoing 
projects, including the continuous review of principal risks. 
Following these reviews, two previously separate principal risks, 
“Maintaining Access to Adequate Funding” and “Financial Risk,” 
have been consolidated into a single risk category: “Financial, 
Liquidity and Treasury”. This change reflects the successful 
refinancing completed during the year and a more integrated 
approach to financial risk oversight.
The review also concluded that acquisitions and disposals no 
longer constitute a principal risk for the Group. With the focus 
now on transforming the existing business portfolio, no significant 
acquisitions are anticipated in the near term. 
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James Fisher and Sons plc Annual Report and Accounts 2024

Opportunities
Several of the Group’s principal risks also present opportunities 
for growth and advancement of strategic objectives:
•	 Group Transformation Programme: Centralising and integrating 
core Functions creates opportunities to simplify operations, 
enhance efficiency, and improve practices, supporting long-
term growth and ensuring compliance. The programme will 
also facilitate further streamlining of legal entity structure and 
systems infrastructure.
•	 Climate Change: Energy-driven markets remain a key revenue 
source, with the Group strategically focused on supporting the 
transition to Net Zero by 2050. The Board considers climate 
change both a principal risk and a key strategic opportunity.
•	 Operating in emerging markets: The Group’s ability to operate 
in emerging markets for global customers differentiates it from 
competitors, unlocking greater opportunities for growth and 
strengthening market positioning.
Impact
Likelihood
Low
Medium
High
Low
Medium
High
Strategic & Growth
1
Group Transformation Programme
2
Project Delivery
3
Product Risk
Operational
4
Health and Safety Risk
5
Recruitment & Staff Retention 
6
Climate Change
Technology
7
Cyber Security Risk
Financial
8
N
Financial, Liquidity & Treasury
Legal & Regulatory
9
Operating in Emerging Markets
10
Contractual Exposure
11
Breach of Laws and Regulations
No movement
Decreased
N
New principal risk
Furthermore, following the successful completion of recent 
disposals, including RMSpumptools and Martek, the risks 
associated with integration and separation activities have 
diminished sufficiently for this to no longer be considered a 
principal risk.
Residual risk levels for two principal risks have reduced year-
on-year due to improved mitigation measures, strengthened 
governance frameworks, and operational advancements:
•	 Group Transformation Programme: The risk profile has 
improved, driven by progress in simplifying our business 
portfolio, centralising and integrating Functions, which has 
enhanced standardisation and the adoption of best practices 
across the Group. Additionally, the Group has advanced 
in acquiring key skill sets to support project and change 
management, alongside initiatives to strengthen employee 
engagement. This progress has reduced execution-related risks 
and reduced the potential for business disruption during the 
implementation of transformation initiatives.
•	 Health and Safety Risk: The Group’s risk appetite for Health and 
Safety remains unchanged, maintaining a zero-tolerance policy 
for hazardous behaviours. However, the likelihood of an incident 
has been assessed slightly lower due to progress made during 
the year, including improved awareness, enhanced training, and 
the rollout of more comprehensive procedures and preventative 
protocols. Incident reports for 2024 reflect an improvement 
compared to 2023.
Principal Risks 
The principal risks are plotted below, showing year-on-year movement in 
likelihood and impact, net of existing mitigations. The risk profile reflects 
the time horizon over Transformation Programme and our assessment will 
continue to evolve as our risk management process further improves.
5
8
9
10
2
4
4
11
3
7
1
1
6
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Financial Statements

Principal risks and uncertainties continued
1  Group Transformation Programme 
Risk category: Strategic and Growth 
Risk owner: Head of Sustainability,  
Communications and Marketing 
Nature:
The Group is undertaking a significant multi-year transformation 
to build a stronger, more sustainable business for the future. 
If not managed effectively, this initiative carries the risk of 
disruption to, or distraction from, core activities.
Context:
The Group is undergoing simplification and significant 
integration, including the adoption of a One James Fisher 
operating model, Divisional portfolio realignment, and the 
execution of objectives aimed at strengthening operational and 
functional delivery. Strong project and change management will 
be essential to ensure delivery teams remain focused on key 
priorities and tasks.
Potential impact: 
Disruption during the transformation process could impact 
operations, employee productivity, customer satisfaction,  
and ultimately stakeholder confidence. Insufficient resources, 
overburdened employees, or an unclear vision may delay 
initiatives and hinder progress.
Mitigation:
•	 A Business Operations team has been established with a 
clear remit and focused priorities.
•	 Objectives have been set and cascaded across the 
organisation to ensure alignment.
•	 Executive Committee oversight and escalation process 
is in place.
•	 Clear roles and responsibilities are assigned to ensure 
efficient and effective execution of transformation initiatives
•	 An Employee Engagement strategy is in place to foster 
engagement, performance, and buy-in.
2  Project delivery
Risk category: Strategic and Growth  
Risk owner: Head of Operations
Nature:
The Group risks failing to meet customer expectations or 
contractual obligations due to inadequate service or project 
delivery. This may result from resource misalignment, poor 
planning, or insufficient stakeholder engagement, therefore 
compromising the ability to fulfil commitments.
Context:
We operate in hazardous environments where certain service 
contracts require robust project management. Consistently 
meeting contractual terms and customer expectations is 
essential for maintaining strong relationships and ensuring 
operational stability.
Potential impact: 
Service delivery failures could result in customer dissatisfaction, 
increased operational costs, and contract losses, adversely 
affecting the Group’s financial performance and reputation. 
This may also erode client trust and diminish opportunities 
for contract renewals.
 Mitigation:
•	 Regular tracking of customer feedback ensures early 
identification and resolution of potential service issues.
•	 Clear communication of contractual rights and 
obligations prevents misunderstandings and strengthens 
client relationships.
•	 Enhanced project management systems, supported by 
targeted training and recruitment.
•	 Implementation of project management best practices, 
including the use of project risk registers.
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3  Product risk 
Risk category: Strategic and Growth 
Risk owner: Chief Technology Officer
Nature:
The Group is exposed to rework and potential claims if their 
products fail to meet customer requirements or the required 
quality standards.
Context:
The Group designs innovative products for use in the Energy, 
Defence and Maritime Transport markets. Development of 
new products inherently carries risks of warranty claims or 
identification of issues to be remediated. The Group seeks 
to minimise such risks by rigorous testing and quality  
review processes.
There is also a risk of failing to innovate and maintain a robust 
pipeline of product development. To address this, the Group is 
investing in strengthening their capabilities, including appointing 
a Chief Technology Officer to drive innovation and ensure that 
the development of products meets customer needs.
Potential impact: 
The Group may incur additional costs in the form of rework or 
liability claims. This could also lead to reputational damage and 
loss of future business.
Mitigation:
•	 	Comprehensive testing and validation procedures are in place 
to ensure product quality meets customer requirements.
•	 	To identify and mitigate potential issues early, product lifecycle 
risk assessments are performed.
•	 	Performance management processes for suppliers, vendors, 
and joint ventures ensure consistent product quality across 
the supply chain.
•	 	Strict adherence to regulatory standards ensures product 
compliance and reduces the risk of liability claims.
•	 	Insurance policies are in place to mitigate the financial impact 
of any claims or product defects.
4  Health and Safety risk
Risk category: Operational  
Risk owner: Head of Operations
Nature:
The significant risk of operational incidents or failure to 
maintain internal health and safety standards can have serious 
consequences for employee health, both physical and mental. 
The Group has zero-tolerance for any risks or hazardous 
behaviours, including minor infractions.
Context:
The Group’s operations carry the potential risk of significant 
harm to people and property, wherever we operate across 
the world. For moral, financial and reputational reasons, it is 
essential to keep this risk as low as possible.
Potential impact: 
Failure to maintain appropriate health and safety standards 
could lead to serious injury or harm to employees and other 
stakeholders, potentially resulting in regulatory investigations, 
legal claims and financial penalties. Such outcomes could 
undermine trust in the Group’s commitment to safety and 
significantly damage market reputation.
Mitigation:
•	 	Health and Safety is prioritised at the Board level.
•	 	The Group Health and Safety Committee and Safety Forum 
ensure consistent governance and alignment across the 
Group.
•	 	Regular training and strict enforcement of policies, focusing on 
product quality, certification, and life-saving rules.
•	 	Comprehensive procedures and protocols are in place 
to mitigate risks, with a zero-tolerance approach to 
hazardous behaviour.
•	 	Internal audits and Group-wide safety initiatives ensure 
compliance and continuous improvement of safety protocols.
•	 	Insurance policies are in place to manage financial impacts of 
incidents, including high-risk scenarios.
•	 	A structured incident reporting process allows for timely 
investigation and corrective actions.
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Financial Statements

Principal risks and uncertainties continued
5  Recruitment and staff retention
Risk category: Operational 
Risk owner: Chief Human Resources Officer
Nature:
The risk of not attracting, retaining, or developing employees 
with the required skills, competence, and leadership capabilities 
presents a challenge to the Group. Inadequate succession 
planning, insufficient training, and disengagement may result 
in gaps in key roles, operational inefficiencies, and non-
compliance with regulatory requirements.
Context:
We operate in many specialised engineering and technical 
domains which require appropriate skills and experience. 
Progress continues on implementation of the Group’s People 
Strategy to improve recruitment and retention.
Potential impact: 
Factors such as non-competitive remuneration, 
cultural misalignment and reduced employee satisfaction 
increase costs, including recruitment expenses and lost revenue. 
Failure to maintain organisational culture, enforce conduct 
standards and meet employment legislation could lead to 
operational failures and missed strategic targets.
Mitigation:
•	 	The Group has a comprehensive People Strategy, 
including recruitment and talent management.
•	 	Succession planning is in place to ensure continuity in 
critical roles and minimise operational risks.
•	 	Training plans and management development 
programmes focus on enhancing staff competence and 
leadership capabilities.
•	 	Remuneration incentives, salary benchmarking, and role 
banding exercises are used to attract and retain talent.
•	 	Regular appraisals and employee satisfaction initiatives 
are aimed at improving engagement and reducing attrition.
•	 	The Group ensures adherence to relevant legislation and 
compliance with unionisation and regulatory requirements.
•	 	A crisis plan is in place to address high attrition rates and 
operational risks related to staff shortages.
•	 	Ongoing monitoring and documentation of staff 
turnover, satisfaction, and recruitment processes to 
assess effectiveness.
6  Climate change 
Risk category: Operational 
Risk owner: Head of Sustainability,  
Marketing and Communications
Nature:
The Group is exposed to risks related to environmental impact on 
its operations and the ongoing transition to a more sustainable 
energy landscape.
Context:
Sustainability is a core component of the Group’s strategy. We 
manage climate-related risks through both short and long-term 
control measures across our global operations. Our commitment 
to sustainability involves reducing carbon footprints, transitioning 
to renewable energy sources, and ensuring compliance with 
evolving environmental regulations.
Potential impact: 
Extreme weather events may disrupt operations and supply 
chains, while changes in regulations, market dynamics, and 
technological advancements could lead to increased costs and 
reduced asset values. Although investing in sustainable assets 
and reducing carbon emissions presents opportunities, failure 
to adapt to regulatory and environmental shifts could result in 
financial losses and reputational harm.
Mitigation:
•	 The Group maintains diversified end-markets and geographic 
locations to reduce exposure to climate-related risks.
•	 Focus on transitioning to sustainable energy, including 
decommissioning oil and gas assets and supporting LNG 
and renewable energy markets.
•	 	Ensuring preparedness for extreme weather events, with 
procedures in place to minimise operational disruptions.
•	 	Ongoing supply chain engagement to address climate risks 
and opportunities.
•	 	Conducting internal audits to ensure compliance with 
environmental regulations.
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7  Cyber security risk
Risk category: Technology 
Risk owner: Chief Financial Officer
Nature:
The Group is exposed to internal and external cyber threats, 
such as hacking, phishing, and fraud, which may result in 
financial losses and reputational harm.
Context:
IT and cyber security are critical for safeguarding the 
confidentiality and integrity of sensitive customer and 
employee information. The Group continuously monitors and 
adapts to emerging cyber threats to mitigate risks and protect 
their operations.
Potential impact: 
Cyber attacks have the potential to severely disrupt business 
systems, causing both financial and reputational damage. 
Phishing attacks in particular may result in theft, fraud and 
further harm to the Group’s reputation. Failure to maintain robust 
IT and physical security controls could also result in significant 
operational disruptions, with serious financial consequences.
Mitigation:
•	 Regular internal, external, and firewall penetration testing 
to assess vulnerabilities, including specific testing of 
ransomware defences.
•	 Use of industry -leading cyber security software to protect 
systems.
•	 Cyber risk controls across the Group’s IT infrastructure.
•	 Annual cyber security training for employees, tailored 
to specific risk profiles, to increase awareness and 
preparedness.
•	 Regular phishing email testing, with additional training for 
employees who interact with simulated phishing attempts.
•	 Annual cyber resilience reviews at the Board level to assess 
emerging risks and update defence strategies.
•	 Cyber risk insurance and emergency response support 
to ensure readiness in the event of a cyber incident.
8  Financial, liquidity & treasury
Risk category: Financial 
Risk owner: Chief Financial Officer
Nature:
The Group may face risk in managing their financial resources, 
ensuring sufficient liquidity and effectively handling 
treasury operations. 
Unethical behaviour, or a violation of the Group’s policies 
could also potentially result in the mismanagement of financial 
resources or misappropriation of assets. 
Context:
Maintaining adequate cash flows around the Group is critical for 
ensuring smooth operational performance, meeting financial 
obligations and supporting strategic objectives. Gaining access 
to funding for growth opportunities and managing fluctuating 
market conditions that may impact financial stability are equally 
important. Additionally, the Group faces risks related to the 
mismanagement of financial instruments, foreign exchange 
exposures and interest rate volatility which could affect overall 
financial performance and strategic goals.
Potential impact: 
Liquidity constraints and ineffective cash management could 
result in the inability to meet financial obligations, operational 
delays, and higher financing costs. This could limit the Group’s 
ability to grow, reduce profitability, and compromise overall 
financial stability. In addition, poor financial controls may impact 
reporting accuracy and increase the risk of fraud.
Mitigation:
•	 Conducting regular business performance reviews to monitor 
financial health and address emerging risks.
•	 A centralised Finance Function actively managing liquidity 
risk, including cash flow forecasting, to ensure adequate funds 
are available.
•	 	Use of hedging instruments, such as forward currency 
contracts and interest rate swaps, to mitigate foreign exchange 
and interest rate risks.
•	 	Implementing documented levels of delegated authority for 
all operating companies to ensure proper financial decision- 
making controls.
•	 	Third-party whistleblowing hotline available to all employees 
to report concerns confidentially.
•	 	Regular training on anti-bribery and corruption, and 
fraud awareness.
•	 	Bi-annual certification from Divisions confirming compliance 
with Group policies.
•	 	Performing periodic Internal Audit reviews across all 
businesses to assess and improve financial controls.
•	 	Running an Internal Controls Enhancement Programme 
to continually strengthen the Group’s financial risk 
management practices.
N
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Financial Statements

Principal risks and uncertainties continued
9  Operating in emerging markets 
Risk category: Financial 
Risk owner: Head of Operations
Nature:
The Group faces risks when operating in emerging markets and 
key growth economies, where varying legislative restrictions, 
sanctions, embargoes and exchange controls may complicate 
governance and compliance. These challenges may increase 
the complexity of doing business and managing relationships 
in these regions.
Context:
The Group’s success in emerging markets depends on winning 
and retaining contracts with a wide range of customers, 
including major energy clients and those owned, controlled, or 
funded by national governments. While maintaining a secure 
pipeline is vital for growth, the Group selectively embraces risks 
that can be confidently managed and mitigated.
Potential impact: 
Non-compliance with local laws or regulatory frameworks 
could result in significant financial penalties, legal action, and 
reputational damage. These risks could also hinder the Group’s 
ability to effectively operate and achieve strategic objectives 
in key markets.
Mitigation:
•	 	A robust corporate governance framework with clearly 
defined delegated authorities ensures oversight and 
compliance in emerging markets.
•	 Risk tracking systems monitor joint ventures, agents, and 
third-party relationships.
•	 Targeted anti-bribery and corruption training, along with  
third-party management education, to ensure compliance 
with local laws.
•	 Corporate structuring of relationships based on external 
local legal advice to ensure alignment with local regulations 
and mitigate legal risks.
•	 An internal audit programme that covers overseas operations, 
supported by local audit teams, to ensure compliance with 
local laws and leverage language advantages.
10  Contractual exposure
Risk category: Legal and Regulatory 
Risk owner: Group General Counsel
Nature:
The Group operates in markets where larger project-based 
contractors may transfer risks down the supply chain, potentially 
exposing the Group to contractual liabilities.
Context:
The Group executes contracts which often require price-locking 
and risk transfer. The Board and Executive Committee continue 
to monitor key contractual risks through the Group’s Investment 
Committee, which has a defined delegation of authority. There 
is continued use of internal and external legal support and clear 
escalation mechanisms to govern the granting of commitments.
Potential impact: 
The Group’s growth and diversification into new markets and 
geographies may lead to increased contractual risks with 
financial consequences, such as late payments, cost overruns, 
claims, litigation, and uncertainties arising from non-UK 
legal jurisdictions.
Mitigation:
•	 	Contract management governance, including policies 
and training.
•	 Access to specialist legal support (both internal and external).
•	 A focus to balance risk and reward in contracts, aligning them 
with the Group’s principles and strategic objectives.
•	 Investment Committee and Board oversight for the review 
and approval of major bids and tenders.
•	 Development of contract management skills to enhance 
performance and reduce risk.
•	 Comprehensive insurance coverage to mitigate potential 
financial impacts.
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11  Breach of laws and regulations
Risk category: Legal and Regulatory 
Risk owner: Group General Counsel
Nature:
The Group is subject to various laws and regulations, including 
data protection, anti-bribery and corruption, human rights, tax, 
customs, and procurement rules.
Context:
The Group operates in multiple jurisdictions and is therefore 
subject to a wide array of regulatory frameworks. The Group is 
committed to ensuring compliance with both best practices and 
local regulations, maintaining a zero-tolerance approach to risks 
such as anti-bribery, corruption, and modern slavery. The Group 
works to proactively address and meet compliance obligations in 
all areas of operation.
Potential impact: 
Failure to maintain compliance could limit the Group’s ability to 
operate in certain jurisdictions and widen exposure to the risk of 
significant consequences such as fines, criminal prosecution, 
reputational damage, rectification costs, legal claims, and lost 
business opportunities.
 Mitigation:
•	 	Internal policies and procedures ensure compliance with 
all relevant regulatory requirements and industry standards.
•	 	Training and awareness programmes ensure employees 
are informed about their compliance obligations and 
best practices.
•	 	Active support and investigation of whistleblower cases, 
encouraging transparency and timely resolution of concerns.
•	 	Experienced employees with clear accountabilities, supported 
by external advisers for specialist regulatory guidance.
•	 	Board oversight of all reports and investigations, ensuring 
thorough reviews and timely actions.
•	 	Accurate and comprehensive documentation maintained 
to demonstrate compliance and accountability.
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Financial Statements

Reputational risk
Reputational risk, which affects the trust and credibility of the Group and can impact growth opportunities, may arise from an 
individual or combination of Principal Risks. The Risk Committee treats reputational risk as a key consideration when managing 
mitigations against the Group’s principal risks. 
The Risk Committee monitors key metrics across various areas that could impact the Group’s reputation, with a particular focus on 
health and safety, activities in emerging markets, regulatory compliance, product quality, and project delivery. This oversight ensures 
that potential risks are identified and managed effectively, supporting the Group’s commitment to maintaining high standards and 
protecting its reputation.
Emerging risks
Our Risk Management Framework includes a structured review of emerging risks, which we define as systemic issues or business 
practices that have not previously been identified, have been identified but remain dormant, or have yet to escalate into a significant 
concern.
The Risk Committee is responsible for identifying and monitoring these risks to ensure proactive assessment and mitigation before 
they materialise. This process also considers potential implications for the Group’s principal risks. Emerging risk assessments are 
informed by regular performance reviews, which track internal and external macro risk trends, helping the Group anticipate and 
respond to evolving challenges.
Examples of some of the current emerging risks discussed include continued geopolitical instability and its potential impact on global 
operations, UK budget announcements and regulatory changes, tariff wars affecting supply chains and trade, and the rise of artificial 
intelligence and other disruptive technologies, particularly in relation to cyber security, operational efficiencies, and workforce 
dynamics. By continuously monitoring these risks, the Group ensures it remains agile and well prepared for future challenges. The 
Group also monitors potential opportunities that may be associated with emerging risks.
Regulatory compliance policies
Whistleblowing
As part of the Group’s internal control procedures, a Whistleblowing policy is maintained. This policy:
•	 encourages the workforce to report any suspected wrongdoing as soon as possible, safe in the knowledge that their concerns will 
be taken seriously and investigated as appropriate;
•	 provides staff with guidance as to how to raise those concerns; and
•	 reassures staff that they should be able to raise genuine concerns without fear of reprisals, even if they turn out to be mistaken.
The policy covers any suspicions of criminal activity, failure to comply with any legal obligation, miscarriages of justice, danger to 
health and safety, damage to the environment, bribery under the Anti-Bribery and Corruption policy, facilitating tax evasion, financial 
fraud or mismanagement, and breach of our internal policies and procedures including our Code of Ethics. The policy is designed 
to ensure that any employee who raises a genuine concern is protected. Any concerns can be raised in the first instance with the 
Chief Financial Officer or the Group General Counsel in confidence. The Group has an externally-facilitated whistleblowing hotline, 
providing a simple platform for communication and management of whistleblowing issues, in the many languages used around the 
Group.
The Board has overall responsibility for the policy, its application to individual concerns raised under the policy and for reviewing and 
approving the effectiveness of actions proposed in response to concerns raised under the policy.
Anti-bribery and corruption
The Board is committed to ensuring the highest standards in all of the Group’s business dealings and condemns corruption in all 
forms. The Group has a formal Anti-Bribery and Corruption statement and policy and does not tolerate or condone corruption or 
bribery in any of the Group’s business dealings. This policy has been implemented throughout the Group and is supported by a 
Group-wide training programme (both online and in person). The policy is reviewed annually by the Board and is available on the 
Group’s website. More detail is provided on page 81.
Modern slavery
The Board has a zero-tolerance approach to any form of modern slavery and is committed to acting in an ethical manner and with 
integrity and transparency in our Group’s business dealings. The Group has a formal Slavery and Human Trafficking statement and 
policy, which outlines the steps taken by the Group to ensure that slavery and human trafficking is not taking place within any part 
of the Group’s business or within the Group’s supply chains. Both the statement and the policy are available on the Group’s website. 
More detail is provided on page 81.
Principal risks and uncertainties continued
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James Fisher and Sons plc Annual Report and Accounts 2024

Viability statement
The Group’s business model 
and strategy are detailed on 
pages 4 and 5, and our risk 
management framework is 
described on pages 70 to 71. 
Understanding our business 
model, our strategy and 
our principal risks is a key 
element in the assessment 
of the Group’s prospects, 
as well as the formal 
consideration of viability. 
The Group annually produces a five-year 
strategy plan which forms the basis of a 
detailed three-year budget and plan. We 
have assessed how viable we are as a 
business over a three-year period as this 
represents a timeframe over which the 
Directors believe they can reasonably 
forecast the Group’s performance and is 
closely aligned with the timelines of the 
Group’s transformation programme. In 
addition, should the risks and uncertainties 
identified on pages 72 to 78 have an 
impact on the Group, it is reasonable 
to believe that they will occur within 
this period.
During the strategic planning and 
budgeting process, the Board evaluates 
the Group’s strategy and detailed 
financial plan in the context of its current 
position and future prospects. This 
includes assessing factors and risks 
that may impact the outlook. The Board 
carefully reviews the performance and 
potential of each business, considering 
opportunities for expansion into new 
markets and geographies, current and 
projected growth rates, macroeconomic 
and business-specific risks, the timing and 
feasibility of prospective new projects, 
and the overall resilience of individual 
business performance.
The Group’s plan is built on a range of 
assumptions and sensitivities, which are 
reviewed by the Board. This includes 
an evaluation of whether risks and 
opportunities have been appropriately 
factored in, alongside a thorough 
assessment of severe but plausible 
scenarios for going concern. These 
assessments are aligned with both  
the principal and emerging risks facing the  
Group, as detailed on pages 72 to 78, 
and consider their potential impact on 
the business model, future performance, 
solvency, and liquidity over the period.
In particular, the Board evaluates emerging 
risks that may not yet be fully realised 
but have the potential to materially 
affect the Group’s operations. These 
include geopolitical instability, regulatory 
changes, technological disruption, 
supply chain vulnerabilities, evolving 
consumer behaviours, and the broader 
macroeconomic environment. The 
scenarios considered reflect the diverse 
nature of the markets and geographies 
in which the Group operates, assessing 
each business’s ability to adapt swiftly 
to changing conditions. Stress testing 
is applied to understand the resilience 
of the Group’s strategy under varying 
circumstances, ensuring that appropriate 
mitigations and contingency plans are 
in place.
Whilst all the principal and emerging risks 
identified could have an impact on the  
Group’s performance, the specific 
risks that could potentially impact the 
Group’s financial position that have been 
considered are:
•	 Group transformation programme - the 
risk of disruption and/or distraction to 
its core activities if the transformation 
programme is not managed well.
•	 Project delivery – risk that a project is not 
delivered in line with the budgeted profit 
and payment terms.
•	 Product risk - risks associated with 
rework and potential claims if the 
Group’s products fail to meet customer 
requirements or the required quality 
standards.
•	 Cyber security risk - The Group is 
exposed to internal and external cyber 
threats, such as hacking, phishing, and 
fraud, which may result in financial 
losses and reputational harm.
•	 Financial, liquidity and treasury risk – this 
includes trading downside risks, which 
assume the Group is not successful in 
delivering the anticipated profitability 
levels, including in relation to contractual 
risk.
•	 Contractual exposure – winning larger 
contracts and operating in more 
geographies with partners potentially 
exposed to increased risk of late 
payment or cost overruns.
It is considered unlikely that all the 
risks outlined above will materialise 
simultaneously, however a downside 
scenario was considered by modelling the 
cumulative impact of an annual EBITDA 
reduction of 12% in 2025, 14% in 2026, 
30% in 2027 and operating cash flow 
reductions. In this scenario, the Group 
remained viable.
While climate change risk is not expected 
to have a material impact on the Group’s 
financial position over the viability 
assessment period, an extreme weather 
event may cause short-term disruptions, 
and it is likely to pose challenges for the 
oil and gas servicing businesses in the 
longer term. However, it also presents a 
substantial opportunity for the Group’s 
businesses that support the renewables 
sector, as well as for other Divisions to 
innovate and adapt their products and 
services in response to the evolving 
climate transition. 
To proactively address these shifts, the 
Group is undertaking several strategic 
investments aimed at reducing its carbon 
footprint and enhancing sustainability 
across its operations. These include 
initiatives to improve energy efficiency 
and adopt lower-carbon solutions. The 
potential market dynamics arising from 
climate-related risks and opportunities 
are actively integrated into the Group’s 
strategic planning, portfolio decision-
making, and impairment testing, ensuring 
that the business remains resilient and 
well positioned for the transition to a low-
carbon economy.
Given the severity of the scenarios 
assessed, the Board considers the Group 
to be resilient to the risks outlined above. 
In the event of more severe scenarios 
involving reduced profitability and/
or liquidity, the Group has additional 
mitigating actions available, including 
the reduction of capital expenditure, 
curtailment of discretionary spending, and 
potential divestments of businesses and/
or assets. These measures provide further 
flexibility to safeguard the Group’s financial 
position and ensure its long-term stability.
During the viability period a single three-
year RCF of £75.0m (the new RCF) that 
was entered into as part of the Group’s 
re-financing in September 2024 matures 
in September 2027. The new RCF includes 
two one-year extension options, subject to 
lender approval, potentially extending the 
term from September 2027 to September 
2029. The Directors will consider these 
extension options and/or explore other 
funding options in due course.
Based on their assessment of the Group’s 
prospects and viability, and in accordance 
with Provision 31 of the Code, the 
Directors confirm they have a reasonable 
expectation that the Group will be able 
to continue to operate and to meet its 
liabilities, as they fall due, for the period to 
31 December 2027.
79
Strategic Report
Overview
Governance
Financial Statements

Reporting 
requirement
Relevant policy
Location
Pages
Business model
N/A
Business model and strategy
4 to 5
Environmental 
matters
Group health, safety, 
environment and 
security policy
Sustainability
Principal risks and uncertainties
38 to 69 
70 to 78
Employees
Group health, safety, 
environment and 
security policy 
Code of Ethics
Sustainability
Directors’ report
38 to 69
119 to 121
Social matters
Code of ethics
Sustainability
81
Respect for 
human rights
Modern slavery 
policy
Code of Ethics
Principal risks and uncertainties
Non-financial and sustainability 
information
78
81
Anti-bribery and 
corruption
Anti-bribery and 
corruption policy
Principal risks and uncertainties
Non-financial and sustainability 
information
Audit Committee
78 
80
100
Principal risks
N/A
Principal risks and uncertainties
71 to 78 
Non-financial KPIs N/A
Non-financial KPIs
23 
Climate-related 
financial 
disclosures
N/A
Sustainability
57 to 69 
The information set out, 
together with the cross 
references listed in the 
table as to where further 
information can be found in 
the main body of the Strategic 
Report, is in compliance with 
the Non-Financial Reporting 
requirements as set out in 
sections 414CA and 414CB of 
the Companies Act 2006.
Our policies
A combination of online and in-person 
training on all the key policies is carried 
out across the Group, All employees, 
contractors and third parties are 
encouraged to report any circumstances 
where there is a suspected or actual 
breach of any Group policies, applicable 
laws, or the high standards as set out in 
the Code of Ethics. All reported incidences 
of actual or suspected breach of any of 
the policies are promptly and thoroughly 
investigated. The Audit Committee also 
considers any high-risk areas identified 
by the internal audit function or the 
Group legal team. During 2024 the Group 
carried out a review of its Group policies. 
In particular, the Group refreshed its 
Code of Ethics and Anti-Bribery and 
Corruption Policy, Trade Controls Policy, 
Whistleblowing Policy, Fraud Prevention 
Policy, People Policy, Recruitment and 
Talent Policy, and the Reward, Recognition 
and Wellbeing Policy. The Group has 
developed some of the standards and 
procedures which will support and 
implement the principles governed by 
these policies throughout the Group. This 
work will continue in 2025. 
Non-financial and sustainability 
information statement
80
James Fisher and Sons plc Annual Report and Accounts 2024

Key policy
Relevant policy
Code of Ethics
James Fisher is committed to ensuring the highest standards in its activities and is particularly concerned that 
appropriate and ethical policies and procedures are followed in all business dealings across the Group.
The Group strives for a culture of honesty, openness and accountability. The Group’s commitment to the 
highest level of ethical conduct should be reflected in all our business activities including relationships with 
our stakeholders.
All employees and others must conduct themselves according to the language and the spirit of this Code and 
seek to avoid any appearance of improper behaviour.
Group Health, Safety, 
Environment and 
Security Policy
Health and safety is the top priority and the Group actively strives for the continuous improvement of health 
and safety in the workplace. This policy sets out our aim to provide a healthy and safe working environment for 
all our employees and to ensure the safety of others affected by our operations.
The Group recognises its responsibility to protect the environment for the benefit of all. This policy represents 
a declaration of our intent and commitment to minimise the environmental impact of our activities, our 
consumption of raw materials and our production of waste.
The ultimate responsibility for health and safety, and the environment, rests with the Group Chief Executive 
Officer, the Board members, and the Executive team. This responsibility is cascaded through the organisation 
via Divisional/ regional MDs and their leadership teams.
In the case of health and safety, this is supported by the Group Safety Committee, as well as by the Group 
Safety Forum and its individual members, who are the HSEQ representatives for each business.
In the case of the environment, this is supported by the Sustainability Committee, and by the environmental 
working group, with representation from across the Group.
Anti-Bribery and 
Corruption Policy
James Fisher has zero tolerance for any form of bribery or corruption and is committed to complying with all 
applicable anti-bribery and corruption laws. The Group has an established Anti-Bribery and Corruption Policy 
and has introduced a compliance programme which has the support of the Board and senior management 
within the Group. This includes communication of the policy, training, risk assessment and ongoing monitoring. 
Employees assessed to be at risk are required to complete the training and to self-certify that they understand 
and agree to be bound by its provisions. 
In addition to seeking to ensure that our colleagues are compliant with the Group’s Anti-Bribery and Corruption 
Policy, we require that all third-party agents and joint venture partners engaging with any Group entity comply 
with these policies in order to facilitate compliance with applicable anti-bribery and corruption laws.
The policy is supplemented by the due diligence we undertake on all third-party agent and joint venture 
relationships, enabled by a bespoke web-based platform available to all Group businesses. It provides a 
robust tool through which our businesses can risk assess agent and joint venture partners with whom they are 
considering doing business.
It forms part of our internal control procedures and helps mitigate the Group’s compliance risk.
Modern Slavery 
Policy
James Fisher respects fundamental human rights, and is committed to acting ethically and with integrity in all 
our business dealings and relationships and to implementing and enforcing effective systems and controls to 
ensure modern slavery is not taking place anywhere in our own business or in any of our supply chains or in 
the communities in which we operate across our international businesses. 
We have implemented work practices and policies throughout the Group which are designed to ensure that 
respect for human rights is integrated into the systems and culture of our businesses. We do not tolerate the 
use of child or forced labour within our business and take all steps possible to ensure that our suppliers and 
customers also uphold internationally recognised human rights. 
This is enabled through risk assessments undertaken by our Group businesses which identify parts of their 
supply chain which could be susceptible to risk in this area, as well as confirmation from our suppliers of 
compliance with our policy and relevant law. 
In 2024 the Group launched a Supply Chain Code of Conduct standard and Supplier Sourcing standard which 
further emphasises the commitment of the Group to respect fundamental human rights in the Group’s supply 
chain. Our progress in the area of modern slavery is set out in our annual Modern Slavery statement which is 
available on the Group’s website and outlines steps taken by the Group to ensure that there is transparency in 
the Group and throughout our supply chains. The Group encourages any concerns relating to modern slavery 
to be raised using the procedure set out in the Whistleblowing Policy.
Approval of Strategic report
The Strategic report on pages 1 to 82 was approved  
by the Board on 19 March 2025.
Jean Vernet
Chief Executive Officer
19 March 2025
81
Strategic Report
Overview
Governance
Financial Statements

Governance
Compliance with the 2018 UK 
Corporate Governance Code
In respect of the year ended 31 December 2024, the 
Group was subject to the UK Corporate Governance 
Code (the Code) published by the Financial Reporting 
Council (FRC) in July 2018 (available at www.frc.org.
uk). The Board confirms that the Group has applied all 
the principles and complied with or explained non-
compliance with the provisions of the Code throughout 
the year. The Group is aware of the revised version 
of the Code published in 2024 which will apply to the 
Group for financial years beginning 1 January 2025.
82
James Fisher and Sons plc Annual Report and Accounts 2024
Chairman’s introduction to corporate governance 
84
Governance at a glance
86
Board of Directors 
88
Corporate governance report 
90
Nominations Committee report 
94
Audit and Risk Committee report 
97
Directors’ remuneration report 
102
Directors’ report 
119
Statement of Directors’ responsibilities 
123

Applying the Principles of the  
UK Corporate Governance Code
This governance section of the report is structured around 
the Company’s application of the Principles of the Code: 
1 Board leadership and Company purpose
 Details about the Company’s purpose, culture and values 
are set out on page 2
 The key activities of the Board during the year and key 
priorities for 2025 are summarised on pages 90 and 91
2 Division of responsibilities
 An explanation of our governance structure is set out on 
pages 88 and 89
3 Composition, succession, and evaluation
 Details of this year’s Board evaluation is set out on page 
86
 Report from the Chair of the Nominations Committee is 
set out on pages 94 to 96
4 Audit, risk and internal control
 Report from the Chair of the Audit and Risk Committee is 
set out on pages 97 to 101
5 Remuneration
 Report from the Chair of the Remuneration Committee is 
set out on pages 102 and 103
 Details of the Directors’ Remuneration Policy for 2025 is 
set out on pages 104 to 108
83
Strategic Report
Overview
Governance
Financial Statements

Chairman’s statement
Policies. The Audit and Risk Committee 
has developed a cadence of reviewing key 
business risks and has regulary reported to 
the Board on the progress being made on 
enhancing the internal controls programme. 
The enhancements made to the Group’s 
risk management framework and controls 
are further outlined on page 92. 
2025 governance 
priorities 
Following the actions taken in 2024, the 
Board’s focus has turned to ensuring 
that the Group’s governance structures 
continue to provide a platform for long-
term growth. The Board’s governance 
priorities for 2025 remain focused on 
refreshing the Compliance Programme. 
In 2025, the aim is to deliver a refreshed 
Code of Ethics to reflect One James 
Fisher and to monitor and challenge the 
assurance and testing of the Internal 
Controls Enhancement Programme, in 
preparation for the new provision in the  
UK Corporate Governance Code, as 
published by the Financial Reporting 
Council. In addition, the Board will continue 
to embed risk management oversight by 
the Audit and Risk Committee, refresh the 
Risk Appetite Policy and align it with the 
Principal Risk Framework.
Board and Committee 
composition
As reported in last year’s report Aedamar 
Comiskey stepped down from the Board 
on 30 May 2024 and Shian Jastram joined 
the Board on 1 March 2024. I am pleased to 
report Shian has completed her induction 
programme and is contributing effectively 
to our Board discussions. In addition, both 
Kash Pandya and Inken Braunschmidt 
have embraced their new roles as NED 
Engagement Champion and Chair of the 
Remuneration Committee respectively. 
UK Corporate 
Governance Code 
The Board recognises that good corporate 
governance is an important element 
in helping to promote the long-term 
sustainable success of the Company, 
generating value for shareholders and 
contributing to wider society. The Code 
applied to the Company through the year, 
and this report explains how the Company 
has applied the governance principles,  
as set out in the Code. During the year 
ended 31 December 2024, the Company 
has applied all the principles, and complied 
with all provisions of the Code.
Dear Shareholders
On behalf of the Board, I am pleased 
to present the Company’s Corporate 
Governance Report for 2024. In particular, 
as I reflect on the Board’s activities 
throughout 2024, and the results of our 
independent Board evaluation, I am re-
assured that the Board’s committment to 
good governance processes supported 
the achievements of the key milestones 
that have enabled the Group to finish 2024 
in a more sustainable position. During the 
course of 2024, the Board has supported 
the Executive team in addressing the 
challenges faced by the Group, including 
the divestment of RMSpumptools and 
Martek Marine, the proceeds of which 
were used to pay down the debt, and 
refinance the Group’s debt to provide a 
sustainable platform for growth. 
Selling parts of a business is never an 
easy decision. The Board deliberations 
regarding this key decision focused on the 
impact on our employees, shareholders 
and lenders.These difficult decisions were 
supported by the governance framework 
that has been developed in recent years 
and the Board’s collective experience. 
During the year, the Group continued to 
embed the One James Fisher cultural 
approach that it started in 2023 to drive 
the transformation programme through 
the Focus, Simplify and Deliver Strategy. 
These strategic initiatives supported 
the implementation of the Company’s 
governance priorities in 2024 as described 
below.
Progress against 2024 
governance priorities
Last year, I outlined the Board’s priorities 
for 2024, which were aligned to 
strengthening the governance structures 
to support short-term business objectives. 
The Board’s governance priorities for 
2024 included:
•	 Implementation of a new Ethics and 
Compliance Programe and launching 
refreshed Anti-Bribery and Corruption 
and Whistleblowing Policies.
•	 Expanding the terms of reference of 
the Audit Committee to include Risk 
Management.
•	 Enhancing the internal control 
programme with a focus on assurance 
and testing the effectiveness of this 
new framework. 
During the year, the new Ethics and 
Compliance Programme was launched 
and nearly 90 percent of our employees 
have received training on the Anti-Bribery 
and Corruption and the Whistleblowing 
Strategy, purpose  
and values 
The Code provides that a Board should 
establish the Company’s strategy, purpose 
and values, and that its Directors should 
lead by example and promote the desired 
culture. During the year, Jean Vernet and 
his Executive team have been driving 
through the Company’s purpose by 
embedding our commitment to safety, 
sustainability, people and business 
excellence, which are all matters regularly 
discussed by the Board. In addition, there 
is a programme of visits organised for the 
Non-Executive Directors, a key element 
of which is meeting with the workforce for 
a dialogue about a wide range of issues, 
including purpose and values. 
Employee engagement
To better understand the views of our 
workforce, the Board, both collectively 
and individually has spent time with 
employees in a variety of settings across 
the business, including informal lunches, 
round tables and hearing from new leaders 
on first impressions. Kash took over the 
responsibilty as Non-Executive Director 
Employee Engagement from Inken at the 
start of the year and has visited employees 
in Aberdeen and Belfast. We also held 
an engagement lunch with our London 
colleagues. Kash reports to the Board on 
the content and nature of his discussions 
and also discusses with the Executive 
team. Our 2024 employee survey was 
completed by 77 percent of employees 
and resulted in a higher score than 2023 
reflecting the collective efforts that the 
Executive team have made in improving 
employee communications.
Stakeholder engagement
The Code highlights the importance 
of effective engagement with not only 
shareholders but other key stakeholders: 
employees, the environment, customers 
and suppliers and local communities. 
Given the nature of the services we 
provide, stakeholder engagement is a 
multi-faceted issue and is frequently 
discussed at Board meetings. Differing 
perspectives are identified and 
considered as part of the Board and 
Committee decision-making process. 
These discussions, assessments and 
conversations focus not only on delivering 
increased value for shareholders, but also 
the impact of our decisions and strategies 
on the Group’s wider stakeholders. This 
was clearly illustrated in my opening 
paragraph regarding the divestments and 
debt re-financing. 
84
James Fisher and Sons plc Annual Report and Accounts 2024

More information about how we consider 
and engage with stakeholders as part of 
our Board activities is set out on pages 68 
and 69.
The Executive Directors meet key 
shareholders regularly and other members 
of the Board are available to be consulted 
as appropriate. I have met with most 
of our largest shareholders since my 
appointment as Chairman. In addition, 
in early 2024, Inken met with our largest 
shareholders to consult on the changes to 
the Remuneration Policy that was put to the 
shareholder vote in May 2024. 
The Board is also committed to embedding 
sustainability into day-to-day decision- 
making and this is a central element of 
delivering the Group’s Strategy. The Group 
Sustainability Committee, an Executive- 
led commiteee, monitors progress on 
achieving the Group’s ESG priorities. Claire 
Hawkings our Senior Independent Director, 
attends the Executive Sustainability 
Committee, and reports to the Board on 
progress in delivering its key prioirties.
Managing risk
As reported earlier, the Audit and Risk 
Committee is now reviewing key strategic 
and operational risks in addition to financai 
risks. The Investment Committee which 
was established in 2023 is now embedded 
in the Group’s governance framework. 
It has strengthened the risk assessment 
of opportunities reviewed, ensuring 
value has been created by reviewing the 
financial risks and opportunities of material 
contracts. There is a full report on our risk 
management activities in our Principal 
Risks and Uncertainties section of the 
Strategic report on pages 70 to 78 and the 
Audit Committee report explains how we 
have developed our risk reporting over 
the year. 
Board diversity
We are committed to ensuring that the 
composition of the Board has the diversity 
required to be as effective as possible. As 
at 31 December 2024, the Board comprised 
eight Directors, each bringing a variety 
of skills, knowledge and experience, 
in addition to diversity of thought. With 
two Executive Directors and five Non-
Executive Directors (excluding myself as 
Chairman) more than half of the Board is 
independent for the purposes of the Code. 
Diversity is a matter which we consider 
regularly. The Board Diversity Policy is 
available on the Group website and sets 
out our aims to ensure an appropriate mix 
of skills and experience on the Board as 
well as the Board’s Committees. As at 31 
December 2023, one member of the Board 
is from an ethnic minority background and 
two of the senior Board positions (Senior 
Independent Director and Chief Financial 
Officer) are held by women.
Further details in relation to diversity, 
including data in accordance with the 
Listing Rules disclosure requirements, can 
be found in the Nominations Committee 
report on page 94.
Board effectiveness 
review
As Chairman, I lead an annual evaluation 
of the effectiveness of the Board, its 
Committees and the individual Directors. 
This year we had an externally facilitated 
review. The review highlighted that 
the Board continues to be committed 
and cohesive and commented that this 
continued to be the case during what 
was a challenging period for the Group. 
The evaluation process identified some 
recommended actions which can be found 
on page 93.
Conclusion
The Board is committed to strengthening 
our governance structure, as we enter the 
next chapterof the transformation. I am 
pleased with the progress we are making 
and I look forward to reporting to you 
on the outcomes of our 2025 priorities 
next year.
 
Angus Cockburn
Chairman
19 March 2025
Board Composition
(all Directors as at 31 December 2024)
Length of tenure 
(Chairman and Non-Executive Directors) 
Skills matrix
Having a diverse Board with different 
perspectives and insights benefits the 
Group’s stakeholders through higher 
quality decision-making. The graph below 
shows the collective expertise the Non-
Executive Directors bring to the Board.
 Female 4	
 Male 	 4
50%
0-2 years
2-5 years
5-9 years
100
80
60
40
20
0
4
4
3
Skills of Non-Executive Directors (percentage)
Financial
International
Marketing
Remuneration
Risk
Strategy
Sustainability
Technology/Digital
85
Strategic Report
Overview
Governance
Financial Statements

Governance framework
Governance at a glance
Group Executive 
Committee
Responsible for supporting the CEO 
in the exercise of his delegated 
authority from the Board and the 
day-to-day operations of the 
Group. This includes financial 
performance, health and safety 
and the delivery of the strategic 
priorities set by the Board. This 
Committee is chaired by different 
Executive Committee Members: 
The Divisions support the Executive 
Committee on the delivery of the 
strategic priorities and financials 
performance. The Executive meet 
with the Product Line Directors and 
hold quarterly business reviews. 
Investment 
Committee 
Chair: CEO
Meets as required to consider investment proposals 
submitted by the Divisions. It reviews and approves 
the capital investments and significant contractual 
commitments entered into by the Group in line with 
the delegated authority framework.
Number of 
meetings:  
at least monthly
Group Risk 
Committee 
Chair: CFO
Identifies and monitors operational risks throughout 
the Group, supports the Internal Control and Risk 
Management Strategy and Policy. The Principal 
Risks section of the report on page 70 describes 
the Committee’s role and activities.
Number of 
meetings: 
quarterly
Group Health 
and Safety 
Committee
Chair: CEO
Oversees all health and safety issues including 
incidents and root cause analysis, mitigating 
actions and training requirements. Reports 
updates on material safety incidents and 
developments to the Board.
Number of 
meetings: 
quarterly
Group 
Sustainability 
Committee
Chair: CEO
Oversees the Group’s sustainability commitments 
and supports the Board to define and implement 
the Group’s Sustainability Strategy, with input 
from the Group Product Lines. A description of the 
Sustainability Committee’s role and activities is 
set out on page 55. 
Number of 
meetings: 
quarterly
Number of meetings:  
Meets monthly.
The Board
The Board is responsible for 
steering the Group’s purpose, 
culture and values, for setting the 
Group’s strategic priorities and 
overseeing their delivery in a way 
that enables sustainable long-
term growth, while maintaining 
a balanced approach to risk 
within a framework of effective 
controls. It has a schedule of key 
matters which is aligned with 
the Group’s Delegated Authority 
framework. Both documents are 
reviewed annually. 
The Board is assisted in its 
decision-making by delegating 
certain responsibilities to the 
Board Committees. The Committee 
Chairs report to the Board following 
each meeting. 
Chair: Angus Cockburn
Audit and Risk 
Committee
Chair: Justin 
Atkinson
Assists the Board in its oversight and monitoring 
of financial reporting, monitors and reviews the 
effectiveness of the Group’s internal controls 
and risk management and assesses the 
independence and objectivity of internal and 
external audit.
See page 97 for the Committee Report.
Number of 
meetings:  
Five scheduled 
meetings per 
year
Remuneration 
Committee
Chair: Inken 
Braunschmidt
Agrees the Remuneration framework for the 
Executive Directors, Group Executive Committee 
and the Chair and oversees the remuneration 
policies for the wider organisation. It ensures the 
Remuneration Policy remains appropriate and in 
line with regulatory changes.
See page 102 for the Committee Report.
Number of 
meetings:  
Four scheduled 
meetings per 
year 
Nominations 
Committee
Chair: Angus 
Cockburn
Reviews the structure, size and composition of 
the Board and its Committees (including skills, 
knowledge, diversity and experience) and 
advises on the Board and succession planning 
and that of the Group Executive Committee.
See page 94 for the Committee Report.
Number of 
meetings:  
Two scheduled 
meetings per 
year 
Special Purposes 
Committee
Chair: Angus 
Cockburn
This is an ad hoc committee that enables the 
Board to take decisions outside the cadence of 
regular Board meetings on matters of a more 
routine nature. Membership is the Chair and two 
Executive Directors.
Number of 
meetings:  
ad hoc 
Disclosure 
Committee
Chair: Angus 
Cockburn
Assists with decision-making on the handling 
and disclosure of inside information and 
compliance with applicable legal and regulatory 
compliance.
Number of 
meetings:  
ad hoc
The Board holds seven 
scheduled meetings a year. 
There were additional meetings 
in 2024 to review the re-financing 
arrangements,the Report and 
Accounts and disposals. 
86
James Fisher and Sons plc Annual Report and Accounts 2024

Board membership and meetings
The Board held seven scheduled and several ad hoc meetings in 2024. Individual 
attendance is set out in the table below. The ad hoc meetings were related to the 
approval of the year-end accounts, the refinancing arrangements and the divestment of 
RMSpumptools. A Strategy Event was held in October. The Chair held private sessions 
with the NEDs during the year. The Company Secretary provides meeting support and 
advice guidance and each Board member has access to external advice as necessary.
Board and Committee members are provided with papers in advance of meetings via a 
secure electronic portal. Directors are expected to attend Board and relevant meetings of 
which they are a member, unless they are prevented by prior commitments, illness or a 
conflict of interest. If a Director is unable to attend a meeting they give their comments in 
advance to the Chair of the Committee so these are considered as part of the discussion. 
Division of responsibilities 
Board and Committee scheduled meetings 
attendance (2024)
Board 
Audit1 Remuneration 
Nominations
Executive Directors
Jean Vernet 
7/7
N/A 
N/A 
N/A
Karen Hayzen-Smith
7/7
N/A 
N/A
 N/A
Non-Executive Directors
Angus Cockburn 
7/7
N/A 
N/A 
2/2
Justin Atkinson2 
6/7
3/5
4/4
2/2
Inken Braunschmidt 
7/7
5/5
4/4
2/2
Kash Pandya 
7/7
5/5
4/4
2/2
Claire Hawkings
7/7
5/5
4/4
2/2
Shian Jastram3
6/6
4/4
2/2
1/2
Former Directors and Non-Executive Directors
Aedamar Comiskey4
2/4
3/3
2/4
1/1
1. 	 There were four ad-hoc Audit Committee meetings held in 2024 with respect to the Annual Report and Accounts. 
2.	 Justin was unable to attend two Audit and Risk Committee meetings due to an unavoidable and unexpected  
	
health issue. 
3.	 Shian Jastram was appointed on 1 March 2024.
4.	 Aedamar Comiskey stepped down from the Board following the Company’s AGM on 30 May 2024.
The role of the 
Chairman
The role of the Chairman and the Chief Executive are separate. 
The Chairman has overall responsibility for the leadership of 
the Board and its effectiveness in directing the Group. 
Senior Independent 
Director
Provides a sounding board to the Chair, meets with Directors to 
review the Chair’s performance and shares this feedback and 
serves as an intermediary with shareholders and Directors.
The role of the Non-
Executive Directors
Non-Executive Directors are expected to provide independent 
oversight and constructive challenge and help develop 
proposals on strategy.
Non-Executive 
Director responsible 
for Employee 
Engagement
Responsible for representing the voice of colleagues in the 
Boardroom and enabling the Board to understand employees’ 
experiences, concerns and perspectives in order to assess and 
monitor culture. 
Our Directors have collective 
responsibility for the activities of the 
Board. There is a clear division of 
responsibilities between the Chairman 
and the Chief Executive as required 
under the Code. The responsibilities 
of the Chairman, Chief Executive, 
Chief Financial Officer and Senior 
Independent Director and other 
key roles, together with the matters 
reserved and the terms of reference,  
are set out on the website.
Board activity
 Strategy
 Finance
 Operations
 M&A
 Diversity
 Talent
 Health & Safety
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Overview
Governance
Financial Statements

Board of Directors
Angus Cockburn 
Independent Non-Executive 
Chairman of the Board and 
Nominations Committee 
Appointment:
Angus was appointed Non-Executive Chairman 
to the Board and the Nominations Committee in 
May 2021.
Key strengths and experience:
•	 Extensive business leadership experience.
•	 Strong strategic and financial knowledge.
Angus joined from Serco Group plc, where he 
was Group Chief Financial Officer, a position he 
held since October 2014. Angus’s previous roles 
have included Chief Financial Officer and Interim 
Chief Executive of Aggreko plc, Managing 
Director of Pringle of Scotland, and senior 
finance positions at PepsiCo Inc. 
He was also previously a Non-Executive 
Director of Howdens Joinery Group plc, STS 
Global Income and Growth Trust plc and GKN 
plc. He is a chartered accountant with an MBA 
from the IMD Business School in Switzerland 
and is an Honorary Professor at the University 
of Edinburgh and a member of the Institute of 
Chartered Accountants of Scotland.
External appointments: 
Senior Independent Non-Executive Director 
of Ashtead Group plc; Non-Executive Director 
of BAE Systems plc and Senior Non-Executive 
Director of the privately-owned Edrington 
Group Limited. 
Jean Vernet
Chief Executive Officer 
Appointment:
Jean joined the Group as Chief Executive Officer in 
September 2022.
Key strengths and experience:
•	 Strong leadership skills.
•	 Clear strategic mindset.
•	 Significant financial experience.
•	 Commercial and business management.
Jean has considerable experience working in the 
energy and technology sectors in both the UK 
and around the world. 
Most recently, Jean was Chief Executive Officer 
of Smiths Group’s largest division, John Crane, 
where he drove a highly effective growth 
strategy in a business that operates in over 
fifty countries. He has an engineering degree 
and spent over a decade in various financial 
and market-facing roles with energy services 
business, Schlumberger. His experience also 
includes five years as Chief Financial Officer 
of Expro, the offshore energy services provider, 
during which time he played a key role in its 
successful turnaround.
External appointments:
None.
Karen Hayzen-
Smith
Chief Financial Officer
Appointment:
Karen was appointed to the Board as  
Chief Financial Officer in December 2023.
Key strengths and experience:
•	 Significant financial leadership experience.
•	 Extensive global experience in the industrial, 
defence and energy sectors.
Karen was the Director of Group Finance at 
Johnson Matthey plc, a position she held from 
January 2020 to November 2023 – including 
the role of Interim Chief Financial Officer for six 
months, in November 2020. 
Karen’s previous roles also include Finance 
Director for the Aviation sector of Babcock plc and 
a variety of senior finance roles at Vodafone plc, 
Hanson plc and Amec Foster Wheeler plc. Karen 
began her career at Arthur Anderson. She is 
a member of the Institute of the Chartered 
Accountants of Scotland and the Chartered 
Institute of Taxation.
External appointments:
Governor of Oxford Brookes University and Chair 
of their Audit Committee.
Claire Hawkings
Independent Non-Executive 
Director and Senior 
Independent Director
Appointment:
Claire was appointed to the Board in January 
2022. She was appointed Senior Independent 
Director in November 2023.
Key strengths and experience:
•	 Significant experience in the energy sector.
•	 ESG/sustainability leadership and 
management expertise.
•	 Experience of the development and delivery 
of organisational strategies including business 
process transformation, leadership succession 
and diversity and inclusion.
•	 Extensive experience in portfolio management 
and leading complex commercial transactions.
Claire is a Non-Executive Director and Chair of 
the ESG Committee of Ibstock Plc. 
Claire is also a Non-Executive Director and 
Chair of the Responsible Business Committee 
of FirstGroup plc, as well as a Non-Executive 
Director of Defence Equipment and Support, a 
bespoke trading entity and arm’s length body of 
the Ministry of Defence. Claire has over thirty 
years’ experience in the energy sector, where 
she held a variety of international leadership 
positions, most recently with Tullow Oil plc, and 
prior to that with BG Group plc and British Gas 
plc. Claire is a fellow of the Energy Institute and 
Chapter Zero.
External appointments: 
Non-Executive Director of Ibstock Plc, Defence 
Equipment and Support and FirstGroup plc.
N
A
R
N
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James Fisher and Sons plc Annual Report and Accounts 2024

Key
A 	 Audit and Risk Committee
R 	 Remuneration Committee
N 	 Nominations Committee 
	 Chair of Committee
	 Member of Committee
Justin Atkinson
Independent Non-Executive 
Director and Chair of the 
Audit Committee
Inken Braunschmidt
Independent Non-Executive 
Director and Chair of the 
Remuneration Committee 
Kash Pandya
Independent Non-Executive 
Director and Non-Executive 
Director for Employee 
Engagement 
Shian Jastram
Independent Non-Executive 
Director 
Appointment:
Justin was appointed to the Board in February 
2018 and was appointed Chair of the Audit 
Committee in May 2018.
Key strengths and experience:
•	 Significant operational and financial 
experience through his previous and 
current roles.
•	 Substantial experience on boards of listed 
companies in both executive and non- 
executive roles.
Justin was formerly Chief Executive Officer of 
Keller Group plc between April 2004 and May 
2015, having previously held the position of 
Group Finance Director and Chief Operating 
Officer. He was also previously a Non-Executive 
Director of Kier Group plc and Sirius Real Estate 
Ltd. Justin was a financial manager at Reuters 
plc, and trained and qualified as a chartered 
accountant at Deloitte Haskins & Sells.
External appointments: 
Chairman of Forterra plc.
Appointment:
Inken was appointed to the Board in  
March 2019. She was appointed Chair  
of the Remuneration Committee in  
November 2023.
Key strengths and experience:
•	 Strategic growth mindset.
•	 Significant global operational experience.
•	 Track record in innovation, technology, digital 
transformation and management.
Inken was previously Chief Innovation and Digital 
Officer and member of the Executive Board at 
Halma plc. 
Prior to joining Halma plc in 2017, Inken spent 
thirteen years at RWE AG, the German energy 
giant, and its renewables subsidiary innogy 
SE, where she held various international 
leadership roles focusing particularly on 
strategy, innovation, digital transformation and 
change management. Inken studied Innovation 
& Technology at Kiel University and has a PhD in 
Technology Management.
External appointments:
Committee Member of the Royal Academy 
of Engineering, Non-Executive Director of Xaar 
plc and TT Electronics plc.
Appointment:
Kash was appointed to the Board in November 
2021. He was appointed as the Non-Executive 
Director for Employee Engagement in January 2024.
Key strengths and experience:
•	 Considerable international leadership 
experience.
•	 Strong knowledge of manufacturing and 
service businesses.
Kash is Vice Chairman of the Supervisory Board 
of Vantage Towers AG and Non-Executive 
Director of TowerCo of Africa. Kash was formerly 
Chief Executive Officer of Helios Towers plc 
(HTWS), between August 2015 and April 2022, 
and Non-Executive Deputy Chairman between 
May 2022 and August 2022. 
Kash was Chairman of Climate Impact Partners, 
a world-leading voluntary carbon market group, 
between January 2022 and December 2023. 
Prior to joining HTWS, Kash spent eight years 
on the board of Aggreko plc, with responsibility 
for managing its European and International 
businesses. Kash previously worked for various 
engineering and manufacturing companies 
in a number of senior roles, including Jaguar, 
General Electric Company, Ford Motor Company, 
Novar plc (then Caradon) plc, APW Limited and 
Johnston Group.
External appointments:
Vice Chairman of Supervisory Board of Vantage 
Towers AG and Board member of TowerCo 
of Africa.
Appointment:
Shian was appointed an Independent  
Non-Executive Director on 1 March 2024.
Key strengths and experience:
•	 Significant global operational and 
transformational leadership.
•	 Renewables sector expertise, including 
offshore wind and green hydrogen.
Shian worked in a variety of leadership positions 
at Ørsted, one of the world’s leading renewable 
energy companies, from 2006 to 2022. While 
at Ørsted, she was inter alia Head of Operations 
Excellence, Offshore Wind and Head of Business 
& Market Development, Power-to-X, where 
she led the global market scale-up of Ørsted’s 
green hydrogen and renewable fuels business. 
Shian has a degree in Law from the University 
of Copenhagen and spent her early career in 
M&A advisory.
External appointments:
None.
A
R
N
A
R
N
A
R
N
A
R
N
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Financial Statements

Corporate governance report
Board focus in 2024 and principal activities including outlook for 2025
The key discussion topics during 2024 are set out below and we have indicated where the views of the key stakeholders were 
considered. We also indicate the key priorities for 2025. 
In addition to the key topics discussed below, at each meeting the Board receives reports from the Chief Executive on the performance 
of the business, including a report on the progress of the health and safety initiatives, the Chief Financial Officer on financial 
performance, the General Counsel on governance developments as well as a report from each of the Board Committees.  
Strategy
Progress in 2024 and 2025 priorities 
Strategy and disposals to reduce 
debt
Stakeholder considerations 
Following the disposals of RMSpumptools and Martek Marine and the subsequent reduction of the 
Group’s indebtedness in Q4 2024, the Board’s Strategy Day focused on the Five Year Plan for the 
Group and future growth initiatives. In doing so, the Board emphasised the importance of ensuring 
that the capital allocation framework is adhered to and in 2025 the growth intitatives are built on a 
strong compliance programme, development of a talent pipeline and technology and innovation. 
The Board reviewed progress of each Division against the strategic initiatives throughout the year 
and received regular reports from each of the three Divisional Heads as to how they are executing 
against the agreed strategic priorities.
The Board considered employees, shareholders and lenders when reviewing the disposals and the 
impact on the Group’s future profitability metrics balanced against the level of reduction in debt/
equity ratio. The Five Year Plan has been balanced against views of employees, shareholders and 
the environment.
Financial performance
Stakeholder considerations 
The Board reviews the Group’s financial performance at each meeting and receives updates in the 
months where there are no meetings. The full year and half year results are reviewed in March and 
September each year and this includes consideration of the dividend. 
The Annual Plan was reviewed in December and January to support the strategic review in October.
During 2024 the Board was focused on reducing the Group’s financial debt and considered two key 
disposals of RMSpumptools and Martek Marine, which contributed to the reduction in net debt. In 
addition the Group agreed the terms of the Revolving Credit Facility. In taking these key decisions 
all stakeholders were considered, particularly departing employees. 
In 2025, the Board remains focused on driving margin improvements through a focused capital 
allocation framework, self-help and supply chain efficiencies.
Key stakeholders considered in these decisions are shareholders, lenders, customers and 
employees. 
People and culture
Stakeholder considerations
People are key to the delivery of the Company Priorities which is why Pipeline of Talent remains one 
of the key priorities for 2025 and engagement underpins everything we do. 
During 2024, a new Chief Human Resources Officer joined the Group in July and the Board 
received a report on her first impressions and her Five Year Plan, including developing talent 
internally. 
Kash Pandya, our designated Non-Executive Director responsible for gathering workforce 
feedback, provided updates to the Remuneration Committee on his various interactions with 
employees at numerous sites. The Board also reviewed the employee engagement scores and 
were encouraged that 77 percent of the workforce had participated in the survey and employee 
engagement had increased compared to 2023.
In 2025, a key priority will be driving and developing a talent pipeline and creating an inclusive 
environment to drive better decision-making.
Employees are a key priority in the growth strategy and the development of a talent pipeline. 
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James Fisher and Sons plc Annual Report and Accounts 2024

Strategy
Progress in 2024 and 2025 priorities 
Health and safety
Stakeholder considerations 
Exceptional Safety remains one of our Company Priorities for 2025 and underpins each decision the 
Board makes, ensuring all our employees return home safely.
During 2024, the Board received an update at each Board meeting on the key H&S initiatives that 
were carried out during 2024 including a review of the Safety Culture Survey, the introduction of the 
new HSE governance and reporting tool Intelex and the various campaigns that have been launched 
throughout the year, such as Line of Fire, to promote a safety-focused culture. They also receive a 
report on key safety incidents from each Division. 
Exceptional Safety remains the number one Company Priority for 2025, for our customers, 
employees and the wider communities in which we operate. 
Shareholder engagement
Stakeholder considerations
The Board engaged with its key institutional shareholders throughout 2024 through the full year and 
half year results presentations and various trading updates. Our AGM is well attended each year by 
our retail shareholders and in 2024 they received a presentation on the bubble curtain technology. 
In addition the Remuneration Committee Chair engaged with all the major shareholders on the 
review of the Remuneration Policy in early 2024 ahead of the AGM.
In 2025 as the Group moves towards a sustainable growth platform, an investor relations 
programme of events will be developed to engage with major shareholders.
All shareholders, both institutional and retail, were considered when reviewing the results and 
preparing for the AGM.
Governance and risk 
management
Stakeholder considerations
The Board recognises the importance of good governance for all its stakeholders when considering 
its strategic priorities. 
During 2024 the Company embarked on promoting new policies within its Compliance Programme. 
In 2024, training for all employees on the Anti-Bribery and Corruption and Whistleblowing Policies 
took place and almost 90 percent of employees have been trained. In addition the Audit and Risk 
Committee reviewed key risks within the Group and oversaw the development of the new risk 
appetite framework.
In 2025, the focus will be on launching a new Code of Conduct for all employees, and discussing 
the risk appetite at the Board. This investment will help to simplify the business interactions 
with customers and suppliers and seek to ensure a robust governance framework promotes the 
long-term viability of the Company. Employees, customers and shareholders were considered in 
reviewing the Compliance Programme. 
 
91
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Governance
Financial Statements

Corporate governance report continued
During 2024, BDO continued to support 
the Group with a comprehensive internal 
controls enhancement programme. 
This programme of activity will 
continue throughout 2025 and focus 
on Divisional non-financial controls. 
More information on this, as well as 
the internal controls environment more 
generally, can be found in the Audit and 
Risk Committee report on pages 97 to 101.
As part of its internal control procedures, 
the Group maintains policies and 
processes for whistleblowing, anti-bribery 
and corruption and to uphold its zero-
tolerance approach to any form of modern 
slavery. More information in relation to 
those policies is included in the Principal 
Risks and Uncertainties section of the 
Strategic Report on page 81 and in the  
non-financial information 
statement on pages 80 and 81.
The Board has also carried out a robust 
assessment of the principal risks facing 
the Group, including those that would 
threaten its business model, future 
performance, solvency or liquidity, and of 
the Group’s emerging risks. An overview 
of the Company’s risk management and 
internal control systems is included in the 
Principal Risks and uncertainties section 
of the Strategic Report on pages 70 to 78.
Board composition
Details about the current composition  
of the Board are set out in the biographies 
of the Directors on pages 88 to 89.
Board diversity 
Ensuring that the Board is appropriately 
diverse across multiple areas is important 
to achieving its strategic objectives 
and in attracting and retaining talent. 
See page 95 for further information. 
Supported by the Nominations Committee, 
the Chairman monitors the composition 
of the Board to ensure it is made up of 
the appropriate mix of skills, experience 
and knowledge required to effectively 
oversee and support the management of 
the Group and the delivery of the strategy. 
When considering candidates for the 
Board, the Nominations Committee, on 
behalf of the Board, takes into account 
factors such as: professional experience, 
skills, education, international and industry 
knowledge, social-economic background, 
sexual orientation, disability, age, ethnicity 
and gender. The Nominations Committee 
report on pages 94 to 96 sets out its 
progress in this respect, along with an 
example of the Nominations Committee’s 
work in identifying a new Non-Executive 
Director candidate on behalf of the Board.
Employee engagement
The Board understands the importance  
of making visits to businesses in the 
Group to engage with employees. These 
visits enhance Non-Executive Directors’ 
knowledge of operations and strengthen 
their individual contribution to Board debate. 
The Board visited Belfast during 2024 and 
Kash Pandya visited Aberdeen and met 
with employees. In addition, Jean Vernet 
regularly visits the Group’s operations 
which is an opportunity to meet and 
connect with a diverse group of employees. 
The Board discussed the outcomes of 
these visits, which assisted in identifying 
areas of focus for the site visits scheduled 
in 2025. The Division and Function Heads 
continue to attend certain Board and 
Committee meetings to discuss areas of 
strategic focus and employee engagement. 
An externally facilitated engagement 
survey of all employees is conducted 
annually and reviewed by the Board.
Governance, risk and 
internal controls
The Board is responsible for determining 
the nature and extent of the Company’s 
principal risks and for ensuring that 
the Company maintains sound risk 
management and internal control procedures. 
More information in relation to those principal 
risks, the Group’s approach to mitigating 
them, and the risk management and internal 
control procedures within the Group are set out 
in the Strategic report on pages 70 to 78.
The Audit and Risk Committee, on behalf 
of the Board, monitors the Group’s 
risk management and internal control 
processes and reviews its effectiveness 
on an ongoing basis. This is part of an 
established process, in accordance 
with the Code and the FRC’s associated 
Guidance on Risk Management, Internal 
Control and Related Financial and Business 
Reporting, for the identification, evaluation 
and management of the significant risks 
facing the Group, which operates and is 
reviewed throughout the year. During the 
year, the Board confirmed that, although 
the controls and risk management 
systems were adequate, a programme 
of improvements was agreed for 2025.
The Group’s Governance Framework is 
described in more detail on pages 86 to 
87. The Group’s internal control systems 
are designed to provide the Board with 
reasonable assurance as to the effective 
and efficient operation of the Group in 
accordance with the governance structures, 
and to ensure the quality of internal 
and external reporting and compliance 
with all applicable laws and regulations. 
Stakeholders
The stakeholder voice is brought into 
the Boardroom throughout the annual 
cycle through information provided 
by the Executive Directors (as well 
as representatives from the Group’s 
Product Lines and Functions who are 
invited to present to the Board), and 
through regular updates from Directors 
on their engagement activities with 
the stakeholders themselves:
Chairman and the Executive Directors 
on their discussions with investors.
•	 Company’s brokers on the feedback 
received from investors.
•	 Executive Directors, Chief HR Officer 
and designated Non-Executive 
Director for Employee Engagement in 
relation to employee engagement.
•	 Group CEO on feedback from customers.
•	 Senior Leadership Team on their 
engagement with employees, customers, 
suppliers and local communities.
•	 Group Sustainability Committee on 
the Group’s approach to reducing 
its environmental impacts.
On pages 68 and 69 of our Strategic 
Report, we set out our principal 
stakeholders, how we engage 
with them, the issues important 
to them and how we respond.
The relevance of each stakeholder group 
may increase or decrease depending on 
the matter or issue in question, so the 
Board seeks to consider the needs and 
priorities of each stakeholder group during 
its discussions and as part of its decision-
making. On pages 90 and 91 we set out 
how the Board has considered the interests 
of stakeholders when discussing and 
agreeing decisions on key matters in 2024.
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James Fisher and Sons plc Annual Report and Accounts 2024

Board evaluation
The Board undertakes an annual 
evaluation of the performance of the 
Board, the Remuneration, Nominations 
and Audit Committees, and the individual 
Directors, including the Chairman, 
against the framework of Board 
effectiveness produced by the Financial 
Reporting Council.
In 2024, an independent External Board 
Evaluation was undertaken by Fidelio 
Partners. They conducted a series of 
interviews with each of the Directors, 
including the Executive Directors, 
following which they observed Board 
and Committee meetings. The results of 
the review were discussed with the Chair 
and they presented their observations 
and recommendations for action at a 
Board meeting. 
The Chairman’s performance review was 
led by the Senior Independent Non-
Executive Director in consultation with the 
other Directors. The performance of the 
Executive Directors was reviewed by the 
Chairman and Non-Executive Directors 
with the Chief Executive’s review being 
communicated by the Chairman.
The Chairman and the Executive Directors 
reviewed the performance of each of the 
other Non-Executive Directors. The Board 
considers that each Director continues to 
contribute effectively and to demonstrate 
commitment to the role.
Board evaluation
Actions for 2025
Agenda planning and ensuring there 
is time for reflection and discussion 
on key matters.
Agreed action for 2025
A review of the annual agendas is 
taking place to assess how the Board 
spend their time, now the Group 
has successfully deleveraged , to 
allow more time for review after the 
discussion of key topics. 
The strategic items for discussion are 
also being evaluated.  
Actions for 2025
Improve the length and content of 
Board papers.
Agreed action for 2025
A review is underway on the 
quality of the Board papers and 
Board reporting with more concise 
Executive summaries. 
Actions for 2025
Arrange more focused site visits.
Agreed action for 2025
The Board will increase the number 
of site visits with employees in 2025. 
Actions for 2025
Oversight of the outcomes from the 
Strategy Day.
Agreed action for 2025
Develop a cadence of reporting to 
the Board on the strategic priorities. 
Actions for 2025
Training and development.
Agreed action for 2025
Review training needs to align with 
the long-term growth opportunities 
for example innovation and 
technology.
Training and 
development 
Ongoing training and development for 
Directors is available as appropriate and 
is reviewed and agreed with the Chairman 
annually. Specific and tailored updates 
were provided by external advisers and 
management to the Audit, Nominations and 
Remuneration Committees. During the year 
the Board also received reports from the 
Group General Counsel on compliance, as 
well as corporate governance and ESG- 
related updates from external advisers.
The Board is confident that all its 
members have the knowledge, ability, 
and experience to perform the functions 
required of a Director of a listed company.
Upon appointment to the Board, Directors 
undertake an induction programme, 
receiving a broad range of information 
about the Group, tailored to their previous 
experience. This includes information on 
the Group businesses and their operational 
performance, along with an overview of 
Group strategy, corporate governance, 
and Board procedures. The programme 
also includes one-to-one meetings with all 
Board and Executive Committee members, 
as well as individual site visits to key Group 
operating locations to understand the 
business and meet management teams.
Assisted by the Company Secretary, the 
Chairman has responsibility for these 
induction programmes, and for the Board’s 
training and professional development.
Action
Progress in 2023/24
IR strategy and timing of Capital Markets 
Day to be reviewed.
Board presentation relating to IR strategy 
scheduled in 2024.
Continue improvements in ESG reporting.
Presentation to the Board on ESG strategy 
and reporting scheduled in 2024.
Improve the Annual Report and external 
audit process.
Management’s 2023 Annual Report and 
External Audit Preparation Plan presented to 
the Audit Committee.
Formalise the timing of the circulation  
of financial reports to the Board.
Financial reporting schedule under review 
by management.
Improve below Board level succession 
planning.
Nominations Committee review of Executive 
Committee and senior leadership succession 
planning process scheduled in 2024.
Actions from the 2023/24 Board evaluation are noted below and the material actions for 
2025 are noted in the side panel. 
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Strategic Report
Overview
Governance
Financial Statements

Nominations Committee report
Board appointments and 
succession planning
The Committee leads the process 
for Board appointments and makes 
recommendations to the Board within its 
agreed terms of reference. Appointments 
are made having regard to the balance 
of skills, experience and knowledge of 
current Directors as well as the diversity 
of the Board in respect of multiple 
characteristics, including gender, social 
and ethnic backgrounds, cognitive and 
personal strengths. The Committee 
adopts a formal, rigorous, and transparent 
procedure for the appointment of new 
Directors to the Board, working with 
independent executive search consultants.
Both appointments and succession plans 
are based on merit and objective criteria. 
During 2024, the Committee sought 
support from specialist executive search 
consultant Korn Ferry who assisted with 
the appointment of Shian Jastram and was 
instructed to search for Non-Executive 
Director candidates with global industry 
knowledge, particularly in renewables 
and offshore wind. Korn Ferry have no 
connection with the Company (other than 
assisting with recruitment), nor with any 
individual Director.
The Committee reviews the leadership 
and succession needs of the Company 
and ensures that appropriate 
procedures are in place for selecting, 
nominating, onboarding, training and 
evaluating Directors.
Overall, our objective is to ensure that the 
Board has Directors with a broad range of 
knowledge, skills and experience to ensure 
the team works together effectively in 
discharging its responsibilities, including 
in relation to corporate governance. We 
recognise the benefits of a diverse Board 
and senior leadership team, including 
diversity of skills, sector experience, 
background, gender, and ethnicity.
2024 in review
During 2024, the following Board 
membership changes were considered by 
the Committee:
•	 On 1 March 2024, Shian Jastram joined 
the Board as an Independent Non-
Executive Director. She brings a wealth 
of invaluable international experience 
to the Board in operational and 
transformational leadership roles in the 
renewables sector, including offshore 
wind and green hydrogen.
•	 On 30 May 2024, Aedamar Comisky 
stepped down from the Board.
The Committee keeps under regular 
review Board succession planning. During 
the year, the Chief HR Officer briefed the 
Committee on the Group’s talent review 
and actions undertaken in relation to the 
Group’s senior leaders to ensure a diverse 
pipeline and effective succession planning 
for the Board and Executive Committee.
Director induction, 
training and development
As Chairman, I am responsible for the 
formal induction of all new Directors, 
assisted by the Company Secretary. 
Each new Director is provided with the 
necessary background materials to 
familiarise themselves with the Group, and 
meetings are arranged with other members 
of the Board, Executive Committee 
members, senior leadership and the 
Company’s external advisers.
Site visits to businesses around the 
Group are arranged to provide a deeper 
understanding of the Group’s operations, 
risks and strategic priorities. A detailed 
induction programme was undertaken by 
Shian Jastram, which includes training 
from the Company’s external legal advisers 
on Directors’ responsibilities, the Corporate 
Governance Code and Market Abuse 
Regulation, as well as in-person site visits 
and management meetings at the Group’s 
key sites.
Assisted by the Company Secretary, I am 
also responsible for the Board’s training 
and professional development. Directors 
were provided with presentations during 
2024 on developments in corporate 
governance and financial reporting and 
the new UKLA Listing Rules. Directors 
will continue to receive regular training 
updates from appropriate internal and 
external specialists on governance and 
risk issues, and on financial and reporting 
standards. In addition, Directors are 
fully aware of their own responsibility 
for identifying and satisfying their own 
specific training requirements. In 2024, the 
Board held a site visit to Belfast, and had 
management and employee engagement 
meetings, in order to deepen the Board’s 
understanding of the operations of the 
Group’s businesses and teams.
Membership
Since
Angus Cockburn (Chair)
2021
Aedamar Comiskey (until 30 May 2024)
2014
Justin Atkinson
2018
Inken Braunschmidt
2019
Kash Pandya
2021
Claire Hawkings
2022
Shian Jastram (from 1 March 2024)
2024
Key objectives
Reviewing the composition of the Board and succession planning.
Key responsibilities:
•	 To regularly review the structure, size and composition of the Board (including skills, 
knowledge, independence and experience) and recommend any changes.
•	 Succession planning for Directors and senior executives of both the Company and the 
operating businesses, taking into account the challenges and opportunities facing the 
Company and the skills and expertise therefore needed in the future.
•	 Identifying and nominating candidates for Director positions, for approval by the Board.
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James Fisher and Sons plc Annual Report and Accounts 2024

Board composition and 
time commitment
There were eight Directors on the Board 
as at 31 December 2024, comprising the 
Non-Executive Chairman, Chief Executive 
Officer, Chief Financial Officer and five 
Independent Non-Executive Directors. 
The names and biographical details of 
the members of the Board are set out on 
pages 88 to 89. During the year Inken, was 
appointed a non-executive of Xaar plc and 
TT electronics plc. The Board reviewed the 
appointments and considered that these 
roles would not have an undue impact on 
the time she spends dedicted to the Group.
The Board judged the Non-Executive 
Chairman to be independent at the time of 
his appointment and the Board considers 
all other Non-Executive Directors to be 
independent under the terms of the Code.
Directors standing  
for re-election
The Committee discussed and unanimously 
recommended that each of the Directors 
should be put forward for election or re-
election by the shareholders at the AGM 
scheduled for 30 May 2024. In making 
this recommendation the Committee 
members (with each Committee member 
recusing themselves from the discussion 
and recommendation in relation to their 
own re-election) have evaluated each 
Director in terms of their performance, their 
commitment to the role and their capacity 
to discharge their responsibilities in an 
effective manner given their other time 
commitments and responsibilities.
Board evaluation
The Board carries out a Board and 
Committee evaluation each year, and 
for 2024, the Board appointed Fidelio to 
undertake an external evaluation. Fidelio 
has no other connection to the Company or 
any individual Director. The results of the 
2024 evaluation and resulting actions are 
set out in the graphic on page 93.
Following the evaluation, the Committee 
believes the Board functions effectively 
and efficiently, and is appropriate for 
a Group of its size. The Committee 
considers that each Director demonstrates 
the knowledge, ability and experience 
required to perform the functions of a 
director of a listed company and is of 
the calibre necessary to support and 
develop the Company’s long-term strategy 
and success.
The Committee also considers that no 
individual or small group of individuals 
dominates discussions or the decision- 
making process. With these findings in 
mind, it is not expected that the Board 
evaluation will influence Board composition 
in the short term.
Diversity and inclusion
James Fisher recognises the importance of 
diversity of thought, skills and experience 
in the effective functioning of the Board,  
its Committees and the wider organisation.
This diversity may arise from any number 
of sources, including differences in 
age, gender, ethnicity, disability, sexual 
orientation, cultural background and 
religious belief.
The Board’s intention is to maintain 
diversity in all its senses in its own 
constitution, and to encourage the 
same throughout the organisation. The 
Board Diversity Policy is a policy which 
acknowledges the importance of diversity 
and includes an explicit requirement to take 
into account diversity when considering 
appointments to the Board.
The Board and its Committees are 
committed to ensuring that all have an 
equal chance of developing their careers 
within our Group.
The promotion of a diverse and inclusive 
workplace by recruiting where we work, 
enforcing pay parity, and celebrating 
the uniqueness of individuals and their 
communities is one of the key foundations 
of the Group’s Sustainability Policy. During 
the year, the Board and the Committee 
have discussed with the Chief HR Officer 
the progress made on implementing 
initiatives to promote diversity and 
inclusion throughout the Group. More 
detail on the progress of those initiatives 
can be found on page 44.
There has been progress in increasing the 
international and gender diversity of the 
Group’s senior management group, but the 
Company is aware that more needs to be 
done to improve the gender and ethnic mix 
in the leadership population. The Board 
supports the aims of the FTSE Women 
Leaders and Parker Reviews and is mindful 
of the targets specified by recent updates 
to the UK Listing Rules. The data required 
by UK Listing Rule 9.8.6 as at 31 December 
2024 is set out in the table on page 96.
The data is collated by the Group’s HR 
function and confirmation provided 
by the Board and Executive Team. As 
demonstrated below, as at 31 December 
2024, the Company met all three of the 
Board-level targets set by the UK Listing 
Rules:
•	 More than 40 percent of the Board were 
women (50 percent).
•	 Two of the four senior positions on  
the Board were held by women  
(CFO and SID).
•	 One of the Directors was from an ethnic 
minority background.
The Chief Executive Officer chairs an 
Executive Committee of nine people, with 
women representing 33 percent of the 
Executive Committee as at 31 December 
2024. Apart from creating a forum to bring 
together a range of specialist skills and 
experience it also acts as a platform for our 
succession strategy into the future.
2025 priorities
The Committee’s priorities for 2025 are:
•	 Considering the key skills, experience 
and requirements for succession 
planning for the Board.
•	 Reviewing the succession planning 
and talent pipeline for the Executive 
Committee and senior leadership 
positions.
•	 Accelerating the Group’s progress 
towards increasing the relative diversity 
in senior management positions.
•	 Conducting an internal Board evaluation.
Angus Cockburn
Chair of the Nominations 
Committee
19 March 2025
The Committee’s terms of reference are 
available on the Group’s website. 
The Committee meets at least three 
times a year.
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Nominations Committee report continued
Diversity and inclusion continued
In accordance with the Listing Rules 9.8(R)(10) as at 31 December 2024, the numerical data on the gender identity and ethnic 
background of our Board and Group Executive is as follows: 
Gender representation of the Board and Executive Management  
as at 31 December 2024
Number 
of Board 
Members
Percentage of 
the Board
Number 
of senior 
positions on 
the Board *
Number 
in executive
management**
Percentage 
of executive 
management
Men
4
50%
2
7
70%
Women
4
50%
2
3
30%
Not specified/prefer not to say
–
–
–
–
–
Ethnic background of the Board and Executive Management  
as at 31 December 2024
Number 
of Board 
Members
Percentage of 
the Board
Number 
of senior 
positions on 
the Board* 
Number 
in executive
management**
Percentage 
of executive 
management
White British or other White (including minority-white groups)
7
88%
4
10
100%
Mixed/Multiple Ethnic Groups
–
–
–
–
–
Asian/Asian British
1
12%
–
–
–
Black African/Caribbean/ 
Black British
–
–
–
–
–
Other ethnic group, including Arab
–
–
–
–
–
Not specified/ prefer not to say
–
–
–
–
–
*Senior positions on the Board refer to the Chair, Chief Executive, Chief Financial Officer and Senior Independent Director.
** Executive Management comprises the Group Executive Committee only and not the Company Secretary.
Board ethnicity representation
Board nationality
 Asian or Asian British
 English USA
 White British or other White
 European
 British
96
James Fisher and Sons plc Annual Report and Accounts 2024

Audit and Risk Committee report
Dear Shareholders
I am pleased to present the Audit and Risk 
Committee report for the year ended 31 
December 2024 providing an overview 
of the Committee’s role in overseeing 
and monitoring financial reporting, risk 
management and internal controls. This 
report seeks to focus on specific aspects 
considered by the Committee during the 
year and aims to provide assurance to our 
shareholders. As Chair of the Committee, 
I am responsible for ensuring that the 
Committee fulfils its duties rigorously 
and effectively. 
In March 2024, the Committee changed 
its name from the Audit Committee to the 
Audit and Risk Committee to accurately 
reflect its oversight of risk management 
activities in the Group and subsequently 
reviewed its forward agenda to ensure that 
the cadence and review of risk activities on 
the agenda was appropriate.
The Committee remains focused on 
ensuring compliance with the UK 
Corporate Governance Code 2018 (the 
Code) while assessing management’s 
plans to meet evolving requirements 
following the FRC’s publication of the 2024 
UK Corporate Governance Code (2024 
Code), which took effect on 1 January 
2025. A key change in the 2024 Code is 
the requirement for the Board to include 
a declaration in the Annual Report and 
Accounts, detailing how it has reviewed 
the effectiveness of the Company’s 
risk management and internal controls 
framework, along with its conclusions.  
This new requirement will apply to the 
Group for the financial year ending 31 
December 2026.
Throughout the year, the Committee has 
been monitoring progress of the internal 
controls enhancement initiative, which 
commenced in 2022, receiving regular 
updates from management and our 
programme partner, BDO. 
Significant progress has been made this 
year, including the embedding of material 
controls, strengthening internal teams, 
and implementing a governance, risk 
and compliance system. Management 
has developed a detailed plan to 
ensure readiness for the 2024 Code’s 
requirements, which the Committee 
has reviewed.
Following the completion of the 2023 
Annual Report and Accounts, the 
Committee reviewed the reporting process, 
including the associated external audit, 
through a detailed feedback exercise that 
captured comments from key components 
of the Group as well as KPMG. Although the 
Committee is satisfied that management 
have sufficiently addressed the actions 
arising from that review, further initiatives 
have been identified to enhance the 
process for the next year.
Of particular importance is the 
requirement to ensure that the Group’s 
financial reporting is fair, balanced and 
understandable. We therefore review all the 
Group’s financial reports before publication, 
including where necessary alternative 
performance measures, and we are 
satisfied that they provide a fair, balanced 
and understandable assessment of the 
Group’s position and performance.
I am satisfied that the Audit and Risk 
Committee is properly constituted with 
written terms of reference (available on the 
website) and is provided with good quality 
information to allow proper consideration to 
be given to topics under review. I am also 
satisfied that meetings are scheduled to 
allow sufficient time for discussion and to 
ensure that all matters are considered fully. 
Committee composition 
and operation
As reported last year, we welcomed Shian 
Jastram as a member of the Committeeon 
1 March and Aedamar Comiskey retired as 
a Non-Executive Director and member of 
the Committee on 30 May 2024.
The Audit and Risk Committee met nine 
times during the year, with meetings 
scheduled to align with the Company’s 
external financial reporting obligations. 
Additional meetings were held in 2024, 
primarily due to business divestment 
activities and their associated impact 
on the external audit. Details of the 
attendance of individual Directors can 
be found on page 87. 
Membership
Since
Justin Atkinson, Chair
2018
Aedamar Comiskey (until 30 May 2024)
2014
Inken Braunschmidt
2019
Kash Pandya
2021
Claire Hawkings
2022
Shian Jastram (from 1 March 2024)
2024
Key objectives
The Audit and Risk Committee (the Committee) monitors the completeness and reliability 
of assurances regarding governance, risk management, the control environment, and the 
integrity of the Group’s reporting process and financial management.
Key responsibilities:
•	 Overseeing the accounting principles, policies, and practices adopted in the 	
	
Group’s accounts.
•	 	Reviewing external financial reporting and related announcements.
•	 	Managing the appointment, independence, effectiveness, and remuneration 
of the Group’s external auditor, including the policy on awarding non-	
	
 
audit services.
•	 	Initiating and overseeing a competitive tender process for the external audit 	
	
when required.
•	 	Assessing the resourcing, plans, and effectiveness of Internal Audit.
•	 	Reviewing the Group’s internal control and risk management systems.
•	 	On behalf of the Board, evaluating risk assessments and considering emerging 	
 
risks.
•	 	Establishing and overseeing fraud prevention measures.
•	 	Advising the Board on whether the Annual Report and Accounts, taken as a whole, is 
fair, balanced, and understandable, and provides shareholders with the necessary 
information to assess the Company’s position, performance, business model,  
and strategy.
The Committee holds a minimum of three scheduled meetings annually.
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Audit and Risk Committee report continued
The Audit Committee meetings are 
attended by Committee members, the 
Company Chairman, Chief Executive 
Officer, Chief Financial Officer, Group 
General Counsel, Company Secretary, 
and Group Financial Controller, along with 
representatives from the external and 
internal auditors. 
At each scheduled meeting, the Audit and 
Risk Committee provides an opportunity 
for private discussions with both the 
external and internal auditors. Additionally, 
the Chair has regular discussions with the 
reporting partner from the external auditor, 
KPMG, and the relevant partner from the 
internal auditor, PwC, to discuss matters 
related to the Group.
The Board is satisfied that as Chair 
of the Audit and Risk Committee, I 
have significant and relevant financial 
experience, being a chartered accountant 
who formerly served as finance director 
of a FTSE listed company. I have been 
attending audit committee meetings for 25 
years and have chaired three other FTSE 
listed company audit committees. The 
members of the Audit and Risk Committee 
collectively have broad financial, 
commercial, professional, and technical 
experience and are considered to have 
competence relevant to the sectors in 
which the Group operates.
Whilst each Non-Executive Director(NED) 
will largely manage their own continuing 
development, the Audit and Risk 
Committee receives technical and 
governance updates throughout the year 
from the external auditor and external 
advisers and NEDs may request additional 
information, as required.
Details of the Audit and Risk Committee’s 
specific responsibilities and how it 
exercises those responsibilities are 
set out in the remainder of this report. 
The performance of the Audit and Risk 
Committee (alongside the Board and 
the other Committees) was externally 
evaluated during the year. The results 
of this review provided assurance that 
the Committee discharges its duties and 
responsibilities in accordance with its 
terms of reference.
Matters of particular 
focus for the Committee 
during the year 
Financial and narrative reporting
•	 Review of the half year and full year 
financial statements and results 
announcements, including investor 
presentations.
•	 Evaluation of key accounting judgements 
and estimates.
•	 Review of management’s consideration 
of various FRC thematic reviews and 
financial reporting guidance.
•	 Review of the going concern and 
viability statements and evaluation of 
the underpinning financial plans and 
assumptions.
•	 Review of the Annual Report and 
Accounts, ensuring it is fair, balanced, 
and understandable.
External audit
•	 Assessing the external audit plan and 
strategy.
•	 Receiving updates from external auditors 
on audit progress.
•	 Reviewing the external auditor’s report 
for the half year and full year results.
•	 Evaluating the effectiveness of the 
external auditor, including consideration 
of the FRC’s Audit Quality Review 
findings.
•	 Approving the fee of the external auditor.
Internal Controls and Risk 
Management
•	 Receiving updates on progress in 
enhancing the Group’s risk management 
framework including in-depth reviews of 
selected principal risks.
•	 Reviewing updates on the internal 
controls enhancement programme and 
its alignment with the risk management 
framework.
•	 Assessing the Group’s principal and 
emerging risks.
•	 Challenging management to address 
internal control issues identifed through 
internal audit reviews.
Internal audit
•	 Approving the internal audit plan 
•	 Reviewing internal audit reports on 
progress and activities in line with the 
audit plan.
•	 Evaluating PwC’s effectiveness as the 
internal auditor.
Fair, balanced, and 
understandable
In assessing whether the Annual 
Report and Accounts is fair, balanced, 
and understandable and provides the 
necessary information for shareholders 
to evaluate the Company’s performance, 
strategy, and business model, the 
Committee has considered its own 
knowledge of the Group, its markets, 
strategy, and performance throughout 
the year. Additionally, the Board has 
reviewed the content of the Annual 
Report and Accounts, other periodic 
financial statements, and announcements, 
alongside the recommendation from the 
Audit and Risk Committee.
Key considerations of the Audit and 
Risk Committee have included ensuring 
consistency between the financial 
statements and the narrative in the front 
half of the Annual Report and Accounts. 
The Committee also focused on achieving 
an appropriate balance in reporting both 
weaknesses, challenges, and difficulties 
(particularly concerning the Group’s 
principal risks and uncertainties, as 
outlined on pages 72 to 78), alongside 
successes, in an open and transparent 
manner. 
Financial reporting,
significant issues and
accounting judgements
Acting independently from management 
is a fundamental element of the Audit 
and Risk Committee’s role, ensuring 
that shareholders’ interests are properly 
protected in relation to financial reporting. 
When preparing the accounts, certain 
areas require management to exercise 
judgement or make estimates. The 
Committee evaluates whether these 
judgements and estimates are reasonable 
and appropriate. In doing so, it also reviews 
the clarity of disclosures, compliance 
with financial reporting standards, and 
adherence to relevant financial and 
governance reporting requirements,  
while considering the views of the  
external auditor. 
The Group’s key accounting judgements, 
as discussed and challenged by the 
Committee, are set out in the table below 
and on page 151. 
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James Fisher and Sons plc Annual Report and Accounts 2024

Significant area
Work undertaken/outcome
Impairment of goodwill
Key judgements are made in determining the 
appropriate level of Cash Generating Unit (CGU) 
for the Group’s impairment analysis. Key estimates 
are also made regarding the assumptions used in 
calculating the discounted cash flow projections 
to value the CGUs containing goodwill. These key 
assumptions include management’s estimates of 
budgets and plans, as well as the discount rates 
and long-term growth rates applied to each CGU.
We reviewed a report from management outlining the methodology used, 
the assumptions made, and any significant changes compared to prior years. 
The budget underpinning management’s analysis was reviewed, including an 
assessment of associated risks and opportunities. 
We challenged management on the rationale behind key assumptions and 
sensitivities, such as discount rates and growth rates, used in determining the 
discounted cash flows, ensuring their reasonableness. Impairment reviews were 
a key focus for KPMG, who reported their findings to us. 
We concluded that management’s key assumptions and disclosures are 
reasonable and appropriate.
RMSpumptools disposal
Judgement was applied in assessing whether 
RMSpumptools should be disclosed within 
continuing or discontinued operations. This 
assessment required judgement due to the 
business’s overall financial contribution to 
the Group.
We reviewed a report from management assessing the business’s activities 
against the technical criteria for classification as a discontinued operation.
Following discussions with management on the various criteria, we concluded 
that reporting RMSpumptools within continuing operations was appropriate, as 
it did not meet the definition of a major line of business. We were satisfied with 
the clarity of the disclosures, which clearly outlined the business’s contribution 
during the year. This was also a key area of focus for KPMG, who reported their 
findings to us.
Retirement benefits obligations
Key estimates are made in relation to the 
assumptions used to value retirement benefit 
obligations under Shore staff, MNOPF and MNRPF 
pension schemes, including the mortality rate, 
discount rate and inflation. The key assumptions 
are based on recommendations from independent 
qualified actuaries.
We reviewed a report from management summarising the key assumptions 
used to value the three retirement benefit plans. These assumptions were 
informed by input from independent qualified actuaries and assessed by KPMG 
for reasonableness.
We concluded that the assumptions, accounting treatment, and associated 
disclosures were appropriate for the Group’s retirement benefit obligations.
Provisions and contingent liabilities
Consideration is given to determining provisions in 
the accounts for disputes and claims that arise from 
time to time in the ordinary course of business, 
as well as to determining appropriate disclosures 
for alternative performance measures and 
contingent liabilities.
We received a report from management outlining information on disputes and 
claims, including their accounting and disclosure implications, which were 
subject to challenge and discussion. Claims, uncertainties, and other provisions 
were a key area of focus for KPMG, who reported their findings to us.
We concurred with management’s conclusions regarding provisioning and 
contingent liability disclosures.
Vessel lease term
Judgement is applied in determining the length of 
certain vessel leases, particularly when assessing 
the reasonable certainty of exercising termination 
or extension options.
We received a report from management assessing all relevant facts and 
circumstances, including an evaluation of economic indicators and managements 
control related to lease termination options. One lease with a four year term was 
determined to have a termination option exercised within two years, and we were 
satisfied with management’s assessment in reaching that conclusion. This was 
also a key area of focus for KPMG, who reported their findings to us.
Going concern and viability statement
Consideration is given to the appropriateness 
of disclosures, particularly in relation to the 
severe but plausible scenario in the going 
concern assessment.
The Committee received reports and analysis prepared by management, 
incorporating the external auditor’s review and observations. These included 
key assumptions used in the sensitivities applied to determine the severe but 
plausible scenario, as well as the results from reverse testing. The Committee 
also considered the disclosures relating to the outcome of this stress assessment.
The Committee also reviewed the long-term viability of the Group which included 
assessing risks, the current funding model and stressed scenarios. 
The Going Concern and Viability periods were reviewed, considering the impact 
of the refinancing completed during the year.
The Committee is satisfied that the going concern basis of preparation remains 
appropriate for the financial statements and that sufficient disclosures have been 
provided regarding the severe but plausible scenario. The Committee is also 
satisfied that the Group is able to meet liabilities over at least three years, which 
is an appropriate timeframe for assessing viability of the Group.
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Audit and Risk Committee report continued
Risk management and 
internal controls
The Board has overall responsibility for 
the Group’s risk management and internal 
control systems, including financial, 
operational and compliance controls.  
The Audit and Risk Committee operates  
on behalf of the Board, actively challenges 
the Group’s risk management and 
internal control systems, conducting 
in-depth reviews, and overseeing the 
work of internal and external auditors. A 
more detailed summary of the Group’s 
risk management and internal control 
systems is set out in the principal risks 
and uncertainties section of the Strategic 
Report on pages 70 to 71.
The Audit and Risk Committee receives 
reports on internal control deficiencies, 
primarily identified through internal audits 
and the internal controls enhancement 
programme. The external audit continues 
to highlight the informal nature of many 
of the Group’s controls and, during the 
year, identified control deficiencies along 
with recommendations for improvement. 
The Committee reviews all such reports 
with both internal and external auditors 
and holds relevant management teams 
accountable to ensure appropriate 
and timely actions are identified and 
implemented.
Control deficiencies are graded, and an 
action plan with associated timeframes is 
agreed upon with the relevant management 
team. Progress against each plan is 
reported to the Committee on an ongoing 
basis until the actions are fully completed.
Progress on the internal controls 
enhancement programme and the roadmap 
to achieving regulatory compliance has 
been a key area of focus during the year. 
In addition to receiving reports from the 
Head of Group Internal Controls and Risk, 
as well as the Group’s programme partner, 
BDO, accountable individuals within the 
Divisions have also provided updates on 
their progress and plans.
Anti-bribery and corruption 
We have an established Anti-Bribery 
and Corruption Policy aimed at ensuring 
adherence to the associated legal and 
regulatory requirements. The policy 
includes sections governing the following:
•	 	Group’s zero-tolerance approach to 
payment of bribes.
•	 Reasonableness and proportionality of 
offering or receipt of gifts or hospitality.
•	 Appointment and management of third 
parties who are engaged to assist with 
our sales and marketing activities, 
including approval via procedures 
which include appropriate internal and 
external due diligence using web-based 
tools provided by Control Risks (the 
international risk consultancy). 
•	 The Group conducts robust due 
diligence on its agent and joint venture 
relationships prior to engagement, and 
requires them to comply with the Group’s 
policy and relevant law. The Board 
receives reports on agent and joint 
venture relationships twice a year.
•	 Group’s prevention of facilitation 
payments.
During 2024, the Group refreshed its Anti-
Bribery and Corruption Policy and ethics 
code of conduct. A training programme 
was initiated on the new policy and Code 
of Conduct and almost 90 percent of the 
Group’s employees had received training 
on the Anti-Bribery and Corruption 
Policy by year end. This training is now 
embedded as part of the employee 
induction programme.
External audit performance
The Audit and Risk Committee recognises 
that the quality of an audit is of paramount 
importance. The Committee continually 
assesses the performance of the external 
auditor, KPMG, starting from the initial 
planning stage where the audit plan, 
proposed strategy, approach, objectives, 
significant risk areas, and other areas of 
focus are discussed, drawing on input  
from the Group’s senior management,  
and continuing through to the conclusion 
of the audit.
Annually, the Audit Committee conducts 
a formal assessment of the external 
auditor’s performance based on its own 
experience and that of the Group’s senior 
management. The assessment considers 
the relationship between the external 
auditor and the Group, the external 
auditor’s knowledge of the Group’s 
business, its capabilities, the planning  
and execution of the external audit, fees, 
and independence. The results of this 
review were considered by the Audit 
Committee and discussed with KPMG, 
with the main areas of focus identified as 
planning, the effectiveness of the interim 
audit, the timeliness of resolving certain 
judgemental matters, and communication.
KPMG’s audit of the Annual Report and 
Accounts 2023 was subject to the FRC 
Audit Quality Review. The Committee 
reviewed the outcome of the review and 
was pleased to note that KPMG received a 
rating of ‘Good,’ indicating that no areas for 
improvement were identified.
The Committee is therefore satisfied 
that KPMG provided an effective audit 
and maintained their independence and 
objectivity. KPMG is recommended for  
re-appointment at the Company’s 
forthcoming AGM.
Significant area
Work undertaken/outcome
Alternative Performance Measures (APM) and 
adjusting items
Consideration is given to the appropriateness 
of classifying certain items as adjusting or 
non-underlying, in relation to the inclusion of 
Alternative Performance Measures (APMs) and the 
associated disclosures.
The Committee carefully considered the judgements applied in disclosing 
APMs and adjusting items, as outlined in Note 5 of the financial statements. 
Adjusting items include impairment charges, refinancing costs, restructuring 
costs, and other non-recurring expenses incurred outside the normal course 
of business. The Committee sought to ensure that the treatment adhered to 
consistent principles and internal policies and that the disclosures were clear and 
understandable. The rationale for presenting certain costs as non-underlying 
was also subject to challenge.
The Committee concluded that management had appropriately classified costs 
within adjusting items in arriving at underlying measures.
100
James Fisher and Sons plc Annual Report and Accounts 2024

ESG reporting
The ESG reporting environment 
continues to be a significant area of 
regulatory development. The Audit and 
Risk Committee reviewed a report from 
management discussing the various 
reporting frameworks the Group is required 
to comply with, as well as a roadmap 
of upcoming regulatory changes. The 
Committee was satisfied that the Group 
remained compliant with mandatory 
frameworks but acknowledged that actions 
are required to improve the management 
of non-financial data.
Conclusion
The Audit and Risk Committee has 
written terms of reference, operates in an 
open manner and has clear and concise 
channels of communication with the Board. 
Should any investor feel it necessary I 
will make myself available to meet with 
them to discuss any matters under this 
Committee’s remit. I will also be available 
to answer any questions at the AGM.
Justin Atkinson
Chair of the Audit and Risk 
Committee
19 March 2025
External auditor 
appointment and fee
KPMG were first appointed to audit the 
Company in 2008. They were re-appointed 
external auditor of the Company in 2017, 
following a competitive tender process and 
will reach the maximum permitted tenure of 
20 years by the end of December 2027.
Andrew Campbell-Orde served as the lead 
audit partner until his retirement following 
completion of the Group’s interim results. 
Christopher Hearn shadowed the interim 
review and was then appointed as the lead 
partner for the full year 2024 external audit. 
Given the impending maximum permitted 
tenure period, the Committee will assess 
an appropriate time to initiate a full tender 
process, ensuring sufficient time before 
KPMG’s maximum permitted tenure expires.
Details of the external auditor’s 
remuneration for 2024 are set out in  
Note 8 on page 163. The audit 
fee for 2024 has decreased compared  
to 2023, predominantly due to divestments 
and improvements implemented by 
management. However, given the general 
market trend, the audit fee remains high 
relative to the size and complexity of  
the Group.
The Company has complied throughout 
the financial year under review, and 
up to the date of this report, with the 
provisions of the Statutory Audit Services 
for Large Companies Market Investigation 
(Mandatory Use of Competitive Tender 
Processes and Audit Committee 
Responsibilities) Order 2014.
External auditor 
independence and 
objectivity
The Audit and Risk Committee 
acknowledges that certain non-prohibited 
work is best undertaken by the external 
auditor. To safeguard the external 
auditor’s objectivity and independence the 
Committee has a policy on engaging the 
external auditor for non-audit services. 
This policy includes a requirement for 
approval by the Committee Chair if the 
permitted services exceed a threshold of 
£20,000 or for the Committtee’s approval if 
the permitted services exceed a threshold 
of £100,000. 
The Committee reviews the policy annually 
and recommends it to the Board for 
approval. In accordance with relevant Audit 
Regulations and standards published by 
the FRC, the Committee has not engaged 
the external auditor on matters restricted 
by those Regulations and standards.
Fees for permitted work (including the 
Interim Statement) have been approved by 
the Committee. KPMG were not instructed 
to carry out any prohibited non-audit 
services during 2024.
During the year, KPMG provided non-audit 
services to the Group in respect of the 
interim statement for the period ended 30 
June 2024. KPMG also provided services 
related to the disposal of RMSpumptools, 
although the work carried out did not result 
in any material judgements in the financial 
statements. The fees associated for these 
services were approved by the Audit and 
Risk Committee.
The Committee is therefore satisfied that 
KPMG have remained independent and 
objective.
Internal audit
The Audit and Risk Committee is 
responsible for receiving the work carried 
out by the internal audit function, which 
considers, reviews and reports on key 
commercial, financial and control risks 
across the Group. The internal audit
function undertakes its work in accordance 
with an annual programme approved by 
the Audit and Risk Committee. The scope 
of each internal audit review is agreed 
upon by the Committee in consultation with 
the internal auditor to ensure that key areas 
for each business are addressed.
In total, 13 internal audits were undertaken 
in 2024 (2023: 11). Reports relating to 
the internal audits were presented to the 
Committee for review, shared with senior 
management for action, and provided 
to the external auditor for information. 
The actions identified by the Internal 
Audit Function were followed up with 
management to ensure appropriate actions 
were taken to mitigate the associated risks.  
Senior management has continued to focus 
on improving the control environment 
through the timely closure of audit actions.
The effectiveness of the Group’s Internal 
Audit Function is continually reviewed 
including through an annual formal review 
undertaken by the Committee, with 
feedback from Group businesses and 
functions that have been subject to internal 
audit during the year. 
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Directors’ remuneration report
Annual statement
Introduction by Inken 
Braunschmidt, Chair 
of the Remuneration 
Committee
On behalf of the Board and the 
Remuneration Committee (the Committee), 
I am pleased to present the Directors’ 
Remuneration Report for the year ended  
31 December 2024.
As usual, this report is comprised of two 
parts, namely:
Part 1 – Remuneration Policy Report. This 
summarises the Directors’ Remuneration 
Policy that was approved by shareholders 
at the 2024 AGM; and
Part 2 – Annual Report on Remuneration. 
This details payments and awards made 
to the Directors, and the link between 
Company performance and remuneration, 
during 2024 and explains how we intend 
the Remuneration Policy will operate for 
2025. This part of the report will be put to 
an advisory vote at the 2025 AGM.
Work of the Committee 
during 2024
During 2024, the Committee undertook the 
following main activities, having due regard 
at all times to the broader performance 
context and the experience of the Group’s 
key stakeholders:
•	 Consulting with major shareholders on 
the renewal of the Remuneration Policy 
and its implementation in 2024.
•	 Assessing performance against 
the targets set for the 2023 annual 
bonus awards.
•	 Setting the targets for the 2024 
annual bonus.
•	 Assessing performance against the 
targets set for the 2021 LTIP awards and 
determining vesting levels.
•	 Agreeing the award levels and 
performance targets for the 2024 
LTIP awards.
•	 reviewing the impact of disposals on in-
flight incentives; and
•	 Agreeing the Chairman’s fee.
In discharging its responsibilities, the 
Committee seeks to ensure that its policy 
and practices remain consistent with the 
six factors set out in Provision 40 of the 
2018 UK Corporate Governance Code:
•	 Clarity – The policy is understood  
by our senior executive team and we 
have sought to articulate it clearly and 
transparently to our shareholders.
•	 Simplicity – The Committee is mindful 
of the need to avoid overly complex 
remuneration structures which can be 
misunderstood and deliver unintended 
outcomes. Therefore, a key objective 
of the Committee is to ensure that 
our Executive remuneration policies 
and practices are straightforward to 
communicate and operate.
•	 Risk – Our policy has been designed to 
ensure that inappropriate risk-taking is 
discouraged and will not be rewarded. 
We do this via: (i) the balanced use of 
both short-term (annual) bonuses and 
longer-term incentive plans (LTIPs), 
which employ a blend of financial,  
non-financial and shareholder return 
targets; (ii) the significant role played  
by equity in our incentive plans; and  
(iii) malus/clawback provisions.
•	 Predictability – Our incentive plans are 
subject to individual caps and clearly 
defined performance targets, with 
our share plans also subject to market 
standard dilution limits.
•	 Proportionality – There is a clear link 
between individual reward, delivery 
of strategy and the Group’s long-term 
performance. In addition, the significant 
role played by incentive/‘at-risk’ pay, 
together with the structure of the 
Executive Directors’ service contracts, 
ensures that poor performance is 
not rewarded.
•	 Alignment to culture – Our Executive pay 
policies are aligned to culture through 
the use of metrics in both the annual 
bonus and LTIP that measure how we 
perform against our KPIs.
Membership
Since
Inken Braunschmidt, Chair of the Remuneration Committee  
since 9 November 2023
2019
Justin Atkinson
2018
Kash Pandya
2021
Claire Hawkings
2022
Shian Jastram
2024
Aedamar Comiskey (until 30 May 2024)
2014
Key objectives
The Committee’s objectives are to create a fair, equitable and competitive total reward 
package that supports the Group vision and strategy; and to ensure that rewards 
are performance based, encourage long-term shareholder value creation and are 
straightforward to communicate and operate.
Key responsibilities:
•	 Designing the Remuneration Policy.
•	 Implementing the Remuneration Policy.
•	 Ensuring the competitiveness of reward.
•	 Designing the incentive plans.
•	 Setting incentive targets and determining award levels.
•	 Overseeing all share awards across the Group. 
The Committee meets at least three times a year.
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James Fisher and Sons plc Annual Report and Accounts 2024

Pay and performance  
in 2024
The Committee is pleased to note James 
Fisher’s strong progress in its recovery 
and strategy transformation in 2024. 
This progress includes simpllfying the 
portfolio through the sale of non-core 
businesses (notably RMSpumptools and 
Martek), improving cash management 
and refinancing the debt facilities to build 
a more resilient foundation for future 
growth. Performance outcomes against 
our primary financial measures were as 
follows:
•	 Underlying operating profit from 
continuing operations of £29.5m.
•	 Operating cash flow (as defined for 
incentive purposes) of £70.9m.
•	 Underlying diluted earnings per share 
13.9p.
Executive Directors’ bonus potential for 
2024 was set at 125 percent of salary, with 
50 percent based on underlying operating 
profit, 25 percent on operating cash flow 
and 25 percent based on achievement of 
strategic objectives. As set out on page 
110, the formulaic achievement of the 
stretching targets set at the start of 2024 
(once adjusted to take into account the 
impact of disposals during the year, which 
had not been reflected in the original 
targets set) warranted a bonus payout of 
97.6 percent of maximum. The Committee 
assessed this result in the context of 
the Group’s underlying performance 
and concluded that it fairly reflected the 
significant contribution of each of our 
Executive Directors to the Group’s ongoing 
recovery, as well as the progress against 
its transformation objectives (including 
its ESG roadmap). In this context, the 
Committee resolved not to exercise any 
discretion with respect to the formulaic 
2024 bonus outcome.
Awards granted under the LTIP in 2022 are 
ordinarily eligible to vest in 2025, subject 
to the achievement of pre-defined three-
year performance targets. However, as a 
result of failing to hit the threshold levels 
set for earnings per share (EPS) and return 
on capital employed (ROCE), and based 
on total shareholder return (TSR) to 31 
December 2024, the 2022 LTIP awards 
are expected to lapse in full. Neither 
Jean Vernet nor Karen Hayzen-Smith are 
participants in the 2022 LTIP award cycle, 
having joined the Group in late 2022 and 
2023, respectively.
Further details of the targets and 
achievement against them for the annual 
bonus and LTIP are set out on pages 110 
to 111.
2025 remuneration
A summary of the proposed application of 
the Remuneration Policy for 2025 is set out 
below:
•	 Salary: Jean Vernet’s and Karen 
Hayzen-Smith’s salaries were increased 
by 3.5 percent from 1 January 2025 (to 
£593,250 and £382,950 respectively). 
This increase was in line with the 
average increase for the UK workforce. 
•	 Pension: No change to the pension 
contributions received by the Executive 
Directors which, at 7.5 percent of 
salary, are in line with the maximum 
pension contribution available to other 
UK employees.
•	 Annual bonus: This will continue to 
be based 50 percent on underlying 
operating profit, 25 percent on operating 
cash flow, and 25 percent on strategic 
objectives. The maximum bonus 
opportunity remains unchanged at 125 
percent of salary, with one-third of any 
bonus payable to be deferred into shares 
for two years.
•	 LTIP: Awards will be made at 175 
percent of salary for Jean Vernet and 
150 percent of salary for Karen Hayzen-
Smith. Awards will be based 30 percent 
on three-year cumulative EPS, 25 
percent on relative TSR; 25 percent on 
Return on Capital Employed (ROCE) and 
the remaining 20 percent on strategic 
objectives. Details of the specific targets 
to apply are set out on page 118.
•	 NED fees: The fees payable to the 
Chairman and Non-Executive Directors 
are set out on page 116.
The Committee is grateful for the strong 
shareholder support at the 2024 AGM 
for the binding resolution to approve the 
Directors’ Remuneration Policy as well 
as the advisory resolution to approve the 
Annual Statement and Annual Report on 
Remuneration. We remain committed to 
effective and regular engagement with our 
shareholders in relation to remuneration, 
and hope that we can count on your 
continued support.
I hope you will join me in supporting the 
remuneration-related resolutions at the 
AGM on 13 May 2025.
Inken Braunschmidt
Chair of the Remuneration 
Committee
19 March 2025
 
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Financial Statements

Remuneration policy 
report
Overview of Directors’ 
Remuneration Policy
James Fisher and Sons plc operates in 
a competitive international environment. 
To continue to compete successfully, the 
Committee considers that it is essential 
that the level and structure of remuneration 
and benefits achieve the objective of 
attracting, retaining, motivating and 
rewarding the necessary high calibre 
individuals at all levels of the business. 
The Company therefore sets out to provide 
competitive remuneration to all of its 
employees, appropriate to the business 
environment in those countries in which 
it operates.
The Remuneration Policy, as a significant 
contributor to competitive advantage, 
is designed to support the Company’s 
corporate strategy, and to align with 
the Company’s valued behaviours 
of pioneering spirit, integrity, energy 
and resilience.
A cohesive reward structure with a 
timely pay review process, consistently 
applied to all employees and with links to 
corporate performance, is seen as critical 
in ensuring all employees can associate 
with, and are focused on, the attainment 
of the Company’s strategic goals. 
Accordingly, the remuneration package 
for the Executive Directors is reviewed 
annually. Where an Executive Director’s 
responsibilities change during the course 
of a year, the Committee will consider 
whether a review is appropriate, outside of 
the annual process.
Executive remuneration reviews are based 
upon the following principles:
•	 Total rewards should be set at 
appropriate levels to reflect the 
competitive market in which the 
Company operates, and to provide a fair 
and attractive remuneration package.
•	 Reward elements should be designed to 
reinforce the link between performance 
and reward. The majority of the total 
remuneration package should be linked 
to the achievement of appropriate 
performance targets that promote long- 
term value creation through transparent 
alignment with our corporate strategy.
•	 Executive Directors’ incentives 
should be aligned with the interests 
of shareholders. This is achieved 
through setting performance targets 
to reward an increase in shareholder 
value and through the Committee’s 
policy to encourage share ownership by 
Executive Directors.
How the Directors’ 
Remuneration Policy 
relates to the wider 
Group 
The Remuneration Policy set out within 
this report provides an overview of the 
structure that operates for the Executive 
Directors in the Group. Employees below 
Executive Director level have a lower 
proportion of their total remuneration 
made up of incentive-based remuneration, 
with remuneration driven by market 
comparators and the impact of the role of 
the employee in question. Participation in 
long-term incentives is reserved for those 
judged as having the greatest potential to 
influence the Group’s delivery of strategy 
and Group performance. The Committee 
considers pay and conditions across the 
workforce when reviewing and setting the 
Executive Director Remuneration Policy. 
During 2024, members of the Committee 
engaged with employees on a number 
of matters (more detail on page 92), 
including while attending offsite 
engagement sessions. Any feedback on 
remuneration received through this and 
other engagement channels (such as our 
Engage platform) is presented to, and 
discussed by, the Committee at its next 
meeting and informs decision-making at 
both a Group and business level.
How shareholders’ views 
are taken into account
The Committee takes an active interest 
in stakeholder views on our executive 
remuneration policy and its operation, and 
is particularly mindful of the perspectives 
of shareholders. At the 2024 AGM, the 
Remuneration Policy was supported by 
a significant majority of shareholders 
and similarly high levels of support were 
received for the advisory vote to approve 
the Annual Report on Remuneration. 
The Committee will continue to engage 
with shareholders should any significant 
changes to the policy or its implementation 
be proposed and will respond to 
shareholder queries as they arise.
Directors’ Remuneration 
Policy 
The following pages set out a summary 
of the Remuneration Policy approved by 
shareholders at the 2024 AGM. This policy 
took effect from that date for a period 
of up to three years. Minor amendments 
have been made to the presentation of 
the policy, including to update: (i) the 
data used in the pay-for-performance 
scenarios; (ii) page references; and (iii) the 
section on Non-Executive Director letters 
of appointment, to reflect changes in Board 
composition in 2024.
Directors’ remuneration report continued
104
James Fisher and Sons plc Annual Report and Accounts 2024

Element
Purpose and link 
to strategy
Operation
Maximum
Performance 
targets
Salary
Designed to attract, 
retain, motivate 
and reward the 
necessary high 
calibre individuals to 
the Board.
Salaries are a fixed annual sum and 
payable monthly in cash.
Salaries are reviewed each year, 
recognising the individual’s 
performance and experience, 
developments in the relevant 
employment market and having 
regard to the Group’s performance 
as well as comparing each 
Executive Director’s salary to 
market data.
No prescribed maximum salary or 
salary increase.
Salaries are set for each Executive 
Director within a range around 
the market median for similar 
positions in appropriate comparator 
companies. The Committee is also 
guided by the general increase for 
the employee population although 
increases may be higher or lower 
than this to recognise, for example, 
an increase in the scale, scope or 
responsibility of an individual and/
or performance.
Not applicable.
Pensions
To offer competitive 
retirement benefits.
Executive Directors are eligible 
to join the Group’s defined 
contribution scheme, receive 
a Company contribution into a 
personal pension scheme or be 
paid a cash supplement in lieu 
of pension.
Up to 7.5% of salary (in line with the 
contribution level available to the 
UK workforce).
Not applicable.
Benefits
To offer competitive 
benefits.
Provision of a company car or 
cash alternative, life assurance 
and healthcare insurance. Other 
benefits may be provided where 
appropriate. These benefits do not 
form part of pensionable earnings.
No prescribed maximum.
Not applicable.
Annual bonus
To incentivise 
and reward the 
Executive Directors 
to deliver annual 
financial and 
operational targets.
Payable on the achievement of 
financial and strategic objectives. 
Non-pensionable.
One-third of any bonus will be 
deferred into shares, with deferred 
share awards vesting after two 
years. Dividend equivalent 
payments may be awarded (in 
cash or shares) on deferred shares 
that vest.
Malus and clawback 
provisions operate.
Up to 125% of salary.
The majority of the 
bonus potential is 
based on financial 
targets derived from 
the annual plan; 
the balance of the 
bonus potential is 
based on strategic 
objectives.
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Financial Statements

Element
Purpose and link 
to strategy
Operation
Maximum
Performance 
targets
LTIP
To align the interests 
of the Executive 
Directors with the 
Group’s long-term 
performance, 
strategy and 
the interests of 
shareholders.
Annual grant of conditional 
share awards.
Non-pensionable.
A two-year post-vesting holding 
period applies to awards granted to 
Executive Directors. 
Dividend equivalents may be 
awarded (in cash or shares) on 
shares that vest. 
Malus and clawback 
provisions operate.
Up to 200% of salary.
Sliding scale targets 
linked to financial, 
share price and/or 
strategic metrics.
No more than 
25% of an award 
vests at threshold, 
increasing to 100% 
vesting at maximum.
Share 
ownership
To ensure 
alignment between 
the interests of 
Executive Directors 
and shareholders.
Executive Directors are required 
to retain half of the shares vesting 
after tax under the LTIP and 
deferred bonus until the guidelines 
are met.
Post-cessation guidelines apply. In 
determining the relevant number 
of shares to be retained post-
cessation, shares acquired from 
own purchases will not be counted.
In employment: 
200% of salary for all 
Executive Directors.
Post-cessation: 
100% of the “in employment” 
requirement, until the second 
anniversary of cessation (or the 
actual shareholding if the guideline 
has not been met at cessation).
Not applicable.
Sharesave
To encourage share 
ownership and align 
the interests of all 
employees and 
shareholders.
An all-employee share plan.
As per prevailing HMRC limits.
Not applicable.
Non- 
Executive 
Directors
To provide fees 
to reflect the time 
commitment and 
responsibilities of 
each role in line 
with those provided 
by similarly sized 
companies.
Fixed annual fee, paid quarterly in 
cash. Normally reviewed annually. 
The Committee determines the 
Chairman’s fees. The Chairman 
and Executive Directors 
determine fees for the other Non-
Executive Directors.
No prescribed maximum fee or 
fee increase, although fees are 
limited by the Company’s Articles of 
Association. Fee levels are guided 
by market rates, time commitments 
and responsibility levels.
Not applicable.
Notes:
1.	 The choice of the performance metrics applicable to the annual bonus reflects the Committee’s belief that any incentive targets should be appropriately challenging and tied  
to the delivery of both financial and strategic objectives.
2.	 LTIP performance conditions are selected based on the delivery of long-term returns to shareholders and the Group’s financial growth and are consistent with the Company’s 
strategy. Where operated: (i) TSR performance is monitored by an independent advisor; and (ii) EPS and ROCE are derived from the audited financial statements.
3.	 The Committee operates its share plans in accordance with the plan rules and the Listing Rules. The Committee, consistent with market practice, retains discretion over  
a number of areas relating to the operation and administration of the plans (e.g. treatment of awards for leavers or on a change of control and/or adjustments to 
performance targets).
4.	 The Committee retains the right to exercise discretion to override formulaic outcomes and ensure that the level of bonus or LTIP awards payable is appropriate. It may use its 
discretion to adjust outcomes to ensure that any payments made reflect overall Company performance and stakeholder experiences more generally. Where exercised, the 
rationale for this discretion will be fully disclosed to shareholders in the relevant Directors’ remuneration report.
5.	 Consistent with HMRC legislation, the all-employee share plan does not have performance conditions.
6.	 In approving the Directors’ Remuneration Policy, authority is given to the Company to honour any past commitments entered into with current or former Directors (including the 
vesting of share awards granted in the past).
Directors’ remuneration report continued
106
James Fisher and Sons plc Annual Report and Accounts 2024

Malus and clawback provisions
Malus and clawback provisions operate in respect of the annual bonus (cash and deferred shares) and LTIP awards, with Committee 
discretion to apply them in the event of a material misstatement in the Company’s financial results, miscalculation, serious reputational 
damage to the Company, in the event it is discovered that the participant committed serious misconduct that could have warranted 
summary dismissal, or a corporate failure/insolvency.
The Committee may decide to operate the malus and clawback provisions within a three-year period commencing on the date that 
the cash part of any annual bonus is paid (for cash and deferred share bonus awards), and prior to the third anniversary of any LTIP 
vesting date.
Scenario charts, 2025 remuneration
The charts below illustrate the potential value of the 2025 packages for the Executive Directors (see page 118 for further detail), 
assuming: nil bonus payout and nil vesting for the LTIP in the “minimum” scenario; and a 50 percent bonus payout and 50 percent LTIP 
vesting in the “on-target” scenario.
 
Approach to recruitment
New Executive Directors will be appointed on remuneration packages with the same structure and elements set out in the Directors’ 
Remuneration Policy table. Ongoing incentive pay/share-based awards will be limited to:
•	 Maximum annual bonus of 125 percent of salary.
•	 LTIP award of up to 200 percent of salary.
For external appointments, the Committee may offer additional cash or share-based elements to replace deferred or incentive pay 
forfeited by an executive when leaving a previous employer. It would seek to ensure, where possible, that these awards would be 
consistent with awards forfeited in terms of vesting periods, expected value and performance conditions. Shareholders will be informed 
of any such payments as soon as practicable following the appointment.
For an internal appointment, any variable pay element awarded in respect of the prior role may be allowed to pay out according to its 
original terms. In addition, any other ongoing remuneration obligations existing prior to appointment may continue, provided that they 
are put to shareholders for approval at the earliest opportunity if these remain outside of policy limits.
For external and internal appointments, the Committee may agree that the Company will meet certain relocation and incidental 
expenses as appropriate.
£3,000
Minimum
100.0%
£659
£422
£949
£1,476
£1,763
£1,548
£2,438
£2,957
42.5%
23.9%
33.6%
42.6%
52.6%
30.4%
25.1%
25.2%
30.3%
32.4%
39.0%
27.2%
48.8%
27.0%
22.3%
100.0%
44.5%
28.6%
24.0%
Minimum
On-target
Jean Vernet
Remuneration (£000)
Karen Hayzen-Smith
On-target
Maximum
Maximum
Maximum + 
50% share 
price growth
Maximum + 
50% share 
price growth
£2,500
£2,000
£1,500
£1,000
£500
£0
Fixed
Annual Bonus
LTIP
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Financial Statements

Loss of office
In relation to Executive Directors leaving the Company, the Committee is committed to applying a consistent and equitable approach to 
ensure the Company is fair and appropriate, but pays no more than necessary. The loss of office policy is in line with market practice 
and will be dependent on whether the individual is deemed a “good leaver” or “bad leaver”. The “good leaver” policy includes:
•	 Payment in lieu of notice equal to one year’s basic salary or, if termination is part way through the notice period, the amount of salary 
relating to any unexpired notice to the date of termination. There is an obligation on Directors to mitigate any loss which they may 
suffer if the Company terminates their service contract.
•	 Bonus payments for the period worked may be made, subject to the original performance targets, at the discretion of the Committee. 
Any such payments would be made on the normal payment date.
•	 Vesting of share scheme awards is not automatic and the Committee retains the discretion to prevent awards from lapsing depending 
on the circumstances of the departure and the best interests of the Company. For a “good leaver”: (i) deferred bonus awards will 
normally vest in full at the normal vesting date (although may vest earlier, including at cessation); and (ii) LTIP awards will normally 
vest at the normal vesting date (although may vest earlier, including at cessation) subject to performance against the performance 
targets and LTIP awards will normally be pro-rated for time.
•	 The “good leaver” reasons are death, injury, illness or disability, redundancy, retirement, transfer of business resulting in cessation of 
the individual’s employment and any other reason at the Committee’s discretion.
•	 Executive Directors will also be entitled to a payment in respect of accrued but untaken annual holiday entitlements on termination.
•	 Legal fees and outplacement support may be paid by the Company where appropriate. No compensation is paid for summary 
dismissal, save for any statutory entitlements.
Service contracts
It is the Board’s policy that Executive Directors are employed on contracts subject to no more than 12 months’ notice from either side. 
The Board recognises however that it may be necessary in the case of new executive appointments to offer an initial longer notice 
period, which would subsequently reduce to 12 months after the expiry of the initial period. The service agreements do not have a fixed 
term. If it becomes necessary to consider termination of a service contract, the Committee will have regard to all the circumstances of 
the case, including mitigation, when determining any compensation to be paid. Details of the current service contracts are as follows:
Contract date
Notice period
Jean Vernet
5 September 2022
12 months
Karen Hayzen-Smith
1 December 2023
12 months
The Executive Directors are permitted to serve as non-executive directors of other companies, provided the appointment is first 
approved by the Board. Directors are allowed to retain their fees from such appointments. During 2024, the Executive Directors held no 
external appointments.
Non-Executive Directors do not have service contracts but have a letter of appointment setting out their terms and conditions. Non-
Executive Directors are appointed each year for up to 12 months (subject to re-election at the AGM) and are entitled to one month’s prior 
written notice of early termination for which no compensation is payable. Details of the letters for the currently appointed Non-Executive 
Directors are set out below:
Date of appointment
Date of (re-) election
Angus Cockburn
1 May 2021
30 May 2024
Justin Atkinson
1 February 2018
30 May 2024
Inken Braunschmidt
1 March 2019
30 May 2024
Kash Pandya
1 November 2021
30 May 2024
Claire Hawkings
1 January 2022
30 May 2024
Shian Jastram
1 March 2024
30 May 2024
Directors’ remuneration report continued
108
James Fisher and Sons plc Annual Report and Accounts 2024

Annual Report on Remuneration
Remuneration Committee
The Committee members have no personal financial interest, other than as shareholders, in the matters to be decided.
They have no conflicts of interest arising from cross-directorships with the Executive Directors, nor from being involved in the day-to-
day business of the Company.
The Committee operates under clear written terms of reference and confirms that its constitution and operation comply with the 
applicable provisions of the UK Corporate Governance Code (the Code) prevailing at the date this report is signed, in relation to the 
Directors’ remuneration policy and pay practices, and that it has applied the Code throughout the year.
The Committee’s terms of reference include:
•	 To determine and agree with the Board the framework and policy for Executive Directors and senior managers.
•	 To review the appropriateness and relevance of the remuneration policy.
•	 To agree the measures and targets for any performance-related bonus and share schemes of the Executive Directors.
•	 To determine within the terms of the policy the total individual remuneration package of the Executive Directors and selected senior 
management immediately below Board.
•	 To review senior management pay and workforce remuneration policies and practice.
The Committee consults the Chief Executive Officer and invites him to attend meetings when appropriate. The Chief Financial Officer, 
Chief Human Resources Officer and Ellason LLP (Ellason), the Committee’s independent adviser, attend meetings of the Committee by 
invitation. The Company Secretary acts as secretary to the Committee. No Director or other attendee is present when his or her own 
remuneration is being determined.
Advisers to the Remuneration Committee
In undertaking its responsibilities, the Committee seeks independent external advice as necessary. Following a competitive tender, the 
Committee appointed Ellason as its principal external adviser from August 2021.
The Committee is satisfied that Ellason provided independent remuneration advice to the Committee during 2024, taking into account in 
this determination that Ellason reports directly to the Committee Chair, does not have any other connections with the Company that may 
impair independence and that Ellason is a member and signatory of, and adheres to, the Code of Conduct for remuneration consultants. 
Details of this Code of Conduct can be found at www.remunerationconsultantsgroup.com.
During 2024, Ellason provided independent advice on remuneration matters including providing guidance on external market practice 
and incentive design, as well as other matters within the Committee’s remit. Ellason provides no services to the Company other than in 
respect of its role as appointed independent adviser to the Committee. The fees paid to Ellason in respect of work carried out for the 
Committee in the year under review were charged on a time and materials basis and totalled £69,658.
Total remuneration of the Executive Directors (audited)
Jean Vernet
Karen Hayzen-Smith(1)
2024
£000
2023
£000
2024
£000
2023
£000
Salary
573
543
370
31
Benefits(2)
49
66
11
1
Pension(3)
43
41
28
2
Bonus in cash
466
195
301
11
Bonus in deferred shares
233
–
150
–
Total short-term remuneration
1,364
845
860
45
LTIP(4)
n/a
n/a
n/a
n/a
Total remuneration
1,364
845
860
45
Total fixed remuneration
665
650
409
34
Total variable remuneration
699
195
451
11
1.	 The amounts disclosed in relation to 2023 reflect the period from appointment to the Board on 1 December 2023 to 31 December 2023
2.	 The amounts disclosed in 2024 include a cash allowance in lieu of car and medical insurance. For Jean Vernet, the figures also include: c.£28k (2023: £43k) in reimbursed 
expenses in relation to his relocation to the UK, as described in the 2023 and 2022 remuneration reports.The 2023 figure also includes a £2k embedded gain at grant on his 
2023 Sharesave award.
3.	 Pension contributions may be paid into personal pension plans, the Company pension scheme or taken as a separate cash allowance, subject to income tax.
4.	 The 2022 LTIP is expected to lapse. Jean Vernet and Karen Hayzen-Smith were not participants in the 2022 LTIP award cycle. 
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Annual bonus awards for 2024 (audited)
The maximum annual bonus for Executive Directors was 125 percent of salary, with 75 percent based on financial objectives (Note 1 
below) and 25 percent based on strategic objectives (Note 2 below). Financial objectives are based on stated KPIs for the underlying 
performance of the business rather than statutory reported figures, to align the bonus to outcomes that are within control of participants 
(including at other organisational levels below the senior leadership team). One-third of any bonus payments earned will be deferred 
into shares for two years (with dividend equivalents accruing and malus and clawback provisions applying). 
Note 1 – Financial objectives (75% of maximum):
Performance measure
Performance target1
Assessment against targets
Underlying operating profit (50%)
Minimum threshold £25.4m  
Maximum £29.5m
Threshold starts at 0% and increases on a straight-line sliding 
scale to 100% of this element of the bonus at Maximum.
Actual performance
£29.5m
100% of this part of the bonus was paid out.
Operating cash flow (25%)
Minimum threshold £58.2m  
Maximum £67.6m
Threshold starts at 0% and increases on a straight-line sliding 
scale to 100% of this element of the bonus at Maximum.
Actual performance
£70.9m
100% of this part of the bonus was paid out.
1. The operating profit and operating cash flow targets were adjusted during the year by the Committee to take into account the impact of the disposal of the RMSpumptools and 
Martek businesses. The original targets had been set against the budget which assumed a full year of ownership of these businesses. The effect of the adjustment approved 
by the Committee was to hold management accountable for the performance of these businesses for the full period of their ownership by the Group, while recognising the 
performance impact of their sales partway through the financial year.
Note 2 – Strategic objectives (25% of maximum):
Objective focus
Weighting
Target
Actual
Outcome
Health & safety
5.0%
TRCF ≤2.30 (50% payout of element)
TRCF <2.09 (100% payout of element)
2.29
2.6%
Portfolio realignment
7.5%
Net debt/EBITDA of <1.5x
1.4x
7.5%
Debt refinancing
7.5%
Refinancing in place
Achieved
7.5%
Employee engagement(1)
5.0%
Maintain 2023 score of 3.84 (50% payout of element)
Improve score to 3.95 (100% payout of element)
3.94
5.0%
Total
22.6% out of 25.0%
(1)	The Committee determined that excellent progress had been made on driving improvements in employee engagement following a challenging period for the Group and that, 
notwithstanding the actual engagement score falling just short of the 100% payout hurdle, it was appropriate for this element to pay out in full rather than a 96% of maximum.
Based on performance against the targets set out above and following an assessment by the Committee of the overall performance of 
the Group and Executive Directors during the year, the following bonuses were approved by the Committee:
Executive Director
Maximum opportunity
(% salary)
Actual bonus
(% salary) 
Actual bonus
(£000)
Jean Vernet
125%
122%
699
Karen-Hayzen Smith
125%
122%
451
In approving the above bonuses for 2024, the Committee reviewed the formulaic outcomes in the context of the underlying 
performance of the business, including progress on other non-financial priorities such as the Group’s ESG roadmap. The Committee 
was satisfied that the formulaic outcome was in line with this broader perspective, in particular strong progress made against the 
turnaround strategy during the year, including the successful sale of non-core businesses, improved cash management and refinancing 
of the Group’s debt facilities. Therefore, the Committee determined not to make a discretionary adjustment (upward or downward) to the 
formulaic outcome.
Consistent with the 2024 remuneration policy approved earlier this year, one-third of the actual bonus amounts disclosed in the table 
above will be deferred into shares which shall vest after two years.
Directors’ remuneration report continued
110
James Fisher and Sons plc Annual Report and Accounts 2024

Vesting of 2022 LTIP awards (audited)
LTIP awards granted in 2022 were due to vest in 2025 subject to the achievement of defined EPS, ROCE and TSR performance targets. 
EPS and ROCE performance is measured over the three-year period ended 31 December 2024, while TSR is measured over the three-
year period from 6 April 2022.
The EPS performance condition (50 percent of the award) comprises a sliding scale, under which 25 percent of this part of an award 
vests for underlying diluted earnings per share in 2024 of 66.0 pence, increasing pro-rata to full vesting for underlying diluted EPS in 
2024 of at least 76.0 pence.
Performance target
Threshold 
Maximum 
Actual
Vesting %
2024 underlying diluted EPS
66.0p
76.0p
13.9p
0%
The ROCE performance condition (20% of the award) comprises a sliding scale, under which 25% of this part of an award vests for 
ROCE in 2024 of 11%, increasing pro-rata to full vesting for ROCE in 2024 of at least 13%.
Performance target
Threshold 
Maximum
Actual
Vesting %
2024 ROCE
11%
13%
8.2%
0%
The TSR performance condition (30% of the award) also comprises a sliding scale, under which 25% of this part of an award vests for 
median TSR increasing pro-rata to full vesting for upper quartile TSR, measured against the constituents of the FTSE 250 excluding 
investment trusts.
Performance target
Performance 
period
Threshold
Median TSR1
Maximum 
UQ TSR1
James Fisher
TSR1
Projected
vesting %1
Relative TSR
6 April 2022 – 5 April 2025
(6.9)%
27.6%
(21.1)%
0%
1.	 Based on performance to 31 December 2024.
As it would not have altered the vesting outcome, the Committee elected not to adjust the EPS and ROCE targets for the 2022 LTIP to 
take into account the disposal of the RMSpumptools and Martek businesses.
Based on performance to 31 December 2024 against the measures shown above, the 2022 LTIP awards are expected to lapse in full.
Neither Jean Vernet nor Karen Hayzen-Smith were participants in the 2022 LTIP award cycle. However, Eoghan O’Lionaird and Duncan 
Kennedy (both former Directors) retained interests in the 2022 LTIP cycle, which are expected to lapse in full.
Vesting of 2022 Recruitment award (audited)
As noted in the 2022 and 2023 remuneration reports, Jean Vernet was granted a one-time award of restricted shares to compensate 
him for share awards forfeited on leaving his former employer. 50 percent of the shares vested on 21 September 2023 (as set out in 
last year’s report), and the remaining 50 percent vested on 19 September 2024. There were no performance conditions attached to the 
awards, other than continued employment.
Award date
Number 
of shares
granted1
Number of 
shares vested 
in the year
Share price
at grant2
Share price at 
vest
Vesting date
Jean Vernet
13 September 2022
135,516
67,758
295.2p
358.0p
19 September 2024
1. 	50% of the share award vested on 21 September 2023.
2. 	The share price at date of award was based on the three-day average closing price from 8 September 2022 to 12 September 2022.
111
Strategic Report
Overview
Governance
Financial Statements

LTIP awards granted in 2024 (audited)
Award date
Proportion of 
salary
Maximum 
shares awarded
Face value 
at date of grant1
Jean Vernet
10 June 2024
175%
324,835
£1,003k
Karen Hayzen-Smith
10 June 2024
150%
179,728
£555k
1.	 The share price at date of award was based on the five-day average closing price from 3 June 2024 to 7 June 2024, of 308.8 pence.
Vesting of the 2024 LTIP award (granted in the form of a conditional share award) is subject to achievement of performance targets over 
a three-year period. 30 percent of the award is based on EPS targets, 25 percent based on TSR targets, 20 percent of the award based 
on return on capital employed (ROCE), and 20 percent is based on strategic objectives:
Metric
Weighting
Threshold 
(25% vesting)
Stretch 
(100% vesting)
Earnings per share 
(cumulative, 2024-26)
30%
48.8p
56.7p
Relative TSR vs. FTSE 250 
(excluding investment trusts)
25%
Median
Upper quartile
Return on Capital Employed 
(2026 ROCE)
25%
7.5%
9.0%
Strategic objectives:
20%
Business excellence
(gross margin improvement)
One-third of element
15% of element earned if 2024 gross 
margin is at least 30%, with a further 
15% earned if 2025 gross margin 
is at least 31%. The remaining 70% 
is earned if 2026 gross margin is at 
least 32%
Vitality
(2026 revenue from new products launched in the last five years, as a % of total)
One-third of element
10%
13%
Sustainability
(absolute reduction in tCO2e Scope 1 & Scope 2 emissions vs. 2021 baseline)
One-third of element
18%
21%
Straight-line vesting will apply for performance between Threshold and Stretch. Nil vesting for performance outcomes below Threshold.
The EPS, ROCE and business excellence (gross margin) targets were updated during the year by the Committee to reflect the disposal 
of the RMSpumptools and Martek businesses and therefore differ from those set out on page 109 of the 2023 annual report (which, at 
the time, had assumed continued ownership of these businesses for the duration of the performance period). Vitality is a new KPI in the 
LTIP scorecard and, following further analysis in early 2025, the management team proposed to increase the target range (as reflected 
in the above table). The revised range was approved by the Committee, to better reflect the contribution to Group revenue of the product 
catalogue and more closely align with the Group’s new multi-year New Product Development (NPD) plan. 
When assessing performance against targets at the end of the performance period, the Committee retains discretion to adjust the 
formulaic vesting outcome to ensure that all relevant factors are taken into account, including the assessment of any windfall gains. In 
line with the Remuneration Policy, a two-year post-vesting holding period applies to these awards.
Deferred bonus awards granted in 2024 in respect of 2023 annual bonus 
(audited)
No deferred bonus awards were granted in 2024 in respect of the 2023 annual bonus (the deferral threshold was set at 70 percent of 
salary under the previous Remuneration Policy, which the 2023 actual bonus outturn did not exceed).
Payments for loss of office (audited)
There were no payments for loss of office made during the year.
Payments to former Directors (audited)
As previously disclosed, Duncan Kennedy stepped down from the Board of the Company with effect from 1 December 2023. As set out 
in the 2023 Directors’ remuneration report, he remained an employee for the duration of his notice period (until 17 July 2024) to support 
the Company. The contractual entitlement paid to Mr Kennedy in respect of the 2024 period was £210,817. Mr Kennedy was eligible for 
a bonus for the period of 2024 in active service, the payout under which totalled £84,230. He also retains an interest in his 2022 LTIP 
award (which, based on performance, is expected to lapse in full). His 2023 LTIP award remains outstanding.
Eoghan O’Lionaird stepped down from the Board of the Company with effect from 5 September 2022. He retained an interest in the 
2021 LTIP which lapsed in full in April 2024. Mr O’Lionaird also retained an interest in the 2022 LTIP, which is expected to lapse in full in 
April 2025. Mr O’Lionaird has no further outstanding incentive awards with the Company.
Directors’ remuneration report continued
112
James Fisher and Sons plc Annual Report and Accounts 2024

CEO pay ratio (unaudited)
This table shows how the CEO’s single figure remuneration for 2024 compares to the equivalent single figure remuneration for full-time 
equivalent UK employees as at 31 December, ranked at the 25th, 50th and 75th percentile (and how this ratio has evolved since 2019):
Method
25th percentile 
pay ratio
Median 
pay ratio
75th percentile 
pay ratio
2024
Option A
37:1
25:1
18:1
2023
Option A
25:1
17:1
11:1
2022
Option A
35:1
25:1
16:1
2021
Option A
22:1
16:1
10:1
2020
Option A
19:1
14:1
9:1
2019
Option A
28:1
19:1
13:1
Salary
Total pay and benefits
25th percentile
Median75th percentile 25th percentile
Median75th percentile
2024
£35,488
£38,015
£50,860
£36,968
£53,678
£76,380
2023
£29,400
£43,054
£55,824
£34,256
£50,165
£77,385
2022
£26,500
£36,050
£54,590
£29,682
£41,852
£65,557
2021
£25,000
£34,000
£50,000
£27,770
£37,120
£59,280
2020
£24,000
£33,127
£50,000
£27,000
£37,500
£58,963
2019
£24,480
£34,150
£52,000
£25,459
£36,541
£55,240
The Committee monitors the trend in CEO pay ratio and will continue to keep this under review, in particular the impact of future 
incentive payouts. The year-on-year change in the ratio from 2023 to 2024 is driven by the increased payout in the bonus this year 
relative to last year. It is expected that the vesting of any LTIP award in future years would also be reflected in a higher ratio, due to 
the relative upweighting of variable remuneration in the CEO’s package, compared with market competitive norms for the wider UK 
workforce (and consistent with our pay practices and policies). However, this will take time to normalise, with the first LTIP award made 
to Jean Vernet (in early 2023) not due to vest until 2026.
Aligning pay with performance (unaudited)
The following graph shows the value, to 31 December 2024, of £100 invested in the Company on 31 December 2014, compared with the 
value of £100 invested in the FTSE 250 and FTSE SmallCap indices (excluding investment trusts) on the same date. The other points 
plotted are the values at intervening financial year-ends.
Growth in the value of £100 holding over 10 years
31-Dec-14
31-Dec-15
31-Dec-16
31-Dec-17
31-Dec-18
31-Dec-19
31-Dec-20
31-Dec-21
31-Dec-22
31-Dec-23
31-Dec-24
James Fisher and Sons plc
FTSE Mid 250 Index Ex Investment Trusts 
FTSE Small Capitalisation Index Ex Investment Trusts
£0
£50
£100
£150
£200
£250
£300
113
Strategic Report
Overview
Governance
Financial Statements

Remuneration of CEO over the last 10 years
Nick Henry
Eoghan O’Lionaird
Jean Vernet
2015
2016
2017
2018
2019
2019
2020
2021
2022
2022
2023
2024
CEO total remuneration (£000)
907
1,104
1,013
1,899
874
189
522
598
405
630
845
1,364
Actual bonus, % of maximum
23%
100%
88%
91%
17%
–
–
–
–
–
36%
98%
LTIP vesting, % of maximum
100%
47%
15%
100%
59%
n/a
n/a
n/a
–
n/a
n/a
n/a
ESOS vesting, % of maximum
–
45%
–
–
–
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Percentage change in remuneration (unaudited)
The table below shows the annual percentage change in earned salary or fees, benefits and annual bonus for those individuals 
who were appointed as Board Directors during the 2024 financial year, compared to the average earnings of all of the Group’s other 
UK employees.
As required by the remuneration reporting regulations with which the Company is required to comply, the analysis has been expanded 
to include this information for the financial year under review. Note that Directors who were not a Director at any point during 2024 have 
not been included. The percentage changes in their remuneration for prior years (and in which they were a Director) are disclosed in 
relevant previous Annual Reports.
The Committee chose the Group’s UK employees for the below pay comparison. Our UK employee population represented around 48% 
of the Group’s workforce in 2023, and is therefore considered to be the most meaningful comparator group (by comparison, employees 
of James Fisher and Sons plc represented around 7% of the workforce). The Committee monitors this information carefully to ensure 
that there is consistency in the fixed pay trend for Board Directors compared with the wider workforce.
Base salary/fee1,2
Benefits1
Annual bonus1
2023
to 2024
2022
to 
2023
2021
to 
2022
2020 
to 
2021
2019
to 
2020
2023
to 
2024
2022
to 
2023
2021
to 
2022
2020
to 
2021
2019
to 
2020
2023
to 2024
2022
to 
2023
2021
to 
2022
2020
to 
2021
2019
to 
2020
Executive Directors
Jean Vernet3
5.5%
2.5%
N/A
N/A
N/A
1%
0%
N/A
N/A
N/A
259%
N/A
N/A
N/A
N/A
Karen Hayzen-Smith4
0%
N/A
N/A
N/A
N/A
0%
N/A
N/A
N/A
N/A
240%
N/A
N/A
N/A
N/A
Non-Executive Directors
Angus Cockburn
0%
0%
0%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Justin Atkinson
0%
0%
0%
5%
(3)%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Inken Braunschmidt
12%
2%
0%
5%
(3)%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Claire Hawkings
12%
2%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Kash Pandya
9%
0%
0%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Shian Jastram5
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Aedamar Comiskey6
(20)%
(3)%
0%
5%
(3)%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Employee population7
6.6%
8.9%
0%
3.4%
5% 34.3%
1.9%
1.4%
2%
N/A
10.6%
3.8%
256%
(88)%
(19)%
1.	 Percentage changes are based on annualised values to facilitate a meaningful comparison year-on-year.
2.	 The 2020 to 2021 and 2019 to 2020 comparisons reflect the 20% reduction to base salary/fee volunteered by all Board Directors for three months from 1 April 2020, not a 
change in salaries or Directors’ fees. The 2022 to 2023 and 2023 to 2024 comparisons for Non-Executive Directors reflect changes in the additional responsibilities held by 
individual Directors, not an increase in the underlying fee levels set for these roles.
3.	 Jean Vernet joined the Board on 5 September 2022. For the comparison of 2022 to 2023, the percentage change for benefits excludes the value of relocation benefits.
4.	 Karen Hayzen-Smith joined the Board on 1 December 2023.
5.	 Shian Jastram joined the Board on 1 March 2024.
6.	 Aedamar Comiskey retired from the Board on 30 May 2024.
7.	 For the employee population, the year-on-year change in annual bonus is based on the year of payment as the data required to calculate the change based on bonuses earned 
in relation to the year is not available at the time of signing off this report.
Directors’ remuneration report continued
114
James Fisher and Sons plc Annual Report and Accounts 2024

Relative importance of remuneration (unaudited)	
2024
£m
2023
£m
Change
£m
Total employee remuneration
122.6
140.7
(18.1)
Total dividends paid
–
–
n/a
Interests in shares (audited)
The interests of Directors and their connected persons in ordinary shares as at 31 December 2024, including any interests in shares 
provisionally awarded under the LTIP and share options provisionally granted under the Sharesave scheme, are as follows:
Beneficial 
number at 
31 December
2024
Unvested 
LTIP 
number1
Unvested
deferred
bonus
shares1
Unvested
restricted
shares1
Unvested
options1
Vested but 
unexercised 
options
At 
31 December
2023 
number
Angus Cockburn
5,000
–
–
–
–
–
5,000
Jean Vernet
70,572
570,856
–
–
5,357
–
35,337
Karen Hayzen-Smith
–
242,086
–
–
–
–
–
Justin Atkinson
3,150
–
–
–
–
–
3,150
Inken Braunschmidt
–
–
–
–
–
–
–
Claire Hawkings
–
–
–
–
–
–
–
Kash Pandya
–
–
–
–
–
–
–
Shian Jastram
–
–
–
–
–
–
–
Former Directors
Aedamar Comiskey2
–
–
–
–
–
–
–
1.	 The unvested LTIP awards are subject to performance conditions. Unvested options comprise grants under the Sharesave scheme and are not subject to performance 
conditions; and
2.	 Aedamar Comiskey’s interests in shares are shown based on the position on the date she stepped down from the Board (30 May 2024). 
No Director has an interest in the preference shares of the Company, or in the shares of any subsidiary or associated undertaking.  
The Directors’ interests stated above include any shares held by their connected persons and, between 31 December 2024 and 19 
March 2025, there were no changes to the Directors’ shareholdings.
Against the 200 percent of salary ownership guideline and based on the share price and prevailing salary levels as at 31 December 
2024, Jean Vernet held shares equivalent to 39 percent of his salary and Karen Hayzen-Smith held no qualifying shares. In accordance 
with our policy, the Executive Directors are required to retain half of the shares vesting (after tax) under the LTIP and deferred bonus 
until the guideline level of holding is met.
115
Strategic Report
Overview
Governance
Financial Statements

Executive Directors’ interest in share awards (audited)
Conditional share awards
1 January
2024
Granted
during year
(no.)
Vested 
during year
(no.)
Lapsed
during year
(no.)
31 December
2024
Vesting 
date
Expiry 
date
Jean Vernet
Restricted Share Award1
67,758
–
67,758
–
–
13.09.24
n/a
2023 LTIP
246,021
–
–
–
246,021
08.06.26
n/a
2024 LTIP
–
324,835
–
–
324,835
10.06.27
n/a
313,779
324,835
67,758
–
570,856
Karen Hayzen-Smith 2023 LTIP2
62,358
–
–
–
62,358
19.12.26
n/a
2024 LTIP
–
179,728
–
–
179,728
10.06.27
n/a
62,358
179,728
–
–
242,086
Total
376,137
504,563
67,758
–
812,942
1.	 This is the buyout award in connection with Jean Vernet’s appointment, the details of which were set out in the 2022 Directors’ remuneration report.
2.	 This is the LTIP award in connection with Karen Hayzen-Smith’s appointment, made in respect of awards forfeited by Ms Hayzen-Smith on joining the Group (the details of 
which are set out in last year’s remuneration report).
A two-year holding period applies to LTIP awards.
Share option grants
1 January 
2024
Granted
during year
(no.)
Vested
during year
(no.)
Lapsed
during year
(no.)
Exercise
price
31 December 
2024
Vesting 
date
Expiry 
date
Jean Vernet
Sharesave
5,357
–
–
–
£3.36
5,357
07.06.26
07.12.26
Total
5,357
–
–
–
5,357
Sourcing of shares and dilution
The Committee has regard to the limits on dilution advised by the Investment Association and contained in the relevant share plan rules and 
reviews the number of shares committed and headroom available under share incentive schemes in accordance with these dilution limits.
On vesting, the LTIP awards are satisfied by the shares held by the James Fisher and Sons plc Employee Share Trust (Trust). During the 
year the Trust purchased 100,000 ordinary shares on the open market (2023: none) and at 31 December 2024 the Trust held 44,760 
ordinary shares (2023: 12,519).
Share price during the financial year
The middle market price of one ordinary share in the Company during the financial year ranged from 245.5 pence to 371.0 pence and at  
31 December 2024 was 315.0 pence.
Non-Executive Directors
The structure of Non-Executive Directors’ fees for 2024 and 2025 are set out below, all of which are payable in cash. The fees for 
the Chairman will remain at the same level as for 2024. The Non-Executive Director fees will be increased by 3.5% (in line with the 
budgeted increase for the UK workforce) with effect from 1 May 2025. 
2025
£
2024
£
Chairman
210,125
210,125
Other Non-Executive Director fees:
Basic fee
56,544
54,632
Additional fee for the chair of Audit Committee
12,420
12,000
Additional fee for the chair of Remuneration Committee
8,280
8,000
Additional fee for the Senior Independent Director
8,280
8,000
Additional fee for the Non-Executive Director for Employee Engagement
5,175
5,000
Directors’ remuneration report continued
116
James Fisher and Sons plc Annual Report and Accounts 2024

Non-Executive Directors’ remuneration (audited)	 	
Total fees
2024
£000
2023
£000
Angus Cockburn
210
210
Justin Atkinson1
67
67
Inken Braunschmidt2
63
56
Claire Hawkings3
63
56
Kash Pandya4
60
55
Shian Jastram5
45
–
Former directors:
Aedamar Comiskey6
23
68
1.	 The fees include an additional fee for chairing the Audit Committee (of £12,000 per annum).
2.	 From 9 November 2023 the fees include additional fees for chairing the Remuneration Committee (of £8,000 per annum).
3.	 From 9 November 2023 the fees include additional fees for acting as the Senior Independent Director (of £8,000 per annum).
4.	 From 1 January 2024 the fees include additional fees for acting as the Non-Executive Director for Employee Engagement (of £5,000 per annum).
5.	 Appointed to the Board with effect from 1 March 2024.
6.	 Until 9 November 2023, the fees include additional fees for chairing the Remuneration Committee (of £8,000 per annum) and acting as Senior Independent Director (also of 
£8,000 per annum). Aedamar Comiskey retired from the Board on 30 May 2024.
No detailed disclosure has been provided for Non-Executive Directors other than for that relating to their fee, as this is the only form of 
remuneration the Non-Executive Directors receive.
Shareholder voting (unaudited)
The Company is committed to ongoing shareholder dialogue and takes an active interest in voting outcomes. Where there are 
substantial votes against resolutions including in relation to Directors’ remuneration, the Company seeks to understand the reasons 
for any such vote and will report any actions in response to it. The following table reflects the voting at the 2024 AGM on the Directors’ 
remuneration report for the year ended 31 December 2023 and on the Directors’ Remuneration Policy:
Directors’ Remuneration Report (2024 AGM)
Directors’ Remuneration Policy (2024 AGM)
Remuneration resolutions
Total number 
of votes
% of 
votes cast
Total number 
of votes
% of 
votes cast
For
39,114,306
99.0%
38,486,812
99.2%
Against
389,921
1.0%
317,121
0.8%
Total votes cast (excluding withheld votes)
39,504,227
100.0%
38,803,933
100.0%
Total votes withheld
6,083
–
706,377
–
Total votes cast (including withheld votes)
39,510,310
–
39,510,310
–
117
Strategic Report
Overview
Governance
Financial Statements

Implementation of the remuneration policy for 2025 (unaudited)
With effect from 1 January 2025, the salary for Jean Vernet will be £593,250 (a 3.5 percent increase from £573,195) and Karen Hayzen-
Smith’s salary will be £382,950 (a 3.5 percent increase from £370,000). The increases are in line with the budgeted increase for the UK 
workforce.
The maximum bonus opportunity remains unchanged at 125 percent of salary. Financial targets are set to be challenging and 
appropriately demanding. The measures remain unchanged from 2024 and will be: underlying operating profit (weighted 50 percent); 
operating cash flow (25 percent) and strategic objectives (25 percent). Strategic objectives for 2025 will include short-term business 
priorities linked to delivery of the transformation plan and targets focused on employee engagement and health & safety. There will 
be no overlap between the metrics used for the annual bonus and those used for the LTIP. The targets are commercially sensitive but 
disclosure of the targets and performance against these will be set out in the 2025 Directors’ remuneration report.
LTIP award levels will remain unchanged, with face values of 175 percent of salary for Jean Vernet and 150 percent of salary for Karen 
Hayzen-Smith. The Committee will assess at vesting the extent to which any windfall gains have arisen (and use its discretion to make 
any adjustments at that time, if necessary).
The following performance targets will apply to the 2025 LTIP awards:
Metric
Weighting
Threshold 
(25% vesting)
Stretch 
(100% vesting)
Earnings per share
(cumulative, 2025-27)
30%
62p
72p
Relative TSR vs. FTSE250
(excluding investment trusts)
25%
Median
Upper quartile
Return on Capital Employed
(2027 ROCE)
25%
14%
16%
Strategic Objectives:
20%
Business excellence
(2027 gross margin)
One-third of element
32%
33%
Vitality
(2027 revenue from new products launched in the last five years, as a % of total)
One-third of element
13%
15%
Sustainability
(absolute reduction in tCO2e Scope 1 & Scope 2 emissions vs. 2021 baseline)
One-third of element
41%
43%
Straight-line vesting will apply for performance between Threshold and Stretch. Nil vesting for performance outcomes below Threshold.
The targets have been set taking into account taking into account the position of the performance cycle in the turnaround plan, as the 
business accelerates its transition towards sustainable long-term growth. 
Inken Braunschmidt
Chair of the Remuneration Committee
19 March 2025
Directors’ remuneration report continued
118
James Fisher and Sons plc Annual Report and Accounts 2024

Directors’ report
Use of financial instruments
Note 32
191 to 197
This section contains additional information 
which the Directors are required by law 
and regulation to include within the Annual 
Report and Accounts. The Directors’ 
report comprises this section as well as 
the rest of the Governance section (from 
pages 82 to 101) and those sections of the 
Strategic report or financial statements as 
referenced in this section.
We have chosen, in accordance with the 
Companies Act 2006, to include certain 
information in our Strategic report or 
financial statements that would otherwise 
be required to be disclosed in the 
Directors’ report. This is set out in the  
table above.
The Directors’ report and Strategic report 
comprise the “management reports” for 
the purposes of compliance with Financial 
Services Authority’s Disclosure Guidance 
and Transparency Rules (DTR) 4.1.8R. The 
information that fulfils the requirements 
of the Corporate Governance Statement 
for the purposes of DTR 7 can be found 
on page 81 (all of which forms part of this 
Directors’ report) and in this Directors’ 
report. The statement of Directors’ 
responsibilities on page 123 is incorporated 
into this Directors’ report by reference.
Going concern
The Group’s business activities, together 
with the factors likely to affect its future 
development, the financial position of the 
Group and a description of the principal 
risks and uncertainties are set out in the 
Strategic report on pages 72 to 80. Having 
assessed the principal risks and the other 
matters discussed in connection with the 
viability statement, the Directors consider 
it appropriate to adopt the going concern 
basis of accounting in preparing this 
Annual Report and Accounts as set out in 
Note 2 on page 140.
Dividends
As a result of performance challenges, 
the Company did not pay an interim 
dividend for 2024, and the Board is 
not recommending the payment of a 
final dividend for the year. The Board is 
committed to reinstating the dividend  
when appropriate.
Share capital
Details of the share capital of the Company 
and the shares held by the Company’s 
Employee Share Trust, including the rights 
and obligations attaching to the shares 
are set out in Note 31 to the Financial 
statements on page 190. The rights 
and obligations attaching to the shares 
are set out in the Company’s Articles 
of Association (Articles). There are no 
restrictions on voting other than deadlines 
for exercising voting rights that apply to all 
shareholders and any restrictions imposed 
by law or regulation. In addition, there 
are no specific restrictions on the size of 
a holding nor on the transfer of shares, 
both of which are governed by the general 
provisions of the Articles and prevailing 
legislation. The Directors are not aware of 
any agreements between the holders of 
the Company’s shares that may result in 
restrictions on the transfer of securities or 
on voting rights. No person has any special 
rights of control over the Company’s share 
capital. Where shares are held on behalf 
of the Company’s employee benefit trust, 
the trustees have discretion to vote on any 
shares as they see fit and have not waived 
their right to receive dividends.
At the AGM held on 30 May 2024, the 
Company was given authority to purchase 
up to 2,519,776 of its ordinary shares until 
the date of its next AGM. No purchases 
were made during the year and up to the 
date of this report by the Company. The 
Company has one class of ordinary share 
and one class of preference share.
As at 31 December 2024, 50,398,063 
ordinary shares of 25 pence each have 
been issued, are fully paid up and are 
listed on the London Stock Exchange, 
representing 99.8 percent of the Company’s 
share capital, and 100,000 cumulative 
preference shares of £1 each have been 
issued and fully paid up, representing 0.2% 
of the Company’s share capital.
Directors
The biographies of the current Board of 
Directors are set out on pages 88 to 89. 
Aedamar stepped down as a Director of 
the Company on 30 May 2024 and Shian 
Jastram was appointed as a Non-Executive 
Director on 1 March 2024. Details in 
relation to changes in the composition of 
the Board are provided in the Nominations 
Committee report on pages 94 to 95.
Powers of Directors
The powers of the Directors are determined 
by the Company’s Articles, the Companies 
Act 2006 and in certain circumstances 
(including in relation to the issuing or buying 
back by the Company of its shares) the 
authority given by the Company in general 
meeting. The Directors will be seeking 
shareholder approval for the authorities 
granted to them in prior years at the 
forthcoming AGM. Following the 2024 AGM, 
the Directors are authorised to issue and 
allot ordinary shares, to disapply statutory 
pre-emption rights and to make market 
purchases of the Company’s shares. Any 
shares purchased may be cancelled or held 
as treasury shares.
Substantial shareholders 
Information provided to the Company 
pursuant to the DTRs is published on a 
Regulatory Information Service and on the 
Company’s website. As at 31 December 
2024, the Company had been notified (in 
accordance with Rule 5 of the DTRs) of 
the holdings of voting rights attached to 
the issued ordinary share capital of the 
Company, as set out in the table.
Appointment and 
replacement of Directors
The rules regarding the appointment and 
replacement of Directors are determined by 
the Company’s Articles and the Companies 
Act 2006. The Articles provide that at each 
AGM every Director who has held office on 
the date seven days before the date of notice 
of the AGM shall retire from office and shall 
be eligible for re-election at the AGM.
In accordance with the UK Corporate 
Governance Code 2018 (Code), all 
Directors will offer themselves for  
re-election at the forthcoming AGM.
Subject matter
Location
Pages
Particulars of important events affecting the 
Company which have occurred since the end 
 of financial year
Strategic report
12 to 13 
14 to 16
Likely future developments in the business
Strategic report
14 to 16
Research and development
Strategic report
20 to 30
Employee involvement and engagement
Strategic report
42 to 43
Relationships with suppliers, customers and others
Strategic report
50 to 51
119
Strategic Report
Overview
Governance
Financial Statements

Directors’ report continued
Additional information 
for shareholders
The Articles can only be amended by  
a special resolution at a general meeting  
of the shareholders.
No political donations or contributions 
were made during the year. 
Details of Group subsidiaries can be 
found on pages 214 to 217. Companies 
within the Group have overseas branches 
in Chile, Mozambique, the United Arab 
Emirates, Taiwan and Denmark.
Significant agreements 
– change of control
There are a number of agreements that 
take effect after, or terminate upon, a 
change of control of the Company, such 
as commercial contracts. None of these 
are considered to be significant in terms 
of their likely impact on the business as 
a whole apart from those set out below.
The Company is a guarantor of all of  
the Group’s bank facilities which upon  
a change of control could be withdrawn.
The rules of the Company’s LTIP,  
ESOS and Sharesave schemes set  
out the consequences of a change of 
control on the rights of participants  
under those schemes. Participants 
are generally able to exercise their 
options on a change of control, 
provided that the relevant performance 
conditions have been satisfied.
There are no agreements between 
the Company and its Directors or 
employees providing for compensation 
for loss of office or employment (whether 
through resignation, redundancy or 
otherwise) that arise in the event of a 
change of control of the Company.
Disclosure of information 
to the auditor
In accordance with section 418 of the 
Companies Act 2006, each Director 
in office at the date of approval of 
this Directors’ report confirms that:
•	 So far as the Director is aware, there is 
no relevant audit information of which 
the Company’s auditor is unaware.
•	 The Director has taken all the steps 
that he/she ought to have taken as a 
Director to make him/herself aware of 
any relevant audit information and to 
establish that the Company’s auditor  
is aware of that information.
Directors’ and officers’ 
liability insurance  
and indemnities
The Company maintains an appropriate 
level of directors’ and officers’ liability 
insurance. Pursuant to the Company’s 
Articles, the Company indemnifies 
the Directors of the Company and its 
subsidiaries against liability to third  
parties and against liability incurred 
in connection with the Company’s 
activities as trustee of an occupational 
pension scheme, to the extent permitted 
by the Companies Act 2006.
Directors’ conflict  
of interest
Under the Companies Act 2006, a director 
must avoid a situation where a direct or 
indirect conflict of interest may occur. The 
Board has adopted established procedures 
to address the management of any 
potential or actual conflicts of interest.
A conflict must be authorised in 
advance by the Board. Directors are 
asked at each Board meeting to check 
the register of conflicts and confirm 
that the register remains up to date 
and that it remains appropriate for the 
relevant matter to remain authorised.
Employment of  
disabled persons 
James Fisher is an equal opportunities 
employer and is firmly committed to  
both the principle and realisation of equality. 
The Group is committed to complying 
with all applicable laws governing 
employment practices and to the prevention 
of discrimination on the basis of any 
unlawful criteria. In addition to complying 
with legislative requirements, the Group 
strives to ensure that disabled employees 
(including anyone who becomes disabled 
whilst employed with James Fisher) are 
treated fairly and that their training, career 
development and promotion needs are met.
The Group recognises its responsibility 
to provide a safe operating environment 
for all its employees. Our strong focus on 
employee training, regulatory compliance 
and accident reduction provides the 
support to allow accountability to remain 
with local management who are best 
placed to ensure that their businesses 
comply with local laws and regulations and 
specific needs on a day-to-day basis. The 
review of health and safety performance 
is the first item on the agenda at each 
Board and business board meetings.
We recognise that the success of our 
business depends on our talented 
workforce. Employees throughout 
the Group are encouraged to 
participate in training and development 
programmes and to obtain professional 
qualifications relevant to their roles.
Substantial shareholders
Number of 
shares
%1
Nature of 
holding
Trustees of the Sir John Fisher 
Foundation
10,601,360
20.99
Direct
Schroders plc
5,072,333
10.04
Indirect
Aberforth Partners LLP
2,582,790
5.12
Indirect
Odyssean Investment Trust
3,600,000
7.14
Direct
FIL Limited
3,162,032
6.26
Direct
NFU Mutual Insurance Society Limited
1,976,768
3.92
Direct/Indirect
1. The percentage of voting rights detailed above was calculated at the time of the relevant disclosures made in  
accordance with Rule 5 of the DTRs.
In the period from 31 December 2024 to the date of this report, the Company received the 
following notifications:
Substantial shareholders
Number of 
shares
%
Nature of 
holding
NFU Mutual Insurance Society
2,725,328
5.40
Direct
Shroders plc
5,596,711
11.10
Indirect
120
James Fisher and Sons plc Annual Report and Accounts 2024

Streamlined Energy and Carbon Reporting (SECR)
2024
UK
Non-UK
Group total
MWh
tCO2e
MWh
tCO2e
MWh
tCO2e
Fuel combustion – mobile (Scope 1)
67,438
18,489
106,835
29,345
174,273
47,834
Fuel combustion – stationary (Scope 1)
3,328
711
1,300
298
4,628
1,009
Fugitive emissions (Scope 1)
n/a
35
n/a
4
n/a
39
Purchased electricity, district heat and 
cooling  
(Scope 2 location-based)
1,908
395
1,744
615
3,652
1,010
Total Scope 1 & 2 (location-based)
72,674
19,630
109,879
30,262
181,253
49,594
Scope 1 & 2 (location-based) intensity metric 
(tCO2e/£M revenue) 
150.3
97.9
113.2
2023
UK
Non-UK
Group total
MWh
tCO2e
MWh
tCO2e
MWh
tCO2e
Fuel combustion – mobile (Scope 1)
102,184
28,252
160,565
44,384
262,749
72,636
Fuel combustion – stationary (Scope 1)
2,207
462
1,966
470
4,173
932
Fugitive emissions (Scope 1)
n/a
15
n/a
56
n/a
71
Purchased electricity, district heat and 
cooling  
(Scope 2 location-based)
2,267
544
2,328
703
4,595
1,247
Total Scope 1 & 2 (location-based)
106,658
29,273
164,859
45,613
271,517
74,885
Scope 1 & 2 (location-based) intensity metric 
(tCO2e/£M revenue) 
185.9
134.7
150.9
Previously reported 2023 (October 2022 - September 2023)
UK
Non-UK
Group total
MWh
tCO2e
MWh
tCO2e
MWh
tCO2e
Fuel combustion – mobile (Scope 1)
101,333
28,022
160,724
44,375
262,057
72,397
Fuel combustion – stationary (Scope 1)
2,176
462
1,944
471
4,120
933
Fugitive emissions (Scope 1)
n/a
15
n/a
56
n/a
71
Purchased electricity, district heat and 
cooling  
(Scope 2 location-based)
2,611
529
2,364
778
4,595
1,307
Total Scope 1 & 2 (location-based)
106,120
29,028
165,032
45,680
271,152
74,708
Scope 1 & 2 (location-based) intensity metric 
(tCO2e/£M revenue) 
184.3
134.9
145.9
Note: totals may not add up due to rounding.
Information required by 
UK Listing Rule 6.6.1 (3) 
The details of long-term incentive schemes 
as required by LR 6.6.1 (3) are set out in the 
Remuneration report on pages 109 to 118.
Streamlined Energy and 
Carbon Reporting (SECR) 
Annual Energy Use and GHG 
emissions
In 2024, the Group’s non-UK facilities  
accounted for 61% of energy consumption, 
with the UK facilities accounting for the 
remaining 39%. Across the Group, mobile 
fuel combustion, predominantly from our 
vessels, was the largest source of energy 
consumed (96%). We continue to identify 
energy efficiency measures for our vessels 
through digitalisation. 
121
Strategic Report
Overview
Governance
Financial Statements

1 	 Council of the European Union (2021), https://data.consilium.europa.eu/doc/document/ST-10585-2021-INIT/en/pdf (Accessed 22 May 2024). Department for Energy Security and 
Net Zero (2024). 2024 Government GHG Conversion Factors for Company Reporting. Commonwealth of Australia 2024 (Department of the Environment and Energy) National 
Greenhouse Account Factors (NGA) - Australian National Greenhouse Accounts. Feb 2025. CO2 emissiefactoren (2024), http://co2emissiefactoren.nl/lijst-emissiefactoren/ 
accessed January 2024. EIA (2021). Carbon Dioxide Emissions Coefficients by Fuel. Released November 18, 2021. Energi Företagen (2024) Lokala miljävärden 2023. Sweden. 
EPA (2024). Supply Chain Greenhouse Gas Emission Factors v1.3 by NAICS-6. EPA (2024). eGrid2022. Release: 1/30/2024. Online: https://www.epa.gov/egrid/download-data. 
Accessed February 9, 2024. EPA (2024). Inventory of U.S. Greenhouse Gas Emissions and Sinks: 1990-2022. United States Environmental Protection Agency. GHG Protocol Brasil 
(2024). Ferramenta GHG Protocol 2024. Version 2024.0.2 Programa Brasileiro GHG Protocol. Governo do Brasil (2025). MCTIC. Arquivos dos fatores médios de emissão de CO2 
grid mês/ano. Ministério da Ciência, Tecnologia, Inovações e Comunicações. United Nations (2025). SEPA (2024). Emissionsfaktorer och värmevärden, Underlag till Sveriges 
växthusgasinventering för utsläppsåren 1990-2022 till UNFCCC. UN Statistics Division - 2022 Energy Balance Visualizations. IPCC (2019). Revised IPCC Guidelines for National 
Greenhouse Gas Inventories: Reference Manual. Intergovernmental Pan.
Directors’ report continued
As explained in the Planet section of the 
Strategic Report page 47 our ‘Fleet of the 
Future’ strategy is twofold:
•	 For the existing fleet, we have installed 
bunker software that has enabled us to 
collect data to identify and implement 
operational efficiencies (including 
hull cleaning, optimised routeing and 
ship consumption), contributing to fuel 
use reductions. 
•	 We are also replacing older vessels with 
newbuilding ships that use alternative 
fuel propulsion. Going beyond our 
current regulatory requirements, we 
have invested in four new vessels 
with LNG dual-fuel engines. This is a 
pioneering project that will help enable 
the switch to LNG in the maritime sector. 
To ensure the required infrastructure 
was in place, we also collaborated with 
supply chain partners to set up a supply 
point in Sunderland. The newbuilds 
are also equipped with an advanced 
software that collects data onboard and 
identifies efficiency measures. 
We have also progressed energy efficiency 
lighting upgrades at our Cattedown 
Whaves site in 2024. 
The Group’s total Scope 1 and Scope 2 
greenhouse gas emissions were 49,594 
tCO2e. As with energy consumption, the 
Group’s non-UK facilities accounted for 
most of the greenhouse gas emissions 
(61%), with the UK sites accounting for 
the remaining 39%. 
We have updated our SECR table to 
reflect the required disclosure for quoted 
companies in the UK, with details on 
Scope 1 and 2 emissions. Assessing the 
full Scope 3 emissions across the Group 
is an ongoing exercise. Further details on 
our Scope 3 reporting and commitments 
can be found in the Planet section of 
this report. 
Methodology
In line with the requirements set out in the 
UK Government’s guidance on streamlined 
energy and carbon reporting (SECR), 
the SECR table above shows James 
Fisher’s total annual energy use and GHG 
emissions associated with our Scope 1 
emissions from the consumption of fuels 
(namely diesel, petrol, burning oil, fuel 
oil, and gas oil), natural gas, liquid natural 
gas (LNG) liquid petroleum gas (LPG) and 
refrigerant losses.It also shows our Scope 
2 emissions from purchased electricity, 
district heating and cooling in stationary 
and mobile assets, for the reporting period 
1 January 2024 – 31 December 2024.
Previously, we reported our GHG 
emissions data for the period of October-
September. For 2024, we have updated 
our GHG emissions reporting period to 
January-December to align with our 
financial reporting. To maintain data 
consistency and comparability, we have 
also recalculated emissions for previous 
years. From our 2021 baseline to 2023, we 
have adjusted the start date to 1 January 
for each reporting year and shifted Q4 data 
into the relevant calendar year. Since Q4 
2023 actuals were unavailable, we have 
used estimates based on 2022 data. 
Our greenhouse gas emissions are 
calculated in accordance with the 
requirements of the ‘GHG Protocol: A 
Corporate Accounting and Reporting 
Standard, revised edition’. GHG emission 
conversion factors were sourced from 
Governments and industry-relevant 
agencies; see footnote for our full source 
list1. The Group’s disclosures are based on 
location-based results. We recognise there 
are benefits in monitoring market-based 
data and are in the process of applying 
market-based instruments.
James Fisher operates a fleet of vessels 
across its business units. In order to 
account for these vessels in the SECR 
disclosure, the Group has used the trading 
area of the vessel to distinguish between 
its UK and non-UK footprint, as the  
trading area most closely indicates where 
fuel is consumed and, therefore, where  
the associated emissions should be 
accounted for. 
The Group used verifiable activity data 
from meter data and invoices where 
reasonable and practicable. Where 
verifiable data was not available, estimates 
based on data from previous comparable 
time periods were used. 
Annual General Meeting 
(AGM) 
The AGM is to be held on 13 May, 2025 
at Abbey House Hotel and Gardens in 
Barrow- in-Furness. Further details will be 
provided in the Notice of AGM.
The Directors’ report was approved by 
the Board of Directors and is signed on its 
behalf by:
Karen Hayzen-Smith
Chief Financial Officer
19 March 2025
122
James Fisher and Sons plc Annual Report and Accounts 2024

Statement of Directors’ responsibilities 
in respect of the Annual Report and the 
financial statements
The Directors are responsible 
for preparing the Annual 
Report and the Group 
and parent Company 
financial statements in 
accordance with applicable 
law and regulations. 
Company law requires the Directors to 
prepare Group and Parent Company 
financial statements for each financial 
year. Under that law they are required to 
prepare the Group financial statements in 
accordance with UK-adopted international 
accounting standards and applicable 
law and have elected to prepare the 
Parent Company financial statements in 
accordance with UK accounting standards 
and applicable law, including FRS 101 
Reduced Disclosure Framework.
Under company law the Directors must 
not approve the financial statements 
unless they are satisfied that they give a 
true and fair view of the state of affairs 
of the Group and Parent Company 
and of the Group’s profit or loss for 
that period. In preparing each of the 
Group and Parent Company financial 
statements, the Directors are required to: 
•	 Select suitable accounting policies 
and then apply them consistently. 
•	 Make judgements and estimates that 
are reasonable, relevant and reliable 
and, in respect of the Parent Company 
financial statements only, prudent. 
•	 For the Group Financial Statements, 
state whether they have been prepared 
in accordance with UK-adopted 
international accounting standards. 
•	 For the Parent Company financial 
statements, state whether applicable 
UK accounting standards have 
been followed, subject to any 
material departures disclosed 
and explained in the parent 
Company financial statements. 
•	 Assess the Group and Parent 
Company’s ability to continue as a going 
concern, disclosing, as applicable, 
matters related to going concern. 
•	 Use the going concern basis of 
accounting unless they either intend 
to liquidate the Group or the Parent 
Company or to cease operations, or have 
no realistic alternative but to do so. 
The Directors are responsible for keeping 
adequate accounting records that are 
sufficient to show and explain the Parent 
Company’s transactions and disclose 
with reasonable accuracy at any time 
the financial position of the Parent 
Company and enable them to ensure 
that its Financial Statements comply 
with the Companies Act 2006. They are 
responsible for such internal control as 
they determine is necessary to enable the 
preparation of financial statements that are 
free from material misstatement, whether 
due to fraud or error, and have general 
responsibility for taking such steps as are 
reasonably open to them to safeguard 
the assets of the Group and to prevent 
and detect fraud and other irregularities. 
Under applicable law and regulations, 
the Directors are also responsible for 
preparing a Strategic Report, Directors’ 
Report, Directors’ Remuneration 
Report and Corporate Governance 
Statement that complies with that 
law and those regulations. 
The Directors are responsible for the 
maintenance and integrity of the corporate 
and financial information included on 
the Company’s website. Legislation in 
the UK governing the preparation and 
dissemination of financial statements may 
differ from legislation in other jurisdictions. 
In accordance with Disclosure Guidance 
and Transparency Rule (“DTR”) 4.1.16R, 
the financial statements will form part of 
the annual financial report prepared under 
DTR 4.1.17R and 4.1.18R. The auditor’s 
report on these financial statements 
provides no assurance over whether the 
annual financial report has been prepared 
in accordance with those requirements.
Responsibility statement of 
the Directors in respect of 
the annual financial report
We confirm that to the best 
of our knowledge: 
•	 The Financial Statements, prepared 
in accordance with the applicable set 
of accounting standards, give a true 
and fair view of the assets, liabilities, 
financial position and profit or loss of the 
Company and the undertakings included 
in the consolidation taken as a whole. 
•	 The strategic report and Directors’ report 
includes a fair review of the development 
and performance of the business 
and the position of the Company 
and the undertakings included in the 
consolidation taken as a whole, together 
with a description of the principal risks 
and uncertainties that they face. 
We consider the Annual Report and 
Accounts, taken as a whole, is fair, 
balanced and understanable and 
provides the information necessaary 
for shareholders to assess the 
Group’s position and performane, 
Buianess model and strategy. 
Karen Hayzen-Smith
Chief Financial Officer
19 March 2025
Jean Vernet
Chief Executive Officer
19 March 2025
123
Strategic Report
Overview
Governance
Financial Statements

Financial Statements
124
James Fisher and Sons plc Annual Report and Accounts 2024
Independent auditor’s report
126
Consolidated income statement
134
Consolidated statement of other  
comprehensive income
135
Consolidated statement of financial position
136
Consolidated statement of changes  
in equity
137
Consolidated cash flow statement
138
Guide to financial statements disclosures
139
Notes to the consolidated financial statements
140
Company statement of financial position
201
Company statement of changes in equity
202
Notes to the Company financial statements 
203
Subsidiaries and associated  
undertakings
214
Group financial record 
218
Investor information
219

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Financial Statements

1. Our opinion is unmodified 
We have audited the financial statements of James Fisher and Sons plc (“the Company”) for the year ended 31 December 2024 
which comprise the Consolidated Income Statement, the Consolidated Statement of Other Comprehensive Income, the Consolidated 
and Company Statement of Financial Position, the Consolidated Cash Flow Statement, the Consolidated and Company Statement of 
Changes in Equity and the related notes, including the accounting policies in Note 2.
In our opinion: 
•	 the financial statements give a true and fair view of the state of the Group’s and of the parent Company’s affairs as at 31 December 
2024 and of the Group’s profit for the year then ended; 
•	 the Group financial statements have been properly prepared in accordance with UK-adopted international accounting standards; 
•	 the parent Company financial statements have been properly prepared in accordance with UK accounting standards, including  
FRS 101 Reduced Disclosure Framework; and 
•	 the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. 
Basis for opinion 
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our 
responsibilities are described below. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our 
opinion. Our audit opinion is consistent with our report to the audit committee. 
We were first appointed as auditor by the directors on 30 June 2008. The period of total uninterrupted engagement is for the seventeen 
financial years ended 31 December 2024. We have fulfilled our ethical responsibilities under, and we remain independent of the Group 
in accordance with, UK ethical requirements including the FRC Ethical Standard as applied to listed public interest entities. 
No non-audit services prohibited by that standard were provided.
Overview
Materiality: group financial statements 
as a whole
£2.1m (2023: £2.3m) 0.5% of revenue from continuing operations (2023:0.5% 
of revenue from continuing operations)
Key audit matters                                                      
vs 2023
Recurring risks
Recoverability of goodwill related to JFD and Renewables
◄►
Recoverability of Parent Company investment in Subsidiaries
▼
2. Key audit matters: our assessment of risks of material misstatement 
Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial 
statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, 
including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the 
efforts of the engagement team. We summarise below the key audit matters, in decreasing order of audit significance, in arriving at  
our audit opinion above, together with our key audit procedures to address those matters and, as required for public interest entities,  
our results from those procedures. These matters were addressed, and our results are based on procedures undertaken, in the context 
of, and solely for the purpose of, our audit of the financial statements as a whole, and in forming our opinion thereon, and consequently  
are incidental to that opinion, and we do not provide a separate opinion on these matters.
Recoverability of goodwill related to JFD with carrying value of £8.7m (2023: £8.6m) and Renewables with 
carrying value of £9.4m (2023: £9.4m) Risk vs 2023: Stable
Refer to page 99 (Audit and Risk Committee report), page 147 (accounting policy) and page 170 (financial disclosure)
The risk: Forecast based assessment
The recoverability of goodwill in the Group is subjective due to the inherent uncertainty involved in forecasting and discounting future 
cash flows, particularly in light of the ongoing trading performance in the current and prior years and future growth expectations. 
The effect of these matters is that, as part of our risk assessment, we determined that the recoverable amount of goodwill has a high 
degree of estimation uncertainty, with a potential range of reasonable outcomes greater than our materiality for the financial statements 
as a whole and possibly many times that amount. The financial statements Note 15 discloses the sensitivity estimated by the Group  
for goodwill.
Through our risk assessment, we have isolated the risk of material impairment to the goodwill balances related to JFD and Renewables 
due to the increased level of inherent uncertainty within the Group’s discounted cashflow workings for these two CGUs. As a result 
of the level of estimation uncertainty and the potential for management bias, we identified a significant risk of both fraud and error in 
respect of the impairment of goodwill of these CGUs. The financial statements Note 15 discloses management’s process for undertaking 
the impairment assessment, including details of key assumptions and sensitivity analysis.
Our response: We performed the tests below rather than seeking to rely on any of the group’s controls because the nature of the 
balance is such that detailed testing is inherently the most effective means of obtaining audit evidence.
Independent auditor’s report 
to the members of James Fisher and Sons plc
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2. Key audit matters: our assessment of risks of material misstatement continued
Our audit procedures included:
1. Historical comparisons: Assessing the reasonableness of management’s budgets by considering the historical accuracy 
of previous forecasts. 
2. Our sector experience: Evaluating the assumptions used, in particular those relating to anticipated revenue growth, including 
expected new business, the gross margin, the discount rate and the terminal growth rate. We have considered market conditions, 
including potential impacts of climate change and known or probable changes in the business environment, when challenging the 
key assumptions in the cashflows. We assessed the key assumptions in the Group’s forecasts, drawing on historical data and our own 
research and sector experience.
3. Benchmarking assumptions: Comparing the Group’s assumptions to externally derived data in relation to key inputs such as market 
growth rate, terminal growth value, discount rate (using our own valuation specialist), and the period of cash flows included within the 
model. Considering whether items of capital expenditure included in the budget are allowable in the value-in-use cash flow forecasts 
under the accounting standards.
4. Sensitivity analysis: Performing sensitivity analysis on the key assumptions noted above either in isolation or in aggregate. This 
included reperforming management’s sensitivities within their goodwill impairment model.
5. Assessing transparency: Assessing whether the Group’s disclosures about the sensitivity of the outcome of the impairment 
assessment to changes in key assumptions reflected the risks inherent in the recoverable amounts of goodwill.
Our results: We found the Group goodwill balances, to be acceptable (2023: acceptable).
Recoverability of Parent Company investment in Subsidiaries with a carrying value of £377.3m (2023: 
£268.7m) Risk vs 2023: Decreased
Refer to page 203 (accounting policy) and page 207 (financial disclosure)
The risk: Forecast based assessment
The carrying amount of the parent Company’s investments in subsidiaries represents 84.2% (2023: 65.1%) of the parent Company’s  
total assets.
The estimated recoverable amount is subjective due to inherent uncertainty involved in forecasting future cash flows, particularly in 
light of the ongoing trading and the Group’s market capitalisation versus Parent company’s net assets.
The effect of these matters is that, as part of our risk assessment for audit planning purposes, we determined that the recoverable 
amount of the Parent Company’s investment in subsidiaries had a high degree of estimation uncertainty, with a potential range of 
reasonable outcomes greater than our materiality for the financial statements as a whole. In conducting our final audit work, we 
concluded that reasonable possible changes to the recoverable amount would not be expected to result in material impairment.
Our response: We performed the tests below rather than seeking to rely on any of the group’s controls because the nature of the 
balance is such that detailed testing is inherently the most effective means of obtaining audit evidence.
Our audit procedures included:
1. Test of detail: We performed testing over the restructure of the investments following the insertion of a new Holdco in the year by 
corroborating to legal documentation and assessing the treatment in accordance with relevant accounting standards.
2. Test of detail: Comparing the carrying value of 100% of investments with the relevant subsidiaries’ net assets included within the 
Group consolidation to identify whether their net assets, being an approximation of their minimum recoverable amount, were in 
excess of their carrying amount
3. Historical comparisons: Assessing the reasonableness of management’s budgets by considering the historical accuracy of previous 
forecasts.
4. Our sector experience: Evaluating the assumptions used, in particular those relating to anticipated revenue growth, including 
expected new business, the discount rate and the terminal growth rate. We have considered market conditions, including potential 
impacts of climate change and known or probable changes in the business environment, when challenging the key assumptions 
in the cashflows. We assessed the key assumptions to the Group’s forecasts, drawing on historical data and our own research and 
sector experience.
5. Benchmarking assumptions: Comparing the Group’s assumptions to externally derived data in relation to key inputs such as market 
growth rate, terminal growth value, discount rate, and the period of cash flows included within the model. Considering whether items 
of capital expenditure included in the budget are allowable in the value-in-use cash flow forecasts under the accounting standards. 
6. Sensitivity analysis: Performing sensitivity analysis on the key assumptions noted above either in isolation or in aggregate. This 
included reperforming management’s sensitivities within their investment impairment model.
7. Assessing transparency: Assessing the adequacy of the Company’s disclosures in respect of recoverability of Parent Company 
investment in Subsidiaries.
Our results: We found the carrying value of Parent Company investments in Subsidiaries to be acceptable (2023: acceptable).
We continue to perform procedures over going concern. However, following the refinance in the year, we have not assessed this as  
one of the most significant risks in our current year audit and, therefore, it is not separately identified in our report this year.
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Independent auditor’s report 
to the members of James Fisher and Sons plc continued
3. Our application of materiality and an overview of the scope of our audit 
Our application of materiality
Materiality for the Group financial statements as a whole was set at £2.1m (2023: £2.3m), determined with reference to a benchmark of 
Group revenue as disclosed in Note 7 of £437.7m, of which it represents 0.5% (2023: 0.5%).
We consider total Group revenue from continuing operations to be the most appropriate benchmark because of the significant 
fluctuations in profit before tax in recent years caused by impairments, refinancing and business disposals. Whilst the Group is focused 
on profit measures, there has been significant volatility in recent years which has impacted the Group’s profit before tax.
Materiality for the parent Company financial statements as a whole was set at £2.0m (2023: £2.0m), determined with reference to a 
benchmark of parent Company total assets of £447.9m (2023: £412.5m), of which it represents 0.4% (2023: 0.5%).
In line with our audit methodology, our procedures on individual account balances and disclosures were performed to a lower threshold, 
performance materiality, so as to reduce to an acceptable level the risk that individually immaterial misstatements in individual account 
balances add up to a material amount across the financial statements as a whole.
Performance materiality for the Group was set at 65% (2023: 65%) of materiality for the financial statements as a whole, which equates 
to £1.4m (2023: £1.5m). We applied this percentage in our determination of performance materiality based on the level of control 
deficiencies and identified misstatements during the prior period.
Performance materiality for the parent Company was set at 75% (2023: 75%) of materiality for the financial statements as a whole, 
which equates to £1.5m (2023: £1.5m). We applied this percentage in our determination of performance materiality because we did not 
identify any factors indicating an elevated level of risk.
We agreed to report to the Audit Committee any corrected or uncorrected identified misstatements exceeding £105k (2023: £115k), in 
addition to other identified misstatements that warranted reporting on qualitative grounds.
Overview of the scope of our audit
This year, we applied the revised group auditing standard in our audit of the consolidated financial statements. The revised standard 
changes how an auditor approaches the identification of components, and how the audit procedures are planned and executed across 
components. 
In particular, the definition of a component has changed, shifting the focus from how the entity prepares financial information to how 
we, as the group auditor, plan to perform audit procedures to address group risks of material misstatement (“RMMs”). Similarly, the 
group auditor has an increased role in designing the audit procedures as well as making decisions on where these procedures are 
performed (centrally and/or at component level) and how these procedures are executed and supervised. As a result, we assess 
scoping and coverage in a different way and comparisons to prior period coverage figures are not meaningful. In this report we provide 
an indication of scope coverage on the new basis. 
We performed risk assessment procedures to determine which of the Group’s components are likely to include risks of material 
misstatement to the Group financial statements and which procedures to perform at these components to address those risks.
In total, we identified 130 components, having considered our evaluation of the Group’s operational structure, the existence of common 
risk profile across entities and the existence of common information systems. 
Of those, we identified 3 quantitatively significant components which contained the largest percentages of either total revenue or total 
assets of the Group, for which we performed audit procedures. 
We also identified 1 component as requiring special audit consideration, owing to Group risk relating to the defined benefit pension 
obligation residing in the component.
Additionally, having considered qualitative and quantitative factors, we selected 13 components with accounts and disclosures 
contributing to the specific RMMs of the Group financial statements.
Accordingly, we performed audit procedures on 17 components, of which we involved component auditors in performing the audit work 
on 12 components. We performed the audit of the parent Company.
The Group auditor issued audit instructions to component auditors on the scope of their work and set the component materialities, 
ranging from £1.2m to £0.5m, having regard to the mix of size and risk profile of the Group across the components.
Our audit procedures covered 85% of the Group’s revenue. We performed audit procedures in relation to components that accounted 
for 80% of the Group’s total assets and 75% of the total profits and losses that made up the Group’s underlying profit before tax 
disclosed in Note 5.1. Non-underlying income and costs have been tested centrally by the Group auditor. 
For the remaining components for which we performed no audit procedures, no component represented more than 2% of Group 
total revenue,3% of Group total assets or 4% of the total profits and losses that make up the Group’s underlying profit before tax. We 
performed analysis at an aggregated Group level to re-examine our assessment that there is not a reasonable possibility of a material 
misstatement in these components.
Group auditor oversight
As part of establishing the overall Group audit strategy and plan, we conducted the risk assessment and planning discussion meetings 
with component auditors to discuss Group audit risks relevant to the components, including the key audit matter in respect of 
recoverability of goodwill related to JFD and Renewables.
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3. Our application of materiality and an overview of the scope of our audit 
continued
Group auditor oversight continued
The Group team visited five component locations to assess the audit risks and strategy. Regular video and telephone conference 
meetings were also held with these component auditors and others that were not physically visited. At these visits and meetings, the 
results of the planning procedures and further audit procedures communicated to us were discussed in more detail, and any further 
work required by us was then performed by the component auditors.
We inspected the work performed by the component auditors for the purpose of the Group audit and evaluated the appropriateness of 
conclusions drawn from the audit evidence obtained and consistencies between communicated findings and work performed. 
Our consideration of the control environment 
We identified the following IT systems which were relevant to the Group audit:
•	 A diverse range of financial ERP systems used by in-scope components to record accounting transactions; and
•	 The IT system used for in the Group’s financial reporting process.
Our IT auditors supported us in obtaining an understanding of these IT systems. We were not able to rely on general IT controls for 
these IT systems due the informality of the IT environment at both the Group and the component level. 
As noted by the Audit Committee on page 100, the Group’s internal system of controls is undergoing a programme of improvement to 
formalise controls. The developing nature of the control environment outlined by the Audit Committee is consistent with our own audit 
findings in the current year.
As a result of the IT informalities identified and the developing nature of the control environment, the scope of our audit work was 
predominantly substantive, and we planned additional substantive testing, including our audit of revenue and journals for all in-scope 
components. Given that we did not plan to rely on IT controls in our audit, a direct testing approach was used over the completeness 
and reliability of system data used in our substantive testing.
4. The impact of climate change on our audit
In planning our audit, we have considered the potential impact of climate change on the group’s business operations and its financial 
statements taking into account the different divisions. We recognise given the diverse nature of the group’s operations there are 
potentially both risks and opportunities arising as a result of climate change.
The potential effects of climate change vary for different activities of the group, with those divisions that are more linked to fossil fuel 
activity potentially being more affected as there is a transition to focus on more renewable energy sources. 
Uncertainties and potential changes to the longer-term activity of the group could affect the elements of financial statements with 
forward-looking assessments such as impairment of, or reassessment of the life of, long-term assets and goodwill balances.
As part of our risk assessment we made enquiries of management and reviewed board minutes and related risk and internal audit 
documents. Our risk assessment took into account the nature of the group’s long-term assets and the relative size of assets related to 
the divisions with most exposure to climate change uncertainty.
In the course of our audit work, we also took climate change factors into account in evaluating the directors’ assessment of the useful 
life of vessels and when evaluating the directors’ assessment of recoverability of goodwill.
We have read the disclosure of climate related information in the front half of the annual report and considered consistency with the 
financial statements and our audit knowledge.
5. Going concern
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Group or the 
Company or to cease their operations, and as they have concluded that the Group’s and the Company’s financial position means that 
this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability 
to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”). 
We used our knowledge of the Group, its industry, and the general economic environment to identify the inherent risks to its business 
model and analysed how those risks might affect the Group and Parent Company’s financial resources or ability to continue over the 
going concern period. The risks that we considered most likely to adversely impact the Group and Parent Company’s available financial 
resources over this period were a possible reduction in operating profit as a result of risks relating to unsecured revenue streams, 
timing of contract wins, expansion into new jurisdictions, the lack of turnaround from underperforming businesses as well as cash flow 
disruptions arising from late payments from customers, project delivery challenges and an increase in inventory days.
We considered whether these risks could plausibly affect the liquidity or covenant compliance in the going concern period by assessing 
the Directors’ sensitivities over the level of available financial resources and covenant thresholds indicated by the Group’s financial 
forecasts taking account of severe, but plausible adverse effects that could arise from these risks individually and collectively.
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Financial Statements

Independent auditor’s report 
to the members of James Fisher and Sons plc continued
5. Going concern continued
Our procedures included:
•	 critically assessing assumptions in the base case and severe but plausible downside scenarios, particularly in relation to forecast 
liquidity, profitability and performance, including assessing consistency to external information such as industry and economic 
forecasts;
•	 inspecting the Group’s Revolving Credit Facility and bilaterial facility agreements (“Group’s funding arrangements”) to identify 
relevant financial and non-financial covenants and key terms including the maturity date;
•	 reperforming the year end covenant calculation for the Group’s funding arrangements;
•	 assessing the ability of the Group to accurately forecast by comparing historical results to forecasts and assessing the most recent 
year’s performance against forecasts to challenge key assumptions in the base case and severe but plausible downside scenario;
•	 considering whether the assumptions applied in the severe but plausible scenario are considered to be severe enough using our 
assessment of the possible range of each key assumption and taking account of plausible (but not unrealistic) adverse effects that 
could arise;
•	 considering whether the going concern disclosure in Note 2 to the financial statements gives a full and accurate description of the 
Directors’ assessment of going concern, including the identified risks, and related sensitivities.
Our conclusions based on this work:
•	 we consider that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is 
appropriate;
•	 we have not identified, and concur with the directors’ assessment that there is not, a material uncertainty related to events or 
conditions that, individually or collectively, may cast significant doubt on the Group’s or Company’s ability to continue as a going 
concern for the going concern period;
•	 we have nothing material to add or draw attention to in relation to the Directors’ statement in Note 2.3 to the financial statements on 
the use of the going concern basis of accounting with no material uncertainties that may cast significant doubt over the Group and 
Company’s use of that basis for the going concern period, and we found the going concern disclosure in Note 2.3 to be acceptable; 
and
•	 the related statement under the UK Listing Rules set out on page 119 is materially consistent with the financial statements and our 
audit knowledge.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent 
with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Group or the 
Company will continue in operation. 
6. Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive 
or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
•	 Enquiring of directors, the audit committee, internal audit, the Group General Counsel and the Company Secretary and inspection of 
policy documentation as to the Group’s high-level policies and procedures to prevent and detect fraud, including the internal audit 
function, the Group’s channel for “whistleblowing”, as well as whether they have knowledge of any actual, suspected or alleged fraud.
•	 Reading Board, audit committee and risk committee minutes.
•	 Considering remuneration incentive schemes and performance targets for management and directors.
•	 Using analytical procedures to identify any unusual or unexpected relationships.
•	 Consultation with our own forensic professionals regarding the identified fraud risks and the design of the audit procedures planned 
in response to these. This involved discussion between the engagement partner, the Group audit team and the forensic professionals.
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. 
This included communication from the Group auditor to component auditors of relevant fraud risks identified at the Group level and 
requesting component auditors performing procedures at the component level to report to the Group auditor any identified fraud risk 
factors or identified or suspected instances of fraud.
As required by auditing standards and taking into account possible pressures to meet profit targets, covenants for banking facilities and 
our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls, in 
particular the risk that Group and component management may be in a position to make inappropriate accounting entries and the risk  
of bias in accounting estimates such as provisions for impairment of goodwill.
On this audit we do not believe there is a fraud risk related to revenue recognition on long-term contracts due to the stage of completion 
of those contracts; and for remaining revenue streams, we do not believe there is a fraud risk related to revenue recognition as the 
recognition is not complex.
We did not identify any additional fraud risks. 
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6. Fraud and breaches of laws and regulations – ability to detect continued
Identifying and responding to risks of material misstatement due to fraud continued
Further detail in respect of goodwill impairment is set out in the key audit matter disclosures in section 3 of this report.
We performed procedures including:
•	 Identifying journal entries to test for all selected components based on risk criteria and comparing the identified entries to supporting 
documentation. These included unexpected journals posted to revenue, expense, cash and borrowings accounts; and commissions 
paid to agents as well as journals posted by senior members of management and journals with specific descriptions.
•	 Evaluating the business purpose of significant unusual transactions.
•	 Assessing whether the judgements made in making accounting estimates are indicative of a potential bias including assessing for 
bias the provision for impairment of goodwill.
Identifying and responding to risks of material misstatement related to compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements 
from our general commercial and sector experience, through discussion with the directors, the Group General Counsel, the Company 
Secretary and other management (as required by auditing standards), and from inspection of the Group’s regulatory and legal 
correspondence and discussed with the directors, the Group General Counsel, the Company Secretary and other management the 
policies and procedures regarding compliance with laws and regulations. 
As the Group is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s 
procedures for complying with regulatory requirements.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance 
throughout the audit. This included communication from the group auditors to component auditors of relevant laws and regulations 
identified at the Group level, and a request for component auditors to report to the Group audit team any instances of non-compliance 
with laws and regulations that could give rise to a material misstatement at the Group level.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation 
(including related companies legislation), distributable profits legislation, taxation legislation and pension legislation and we assessed 
the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material 
effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of 
the Group’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety, data 
protection laws, anti-bribery, foreign corrupt practices act, anti money laundering and sanctions checking, environmental laws, 
employment law, maritime law and certain aspects of company legislation recognising the nature of the Group’s activities and its  
legal form.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the 
directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational 
regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
We discussed with the audit committee matters related to actual or suspected breaches of laws or regulations, for which disclosure 
is not necessary, and considered any implications for our audit.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements 
in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For 
example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial 
statements, the less likely the inherently limited procedures required by auditing standards would identify it. 
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional 
omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. 
We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and 
regulations.
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Independent auditor’s report 
to the members of James Fisher and Sons plc continued
7. We have nothing to report on the other information in the Annual Report
The directors are responsible for the other information presented in the Annual Report together with the financial statements. Our 
opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except 
as explicitly stated below, any form of assurance conclusion thereon. 
Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the 
information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that 
work we have not identified material misstatements in the other information. 
Strategic report and directors’ report 
Based solely on our work on the other information: 
•	 we have not identified material misstatements in the strategic report and the directors’ report; 
•	 	in our opinion the information given in those reports for the financial year is consistent with the financial statements; and 
•	 	in our opinion those reports have been prepared in accordance with the Companies Act 2006. 
Directors’ remuneration report 
In our opinion the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the 
Companies Act 2006. 
Disclosures of emerging and principal risks and longer-term viability 
We are required to perform procedures to identify whether there is a material inconsistency between the directors’ disclosures in 
respect of emerging and principal risks and the viability statement, and the financial statements and  our audit knowledge. 
Based on those procedures, we have nothing material to add or draw attention to in relation to: 
•	 	the Directors’ confirmation within the viability statement on page 79 that they have carried out a robust assessment of the emerging 
and principal risks facing the Group, including those that would threaten its business model, future performance, solvency and 
liquidity; 
•	 	the Emerging and Principal Risks disclosures describing these risks and how emerging risks are identified, and explaining how they 
are being managed and mitigated; and 
•	 	the Directors’ explanation in the viability statement of how they have assessed the prospects of the Group, over what period they have  
done so and why they considered that period to be appropriate, and their statement as to whether they have a reasonable expectation 
that the Group will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment, 
including any related disclosures drawing attention to any necessary qualifications or assumptions. 
We are also required to review the viability statement, set out on page 79 under the UK Listing Rules. Based on the above procedures, 
we have concluded that the above disclosures are materially consistent with the financial statements and our audit knowledge.
Our work is limited to assessing these matters in the context of only the knowledge acquired during our financial statements audit. 
As we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with 
judgements that were reasonable at the time they were made, the absence of anything to report on these statements is not a guarantee 
as to the Group’s and Company’s longer-term viability.
Corporate governance disclosures 
We are required to perform procedures to identify whether there is a material inconsistency between the Directors’ corporate 
governance disclosures and the financial statements and our audit knowledge.
Based on those procedures, we have concluded that each of the following is materially consistent with the financial statements and  
our audit knowledge:  
•	 	the Directors’ statement that they consider that the annual report and financial statements taken as a whole is fair, balanced and 
understandable, and provides the information necessary for shareholders to assess the Group’s position and performance, business 
model and strategy; 
•	 	the section of the annual report describing the work of the Audit Committee, including the significant issues that the audit committee 
considered in relation to the financial statements, and how these issues were addressed; and
•	 	the section of the annual report that describes the review of the effectiveness of the Group’s risk management and internal control 
systems.
We are required to review the part of the Corporate Governance Statement relating to the Group’s compliance with the provisions of  
the UK Corporate Governance Code specified by the UK Listing Rules for our review. We have nothing to report in this respect.
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8. We have nothing to report on the other matters on which we are required  
to report by exception 
Under the Companies Act 2006, we are required to report to you if, in our opinion: 
•	 adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received 
from branches not visited by us; or 
•	 the parent Company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with 
the accounting records and returns; or 
•	 certain disclosures of directors’ remuneration specified by law are not made; or 
•	 we have not received all the information and explanations we require for our audit. 
We have nothing to report in these respects. 
9. Respective responsibilities 
Directors’ responsibilities 
As explained more fully in their statement set out on page 123, the Directors are responsible for: the preparation of the financial 
statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable 
the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group 
and parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the 
going concern basis of accounting unless they either intend to liquidate the Group or the parent Company or to cease operations, or 
have no realistic alternative but to do so. 
Auditor’s responsibilities  
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 
misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of 
assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement 
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. 
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities. 
The Company is required to include these financial statements in an annual financial report prepared under Disclosure Guidance and 
Transparency Rule 4.1.17R and 4.1.18R. This auditor’s report provides no assurance over whether the annual financial report has been 
prepared in accordance with those requirements.
10. The purpose of our audit work and to whom we owe our responsibilities 
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 
Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them 
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 
anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we 
have formed. 
Christopher Hearn (Senior Statutory Auditor) 
for and on behalf of KPMG LLP, Statutory Auditor 
Chartered Accountants  
15 Canada Square 
London, E14 5GL 
United Kingdom
19 March 2025
133
Strategic Report
Overview
Governance
Financial Statements

Consolidated income statement  
for the year ended 31 December 2024
Notes
Year ended 
31 December 
2024
£m
Year ended 
31 December 
2023
£m
Continuing operations
Revenue
7
437.7
496.2
Cost of sales
(304.7)
(360.3)
Gross profit
133.0
135.9
Administrative expenses
(101.6)
(109.6)
Impairment charges
8
(5.2)
(28.4)
Profit on disposal of businesses
8
49.5
–
Refinancing costs
(3.5)
(12.2)
Restructuring costs
(1.7)
(5.7)
Share of post-tax results of joint ventures and associates
18
2.6
1.4
Operating profit/(loss)
8
73.1
(18.6)
Investment income
10
2.8
3.2
Finance expense
10
(21.2)
(24.5)
Net unrealised foreign exchange on lease liabilities
10
(0.7)
–
Profit/(loss) before taxation
54.0
(39.9)
Tax expense
11
(7.6)
(11.0)
Profit/(loss) for the year from continuing operations
46.4
(50.9)
Loss for the year from discontinued operations, net of tax
12
–
(11.4)
Profit/(loss) for the year
46.4
(62.3)
Attributable to:
Owners of the Company
46.3
(62.4)
Non-controlling interests
0.1
0.1
46.4
(62.3)
Profit/(loss) per share
pence
pence
Basic 
14
92.0
(123.9)
Diluted 
14
89.7
(123.9)
Profit/(loss) per share – continuing operations
pence
pence
Basic 
14
92.0
(101.2)
Diluted 
14
89.7
(101.2)
The accompanying notes form part of these financial statements.
134
James Fisher and Sons plc Annual Report and Accounts 2024

Consolidated statement of other comprehensive 
income for year ended 31 December 2024
Notes
Year ended 
31 December 
2024
£m
Year ended 
31 December 
2023
£m
Profit/(loss) for the year
46.4
(62.3)
Other comprehensive income/(expense):
Items that will not be classified to the income statement
Actuarial gain in defined benefit pension schemes
29
0.1
1.6
Tax on items that will not be reclassified 
11
0.1
(0.3)
0.2
1.3
Items that may be reclassified to the income statement
Exchange differences on foreign currency net investments
(4.6)
(8.1)
Effective portion of changes in fair value of cash flow hedges
32
(2.3)
(0.3)
Effective portion of changes in fair value of cash flow hedges in joint ventures
18
–
(0.1)
Net changes in fair value of cash flow hedges transferred to income statement
0.3
(0.9)
Tax on items that may be reclassified
11
0.5
(0.3)
(6.1)
(9.7)
Total other comprehensive income/(expense) for the year 
(5.9)
(8.4)
Total comprehensive income/(expense) for the year
40.5
(70.7)
Attributable to:
Owners of the Company
40.5
(70.8)
Non-controlling interests
–
0.1
40.5
(70.7)
The accompanying notes form part of these financial statements.
135
Strategic Report
Overview
Governance
Financial Statements

Consolidated statement of financial position  
at 31 December 2024
Notes
31 December 
2024
£m
31 December 
20231
£m
Non-current assets
Goodwill
15
64.5
78.3
Other intangible assets
15
7.2
6.3
Property, plant and equipment
16
111.4
118.0
Right-of-use assets
17
60.0
67.4
Investment in joint ventures and associates
18
5.9
8.4
Other investments
19
1.4
1.4
Other receivables
21
6.8
4.0
Other financial assets
22
1.4
–
Deferred tax assets
28
4.2
4.1
Retirement benefit surplus
29
9.1
7.4
271.9
295.3
Current assets
Inventories
20
32.8
46.7
Trade and other receivables
21
114.5
124.0
Cash and cash equivalents
23
86.2
77.5
Current tax receivable
5.4
–
Assets held for sale
24
0.5
14.7
239.4
262.9
Current liabilities
Trade and other payables
25
(111.3)
(113.4)
Current tax payable
(3.5)
(1.1)
Borrowings
26
(78.9)
(64.1)
Other financial liabilities
22
(0.9)
–
Provisions
27
(8.0)
(9.4)
Liabilities associated with assets held for sale
24
–
(0.7)
(202.6)
(188.7)
Net current assets
36.8
74.2
Total assets less current liabilities
308.7
369.5
Non-current liabilities
Borrowings
26
(115.3)
(214.9)
Provisions
27
(0.5)
(4.3)
Deferred tax liabilities
28
(0.7)
(0.1)
Retirement benefit obligations
29
(1.9)
(1.6)
(118.4)
(220.9)
Net assets
190.3
148.6
Equity
Share capital
31
12.6
12.6
Share premium
31
26.8
26.8
Treasury shares
31
(0.2)
(0.5)
Other reserves
31
(22.0)
(16.4)
Retained earnings
31
172.7
125.5
Total shareholders’ equity
189.9
148.0
Non-controlling interests
0.4
0.6
Total equity
190.3
148.6
1	 During the year, the Directors agreed to change the presentation of the consolidated statement of financial position in order to aggregate the presentation of the financing 
liabilities of the Group. As a result, £13.0m of current lease liabilities, £48.2m of non-current lease liabilities and £0.1m of non-current cumulative preference shares have been 
reclassified to current borrowings and non-current borrowings respectively. There are no net impacts to the overall Consolidated statement of financial position as a result of 
these changes.
The accompanying notes form part of these financial statements.
The financial statements were approved by the Board of Directors on 19 March 2025 and signed on its behalf by:
Karen Hayzen-Smith	 	
	
	
	
Chief Financial Officer
136
James Fisher and Sons plc Annual Report and Accounts 2024

Note
Share
capital 
£m
Share
premium 
£m
Treasury
shares 
£m
Other
Reserves
(Note 31)
£m
Retained
earnings 
£m
Total
shareholders’
equity 
£m
Non-
controlling 
interests 
£m
Total 
equity 
£m
At 1 January 2023
12.6
26.8
(0.6)
(6.8)
185.8
217.8
0.5
218.3
Loss for the year
–
–
–
–
(62.4)
(62.4)
0.1
(62.3)
Other comprehensive  
income/(expense)
–
–
–
(9.7)
1.3
(8.4)
–
(8.4)
Total comprehensive expense 
–
–
–
(9.7)
(61.1)
(70.8)
0.1
(70.7)
Contributions by and 
distributions to owners:
Remeasurement of non-
controlling interest put option
–
–
–
0.1
–
0.1
–
0.1
Share-based payments
30
–
–
–
–
1.0
1.0
–
1.0
Sale of shares by Employee  
Share Ownership Trust
31
–
–
0.1
–
(0.2)
(0.1)
–
(0.1)
At 31 December 2023
12.6
26.8
(0.5)
(16.4)
125.5
148.0
0.6
148.6
Profit/(loss) for the year
–
–
–
–
46.3
46.3
0.1
46.4
Other comprehensive  
income/(expense)
–
–
–
(6.0)
0.2
(5.8)
(0.1)
(5.9)
Total comprehensive  
income/(expense)
–
–
–
(6.0)
46.5
40.5
–
40.5
Contributions by and 
distributions to owners:
Changes in ownership interest 
without a change in control
–
–
–
0.4
(0.4)
–
(0.2)
(0.2)
Share-based payments
30
–
–
–
–
1.8
1.8
–
1.8
Purchase of shares by  
Employee Share Ownership Trust
31
–
–
(0.3)
–
–
(0.3)
–
(0.3)
Sale of shares by Employee Share 
Ownership Trust
31
–
–
0.6
–
(0.7)
(0.1)
–
(0.1)
At 31 December 2024
12.6
26.8
(0.2)
(22.0)
172.7
189.9
0.4
190.3
The accompanying notes form part of these financial statements.
 
Consolidated statement of changes in equity  
for the year ended 31 December 2024
137
Strategic Report
Overview
Governance
Financial Statements

Notes
31 December
2024 (£m)
31 December
20231 (£m)
Profit/(loss) for the year
46.4
(62.3)
Tax expense
11
7.6
12.0
Adjustments for:
  Depreciation and amortisation
8
40.5
41.2
  Impairments
8
5.2
28.1
  Net finance expense
10
19.1
21.3
  Net (gain)/loss on disposal of businesses
8
(49.5)
2.1
  Gains on disposals of property, plant and equipment
8
(13.0)
(2.5)
  Share of post-tax results of joint ventures and associates
18
(2.6)
(1.4)
  Share-based payments charge
30
1.8
1.0
  Other non-cash items
0.3
(0.9)
Decrease in inventories
2.0
0.1
(Increase)/decrease in trade and other receivables
(5.9)
10.7
Increase/(decrease) in trade and other payables
10.3
(11.1)
(Decrease)/increase in provisions
(2.2)
7.0
Defined benefit pension cash contributions less service cost
29
(1.0)
1.1
Cash generated from operations
59.0
46.4
Income taxes paid
(9.7)
(8.6)
Cash flow from operating activities
49.3
37.8
Investing activities
Dividends received from joint venture undertakings
18
2.3
1.2
Proceeds from the disposal of subsidiaries, net of cash disposed
33
80.0
(3.2)
Proceeds from the disposal of property, plant and equipment2
25.8
25.6
Finance income
2.6
2.9
Acquisition of property, plant and equipment
16
(29.3)
(29.4)
Development expenditure
15
(2.4)
(1.8)
Proceeds from repayment of debt instrument issued by joint venture undertakings
18
0.7
–
Cash flows from/(used in) investing activities
79.7
(4.7)
Financing activities
Repayment of lease liability principal
(16.7)
(14.1)
Interest paid on lease liabilities
10
(4.3)
(4.0)
Finance costs
(20.0)
(15.7)
Acquisition of non-controlling interests (NCI)
(0.6)
–
Proceeds from borrowings
120.0
198.1
Repayment of borrowings
(210.0)
(191.7)
Repurchase of treasury shares
31
(0.2)
(0.2)
Proceeds from sale of treasury shares
31
0.2
0.2
Cash flows used in financing activities
(131.6)
(27.4)
Net (decrease)/increase in cash and cash equivalents
26
(2.6)
5.7
Cash and cash equivalents at 1 January
23
26.4
22.8
Cash transferred from assets held for sale at 1 January
26
0.4
–
Net foreign exchange differences
(0.4)
(1.7)
Cash transferred to assets held for sale at 31 December
26
–
(0.4)
Cash and cash equivalents at 31 December
23
23.8
26.4
1	 During the year, the Directors agreed to change the presentation of the Consolidated cash flow statement in order to provide the reader with supplemental data relating to the 
financial condition of operations. As a result, (£1.4m) Share of post-tax results of joint ventures and associates and £1.0m Share-based payments charge been re-classified 
from the Other non-cash items line into their own lines on the face of the Consolidated cash flow statement. Additionally, £7.0m movement in provisions included within the 
trade and other payables line and £4.0m interest paid on lease liabilities included within repayment of lease liability principal line have been re-classified into their own lines on 
the face of the Consolidated cash flow statement. There are no net impacts to the overall Consolidated cash flow statement as a result of these changes.
2	 Proceeds from disposal of property plant and equipment includes £3.2m (2023: £19.8m) from assets held for sale (see Note 24).
The accompanying notes form part of these financial statements.
Consolidated cash flow statement  
for the year ended 31 December 2024
138
James Fisher and Sons plc Annual Report and Accounts 2024

Notes and appendices
Page
Operations – information relating to our operating performance
5
Alternative performance measures
152
6
Segmental information
159
7
Revenue
161
8
Operating profit/(loss)
163
14
Earnings per share
168
Financing – information relating to how we finance our business
10
Investment income and financing costs
165
13
Dividends paid and proposed
168
22
Other financial assets and liabilities
179
23
Cash and cash equivalents
179
26
Borrowings
180
26
Reconciliation of net borrowings
181
31
Share capital and other reserves
190
32
Financial instruments
191
Working capital – information relating to the day-to-day working capital of our business
20
Inventories
178
21
Trade and other receivables
178
25
Trade and other payables
180
27
Provisions
182
Tax – information relating to our current and deferred taxation
11
Income taxes
165
28
Deferred tax
183
Employees – information relating to the costs of employing people
9
Employee information
164
29
Retirement benefit obligations
184
30
Share-based payments
189
Long-term assets – information relating to our long-term operational and investment assets
15
Goodwill
169
15
Other intangible assets
169
16
Property, plant and equipment
173
17
Right-of-use assets and leases
175
18
Investments in joint ventures and associates
177
19
Investments
178
29
Retirement benefit obligations
184
Other – other useful information
2
Material accounting policies
140
12
Discontinued operations
167
24
Assets and liabilities held for sale
179
33
Disposal of businesses
198
34
Capital commitments
199
34
Contingent liabilities
199
35
Related parties transactions
199
36
Post balance sheet events
200
Guide to financial statements disclosures  
for the year ended 31 December 2024
139
Strategic Report
Overview
Governance
Financial Statements

1. General information
James Fisher and Sons plc (the Company) is a public limited company registered and domiciled in England and Wales and listed on 
the London Stock Exchange. The consolidated financial statements comprise the financial statements of the Company, its subsidiary 
undertakings and its interest in associates and jointly controlled entities (together the Group), for the year ended 31 December 2024.
The registered address of the Company is Fisher House, Michaelson Road, Barrow-In-Furness, Cumbria, LA14 1HR, United Kingdom.
The main activities of the Company and its subsidiaries are the provision of services to the oil and gas and renewables sectors, marine 
services and specialist solutions in the defence sector focused on life preservation.
2. Summary of material accounting policies 
2.1. Statement of compliance
The consolidated financial statements have been prepared in accordance with United Kingdom adopted international accounting 
standards (UK adopted IFRS). The accounting policies applied are consistent with those described in the Annual Report and Accounts 
of the Group for the year ended 31 December 2023, unless otherwise stated. The consolidated financial statements are presented in 
Pounds Sterling and all values are rounded to the nearest 0.1 million pounds (£0.1m), except where otherwise indicated.
2.2. Basis of preparation
The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified  
by the recognition of derivative financial instruments, financial assets and other financial liabilities at fair value through the profit and 
loss and the recognition of financial assets at fair value through other comprehensive income.
The consolidated financial statements provide comparative information in respect of the previous period.
2.3. Going concern
In determining the appropriate basis of preparation of the financial statements for the year ended 31 December 2024, the Board 
is required to consider whether the Group can continue in operational existence for a period of at least 12 months from the date 
of approval of the Financial Statements. The Board has concluded that it is appropriate to adopt the going concern basis, having 
undertaken a rigorous assessment of the financial forecasts, key uncertainties and sensitivities, as set out below.
On 19 September 2024, the Group completed the refinancing of its Revolving Credit Facility (RCF), which was set to expire in March 
2025, replacing it with a single three-year £75.0m RCF and a five-year £20.0m bilateral facility (Group’s funding arrangements). The 
terms of the new facilities are less restrictive compared to the previous arrangement, with no capex or minimum liquidity covenants, a 
reduced security package, quarterly testing instead of monthly, a longer tenure, and reduced reporting requirements. Additionally, the 
new facilities provide permitted baskets for acquisitions and disposals. The new RCF includes two one-year extension options, subject 
to lender approval, which, if exercised, could extend its term to September 2029. There were committed facilities at 31 December 2024 
of £95.0m (2023: £192.7m) and undrawn committed facilities of £17.0m (2023: £24.7m). Financial covenants are set out in Note 26.1.
As part of the Group’s funding arrangements, in addition to financial covenants, there is a non-financial covenant that requires the 
Group to provide signed audited financial statements for all guarantors party to the banking arrangement where applicable within 180 
days of the year end. The Board believe that they are able to meet the signing dates outlined in the agreement and acknowledge that 
should the signing dates not be met then a waiver will need to be obtained.
The Group’s net debt for banking covenant purposes comprises net bank borrowings adjusted for finance lease liabilities (on a pre-IFRS 
16 basis) and advance payment guarantees. As at 31 December 2024, net debt for covenant purposes stood at £61.0m, with a leverage 
ratio of 1.4 times. The Group complied with all financial covenants for the year ended 31 December 2024.
Following the refinancing, the Board have reviewed the Group’s forecasts and assessed the severe but plausible downside scenario. 
Based on this assessment, they are confident that the Group will have sufficient resources to meet its liabilities as they fall due for at 
least 12 months from the date of signing of these financial statements.
Board assessment 
The Board has considered an appropriate period for going concern assessment considering any known liquidity events that will occur 
after the 12-month period. The directors concluded that the 12 month going concern assessment period is appropriate.
Base case
The base case is derived from a detailed, bottom-up budget that spans the going concern period. It considers the macroeconomic 
environment, including inflationary pressures and market trends. It also considers potential risks and opportunities during the period. 
However, it does not factor in disposals or acquisitions, as these remain outside the Group’s direct control.
The base case demonstrates that the Group has adequate levels of liquidity from its committed facilities and complies with all its 
banking covenants throughout the going concern assessment period.
Notes to the consolidated financial statements
140
James Fisher and Sons plc Annual Report and Accounts 2024

2. Summary of material accounting policies continued
2.3. Going concern continued
Severe but plausible scenario
The Board also evaluated a range of sensitivities on the base case over the assessment period to develop a severe but plausible 
scenario. These sensitivities include the following risks simultaneously materialising:
•	 trading downside risks related to unsecured revenue streams, the timing of contract wins, expansion in new jurisdictions and the lack 
of turnaround from underperforming businesses resulting in an approximate 12% reduction in EBITDA in FY25 and 6% in H1 FY26; and
•	 	cash flow disruptions arising from areas such as late payments from customers, project delivery challenges and an increase in 
inventory days.
Under a combination of all of the above downside scenarios (the combined severe but plausible scenario), prior to mitigating actions 
within the control of management, the forecasts indicate that there is limited headroom on liquidity in certain months, however there is 
sufficient headroom on all financial covenants in the going concern assessment period. The Directors are confident that they have a 
number of controllable mitigating actions that could be implemented should the combined severe but plausible scenario materialise to 
address the limited headroom on liquidity, predominantly from reducing discretionary spend on non-critical projects.
Reverse stress testing of the base case
The Board have also considered a reverse stress test scenario to ascertain the extent of performance deterioration required to breach 
the Group’s banking covenants based on base case forecasts:
•	 for leverage, during the lowest covenant testing periods, and before applying any controllable mitigations, an EBITDA decline of 27% 
or a net debt increase of 37% would reduce headroom to nil;
•	 	for interest cover, during the lowest covenant testing periods, and before applying any controllable mitigations, an EBITDA decline of 
21% or a net interest expense increase of 26% would also result in nil headroom.
The Board does not consider the reverse stress test scenario to be plausible.
Conclusion
Based on their assessment, the Board are confident that the Group will have sufficient funds to meet its liabilities as they fall due for at 
least 12 months from the approval date of these financial statements. Furthermore, the Group is expected to remain in compliance with 
its covenant requirements. Accordingly, the financial statements have been prepared on a going concern basis.
2.4. Climate change
In preparing the consolidated financial statements, management has considered the impact of climate change, particularly in the 
context of the disclosures included in the Strategic Report and the stated net zero targets. These considerations did not have a material 
impact on the financial reporting judgements and estimates, consistent with the assessment that climate change is not expected to have 
a significant impact on the Group’s going concern assessment to 31 March 2026 nor the viability of the Group over the next three years.
The following specific points were considered:
•	 the useful lives of property, plant and equipment;
•	 the possibility of goodwill impairment and impairment of other long-lived assets;
•	 the recoverability of the Group’s deferred tax assets;
•	 the replacement programme for our tankships; and
•	 projected revenues for the oil and gas business within the Defence Division for the purposes of value-in-use calculations.
2.5. Basis of consolidation
2.5.1. Subsidiaries
The results of subsidiaries are consolidated for the periods from or to the date on which control has passed. Control exists when the 
Company controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investees 
and has the ability to affect those returns through its power over the investee. This assessment is re-performed whenever there is 
a subsequent share purchase and a change in subsidiary ownership. Acquisitions are accounted for under the purchase method of 
accounting from the acquisition date, which is the date on which control is passed to the Group. The financial statements of subsidiaries 
are prepared for the same reporting period as the Parent Company, using consistent accounting policies. All intra-group balances, 
transactions, income and expenses are eliminated in the consolidated financial statements.
Payments for the future services from employees or former owners are expensed. Any payments to employees or former owners 
in respect of the acquisition of the business are capitalised. This is carefully managed during the acquisition process so that former 
owners and/or employees do not receive any incentive payments during an earn-out period. 
141
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Overview
Governance
Financial Statements

2. Summary of material accounting policies continued
2.5. Basis of consolidation continued
2.5.2. Joint arrangements
A joint arrangement is an arrangement over which the Group and one or more third parties have joint control. These joint arrangements 
are in turn classified as:
•	 joint ventures whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations  
for its liabilities; and
•	 joint operations whereby the Group has rights to the assets and obligations for the liabilities relating to the arrangement.
2.5.3. Joint ventures and associates
An associate is an entity over which the Group has significant influence, and which is not a joint arrangement or subsidiary. Significant 
influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of 
those policies.
Any investment in joint ventures or associates is carried in the balance sheet at cost plus the Group’s post-acquisition share in the 
change in net assets of the entity, less distributions received and less any impairment provision. The consolidated income statement 
reflects the Group’s share of the post-tax result of the joint venture or associate. The Group’s share of any changes recognised by the 
joint venture or associate in other comprehensive income is also recognised in other comprehensive income.
2.5.4. Non-controlling interests
Non-controlling interests represent the proportion of profit or loss and net assets not held by the Group and are presented separately 
in the income statement and in the consolidated statement of financial position. Losses applicable to the non-controlling interests in a 
subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance.
Put options upon non-controlling interests are sometimes recognised as arising from business combinations. An initial option price 
estimate is recorded within payables and a corresponding entry made to other reserves. 
On the acquisition of non-controlling interests, the difference between the consideration paid and the fair value of the share of net 
assets acquired is recognised in equity. Changes to the carrying value of the put option are similarly recorded within equity.
2.6. Foreign currency
The financial statements of subsidiary undertakings are prepared in their functional currency which is the currency of the primary 
economic environment in which they operate. For the purpose of the consolidated financial statements, the results and financial 
position of each entity are translated into Pounds Sterling (see Note 2.1), which is the Group’s presentational currency. 
2.6.1. Foreign currency transactions in functional currency
Transactions in currencies other than the entity’s functional currency are initially recorded at rates of exchange prevailing on the date  
of the transaction. At each subsequent balance sheet date:
(i)	 Foreign currency monetary items are retranslated at rates prevailing on the balance sheet date and any exchange differences 
recognised in the income statement. During the year, the Directors have reviewed the accounting policy in relation to unrealised 
foreign currency translation of lease liabilities on vessels not denominated in the functional currency of the operating entity to 
which they relate and concluded that to more accurately reflect operating profit, these foreign exchange gains and losses should 
be recognised within the financing section of the income statement. Other lease liabilities, including those for property, plant, and 
equipment, are typically contracted in the same currency as the functional currency of the operating entity. An assessment was 
carried out for the retrospective application of the accounting policy change, which would have resulted in a reduction of £0.5m 
in prior year operating profit, with the gain reflected as “Net unrealised foreign exchange on lease liabilities” within the financing 
section of the income statement. Considering materiality, the prior year comparative has not been restated for this amount. All other 
foreign exchange differences are recognised in the Group income statement within operating profit in the period in which they arise;
(ii)	 Non-monetary items measured at historical cost are not retranslated; and
(iii)	Non-monetary items measured at fair value are retranslated using exchange rates at the date the fair value was determined. Where 
a gain or loss is recognised directly in equity, any exchange component is also recognised in equity and conversely where a gain or 
loss is recognised in the income statement, any exchange component is recognised in the income statement.
2.6.2. Net investment in foreign operations
Exchange differences arising on monetary items forming part of the Group’s net investment in overseas subsidiary undertakings which 
are denominated in the functional currency of the subsidiary undertaking are taken directly to the translation reserve and subsequently 
recognised in the income statement on disposal of the net investment. Exchange differences on foreign currency borrowings, to the 
extent that they are used to provide an effective hedge against Group equity investments in foreign currency, are taken directly to the 
translation reserve.
2.6.3. Translation from functional currency to presentational currency
The assets and liabilities of operations, where the functional currency is different from the Group’s presentational currency, are 
translated at the period-end exchange rates. Income and expenses are translated at the average exchange rate for the reporting period. 
All other exchange differences on transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. 
Resulting exchange differences are recognised in the consolidated statement of other comprehensive income. Tax charges and credits 
attributable to exchange differences included in the reserve are also dealt with in the translation reserve.
Notes to the consolidated financial statements continued
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2. Summary of material accounting policies continued
2.7. Discontinued operations and assets held for sale
Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they 
will be recovered through a sale transaction rather than through continuing use.
The assets or disposal group are measured at the lower of carrying amount and fair value less cost to sell. Any impairment loss 
on a disposal group is first allocated to goodwill, and then to the remaining assets and liabilities on a pro-rata basis, except that no 
loss is allocated to inventories, financial assets, deferred tax assets and employee benefit assets which continue to be measured in 
accordance with the Group’s other accounting policies. Impairment losses on initial classification as held for sale and subsequent gains 
and losses on re-measurement are recognised in the income statement.
A discontinued operation is a component of the Group’s business, the operations and cash flows of which can be clearly distinguished 
from the rest of the Group and which:
(a)	 represents a separate major line of business or geographical area of operations;
(b)	 is part of a single co-ordinated plan to dispose of a separate major line of business or geographic area of operations; or
(c)	 is a subsidiary acquired exclusively with a view to resale.
Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as 
held for sale.
When an operation is classified as a discontinued operation, the comparative statement of profit and loss and OCI is re-presented  
as if the operation had been discontinued from the start of the comparative year.
2.8. Revenue recognition
Revenue represents income derived from contracts for the provision of goods and services to customers in exchange for consideration 
in the ordinary course of the Group’s activities.
The Group has a broad range of activities; please refer to Note 7 for more detail on the categories of revenue.
2.8.1. Performance obligations
Upon approval by the parties to a contract, the contract terms are reviewed to identify each promise to transfer either a distinct product 
or service or a series of distinct products or services that are substantially the same and have the same pattern of transfer to the 
customer. The criteria the Group uses to identify the performance obligations within a contract are:
•	 the customer must be able to benefit from the products or services either on their own or in combination with other resources readily 
available to the customer; and 
•	 the entity’s promise to transfer the goods or services to the customer is separable from other promises in the contract.
2.8.2. Transaction price
The total transaction price is estimated as the amount of consideration to which the Group expects to be entitled in exchange for 
transferring the promised goods and services to the customer, excluding sales taxes (VAT). Variable consideration, such as price 
escalation, is included based on the expected value or most likely amount only to the extent that it is highly probable that there will 
not be a reversal in the amount of cumulative revenue recognised. The transaction price does not include estimates of consideration 
resulting from contract modifications, such as change orders, until they have been approved by the parties to the contract. The 
total transaction price is allocated to the performance obligations identified in the contract in proportion to their relative stand-alone 
selling prices where appropriate. Given the bespoke nature of some of the Group’s products and services, which are designed and/or 
manufactured under contract to the customer’s individual requirements and specifications, there are typically no observable stand-
alone selling prices. In such cases, stand-alone selling prices are typically estimated based on expected costs plus contract margin 
consistent with the Group’s pricing principles.
2.8.3. Revenue recognition
Revenue is recognised as performance obligations are satisfied and as control of the products and services are transferred to the 
customer. 
For each performance obligation within a contract, the Group determines whether it is satisfied over time or at a point in time. 
Performance obligations are satisfied over time if one of the following criteria is satisfied:
•	 the customer simultaneously receives and consumes the benefits provided by the Group’s performance as they perform e.g. service 
and maintenance or transportation contracts; 
•	 the Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced i.e. the 
customer has the right to significantly modify or dictate how the product is built during construction; or 
•	 the Group’s performance does not create an asset with an alternative use to the Group (i.e. we would incur a significant loss  
to re-work and/or sell to another customer) and they have an enforceable right to payment for performance completed to date.
For each performance obligation that is satisfied over time, the Group applies a single method of measuring progress toward complete 
satisfaction of the obligation. The Group measures progress toward satisfaction of a performance obligation that is satisfied over time 
using a single method that best depicts the transfer of goods or services to the customer, being either:
•	 output method (i.e. measure of progress by reference to units produced or delivered, contract milestones, or surveys of work 
performed); or
•	 input method (i.e. measure of progress by reference to costs incurred).
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2. Summary of material accounting policies continued
2.8. Revenue recognition continued
2.8.3. Revenue recognition continued
Revenue from construction contracts is recognised over the contract term (over time) as the work progresses, either as products are 
produced or as services are rendered. These are typically longer-term contracts where revenue is recognised according to the stage 
of completion reached in the contract by measuring the proportion of costs incurred for work performed to total estimated costs (input 
method). This is deemed to be the most appropriate method as there is direct correlation between costs incurred in building the asset 
and the measurement of progress towards satisfying the applicable performance obligations. The accounting for construction contracts 
involves a judgemental process of estimating total sales, costs and profit for each performance obligation. Cost of sales is recognised 
as incurred.
Costs are only included in the measurement of progress towards satisfying the performance obligation where there is a direct 
relationship between the input and the satisfaction of the performance obligation.
While the scope and price on certain construction contracts may be modified over their life, the transaction price is based on current 
rights and obligations under the contract and does not include potential modifications until they are agreed upon with the customer. 
When applicable, a cumulative adjustment or separate recognition for the additional scope and price may result. Construction contracts 
can be negotiated with a fixed price or a price in which we are reimbursed for costs incurred plus an agreed upon profit.
For construction contracts, changes in estimated revenues, cost of sales and the related effect on operating income are recognised 
using a cumulative catch-up adjustment which recognises in the current period the cumulative effect of the changes on current and 
prior periods based on a construction contract’s percentage of completion. When it is probable that total contract costs will exceed 
total contract revenue (i.e. a contract becomes onerous), a provision for the entire reach-forward loss on the construction contract is 
recognised as an expense.
Where the criteria to recognise revenue over time are not met, then revenue is recognised at the point in time at which control of the 
products or services is transferred to the customer and the performance obligation is satisfied. The customer obtains control of the 
product or service when the customer can direct the use of the product or service and obtain the benefits from the product or service.
Control passes when the products or services are either despatched, delivered to the customer (in accordance with the terms and 
conditions of the sale) or where required installation and testing is completed. At this point, the customer has completed its acceptance 
procedures and has assumed control, and this is when the performance obligation is satisfied.
Revenue related to operating lease rental income is recognised in the income statement on a straight-line basis over the period of the 
hire.
For more detail on the Group’s revenue recognition policy, please see Note 7.
2.8.4. Contract assets and liabilities
Contract assets arise where the Group has the right to receive consideration for the work completed which has not been billed at the 
reporting date (accrued income), while contract liabilities represent liabilities for consideration from customers received in advance. 
Invoicing for services and products depends on the nature of the service or product provided. Invoices are raised upon the completion 
of the related milestone or service activity. Some services are invoiced in advance and others in arrears, of which the billing frequency 
varies from contract to contract. Where amounts invoiced are greater than revenue recognised, this is treated as deferred revenue and 
conversely where revenue is recognised in advance of billing this is treated as accrued income. Revenue from construction contracts is 
payable when milestones on agreed deliverables are achieved which is typically 30 days following completion of a milestone. For other 
types of revenue, the payment terms are typically 30-90 days.
2.8.5. Costs to fulfil a contract
Contract fulfilment costs in respect of over-time contracts are expensed as incurred. Contract fulfilment costs in respect of point-in-
time contracts are accounted for under IAS 2, Inventories.
2.8.6. Warranty obligations
Provision is made for warranties offered with products where it is probable that an obligation to transfer economic benefits to the 
customer in future will arise. This provision is based on management’s assessment of the previous history of claims and probability  
of future obligations arising on a product-by-product basis. Provisions for warranty costs are set out in Note 27.
Notes to the consolidated financial statements continued
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2. Summary of material accounting policies continued
2.9. Employee benefits
2.9.1. Short-term employee benefits
The Group recognises a liability and an expense for short-term employee benefits, including bonuses, only when contractually or 
constructively obliged.
2.9.2. Share-based payments
Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair 
value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled 
share-based transactions are set out in Note 30.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the 
vesting period, based on the Group’s estimate of the number of equity instruments that will eventually vest. At each reporting date, the 
Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting 
conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement such that the cumulative 
expense reflects the revised estimate, with a corresponding adjustment to reserves. At vesting date, the cumulative expense is adjusted 
to reflect the number of awards that meet the related service and non-market performance conditions.
2.9.3. Retirement benefits
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service 
entitling them to the contributions. Other than this contribution the Group has no further legal or constructive obligation to make further 
contributions to the scheme.
A defined benefit scheme is a pension plan under which the amount of pension benefit that an employee receives on retirement is 
defined by reference to factors including age, years of service and compensation. The schemes are funded by payments determined by 
periodic actuarial calculations agreed between the Group and the trustees of trustee-administered funds.
The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at 
the end of each annual reporting period. Re-measurements comprising actuarial gains and losses, the effect of the asset ceiling 
(if applicable) and the return on plan assets (excluding interest) are recognised immediately in the statement of financial position 
with a charge or credit to other comprehensive income in the period in which they occur. Re-measurements recognised in other 
comprehensive income are not re-classified. Past service cost is recognised in the income statement when the plan amendment or 
curtailment occurs, or when the Group recognises related restructuring costs or termination benefits, if earlier. Gains or losses on 
settlement of a defined benefit plan are recognised when the settlement occurs. Net interest is calculated by applying a discount rate to 
the net defined benefit liability or asset. Defined benefit costs are split into three categories:
•	 service costs, which includes current service cost, past service cost and gains and losses on curtailments and settlements
•	 net interest expense or income
•	 re-measurement
The Group recognises service costs within the income statement within administrative expenses (see note 29).
Net interest expense or income is recognised within net finance costs (see note 10).
The retirement benefit obligation recognised in the consolidated statement of financial position represents the deficit or surplus in 
the Group’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits 
available in the form of refunds from the plans or reductions in future contributions to the plans.
2.10. Income taxes
The income tax expense represents the sum of current and deferred income tax expense. It is provided on taxable profits or losses 
from activities not qualifying for tonnage tax relief and is recognised in the income statement except to the extent that it relates to items 
recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognised in other 
comprehensive income or directly in equity.
2.10.1. Current tax
Current tax is the expected corporation tax payable or receivable in respect of the taxable profit or loss for the year using tax rates 
enacted or substantively enacted at the balance sheet date, less any adjustments to tax payable or receivable in respect of  
previous years.
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2. Summary of material accounting policies continued 
2.10. Income taxes continued
2.10.2. Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities 
in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the 
liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are 
recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can  
be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than  
in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. 
In addition, a deferred tax liability is not recognised if the temporary difference arises from the initial recognition of goodwill.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and 
interests in joint ventures, except where the Group is able to control the reversal of the temporary difference, and it is probable that 
the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences 
associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable 
profits against which to utilise the benefits of the temporary differences, and they are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable 
that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised 
based on tax laws and rates that have been enacted or substantively enacted at the reporting date.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the 
Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax 
liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax 
assets and liabilities on a net basis.
2.11. Intangible assets
Intangible assets, excluding goodwill arising on a business combination, are stated at cost or fair value less any provision for impairment. 
Intangible assets assessed as having finite lives are amortised over their estimated useful economic life and are assessed for 
impairment whenever there is an indication that they are impaired. Amortisation charges are on a straight-line basis and recognised  
in the income statement. Estimated useful lives are as follows:
Development costs	
5 years or over the expected period of product sales, if less
Intellectual property	
3 to 20 years
Patents and licences	
5 years or over the period of the licence, if less
Other intangibles	 	
5 years
2.11.1. Goodwill arising on a business combination
Goodwill arising on the acquisition of a subsidiary represents the excess of the aggregate of the fair value of the consideration over  
the aggregate fair value of the identifiable assets, liabilities and contingent liabilities acquired. Goodwill is initially recognised at cost and 
is subsequently measured at cost less any accumulated impairment losses.
When the Group disposes of an operation within a cash generating unit (CGU) or restructures the business, any disposal/reallocation is 
performed using a relative value approach, unless the Directors consider another method better reflects the goodwill associated with 
the remaining and reorganised units.
Costs related to an acquisition, other than those associated with the issue of debt or equity securities incurred in connection with  
a business combination, are expensed to the income statement.
2.11.2. Acquired intangible assets
Intangible assets that are acquired as a result of a business combination including but not limited to customer relationships, supplier 
lists, patents and technology and that can be separately measured at fair value on a reliable basis are recorded initially at fair value and 
amortised over their expected useful life. Amortisation is expensed to the income statement.
Notes to the consolidated financial statements continued
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2. Summary of material accounting policies continued
2.11. Intangible assets continued
2.11.3. Research and development costs
Research expenditure is expensed in the income statement as incurred.
Expenditure on development which represents the application of research to the development of new products or processes is 
capitalised provided that specific projects are identifiable, technically feasible, and the Group has sufficient resources to complete 
development. The useful life of projects meeting the criteria for capitalisation is determined on a project-by-project basis. Capitalised 
development expenditure is measured at cost and amortised over its expected useful life on a straight-line basis. Other development 
costs are recognised in the income statement as incurred.
2.12. Property, plant and equipment
Property, plant and equipment is stated at cost, less accumulated depreciation and any provision for impairment losses. Cost comprises 
expenditure incurred during construction, delivery and modification. Where a substantial period of time is required to bring an asset into 
use, attributable finance costs are capitalised and included in the cost of the relevant asset. 
Dry dock costs for owned and leased vessels are deferred as a component of the related tangible fixed asset and depreciated over their 
useful economic lives until the next estimated overhaul. 
Depreciation is provided to write off the cost of property, plant and equipment to their residual value in equal annual instalments over 
their estimated useful lives, as follows:
Freehold property		
40 years
Leasehold improvements	
25 years or the period of the lease, if shorter
Plant and equipment	
Between 5 and 20 years
Vessels	 	
	
Between 10 and 25 years
No depreciation is charged on assets under construction.
Residual values of vessels are set initially at 20% of purchase cost or fair value at acquisition, which the Directors believe to be an 
approximation of current values. Residual values and estimated remaining lives are reviewed annually by the Directors and adjusted  
if appropriate to reflect the relevant market conditions and expectations, obsolescence and normal wear and tear.
2.13. Impairment of tangible and intangible assets
At each reporting date the Group assesses whether there are any indications that an asset has been impaired. If any indication exists, an 
estimate of the recoverable amount of the asset is made which is determined as the higher of its fair value less cost to sell and its value-
in-use. These calculations are determined for an individual asset unless that asset does not generate cash inflows independently from 
other assets, in which case its value is determined as part of that group of assets. To assess the value-in-use, estimated future cash 
flows relating to the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessment 
of the time value of money and risks specific to the asset. Where the carrying amount of the asset exceeds its recoverable amount, 
the asset is considered to be impaired and is written down to its recoverable amount. Impairment losses are recognised in the income 
statement.
2.13.1. Impairment of goodwill
Goodwill acquired in a business combination is allocated against the appropriate combination of business units deemed to obtain 
advantage from the benefits acquired with the goodwill. These are designated as CGUs. Impairment is then assessed annually by 
comparing the recoverable amount of the relevant CGU with the carrying value of the CGU’s goodwill. Recoverable amount is measured 
as the higher of the CGU’s fair value less cost to sell and the value-in-use. For CGUs designated as assets held for sale/discontinued 
operations, the fair value less cost to sell is used. Where the recoverable amount of the CGU is less than its carrying amount including 
goodwill, an impairment loss is recognised in the income statement. An impairment loss for goodwill is not reversed in a subsequent 
period.
2.13.2. Impairment of tangible and other intangible assets
If any indication of a potential impairment exists, the recoverable amount is estimated to determine the extent of any impairment loss. 
Assets are grouped together for this purpose at the lowest level for which there are separately identifiable cash flows.
If an event occurs after the recognition of an impairment, that leads to a decrease in the amount of the impairment loss previously 
recognised, the impairment loss is reversed. The reversal is recognised in the income statement to the extent that the carrying value  
of the asset does not exceed its amortised cost at the reversal date.
2.14. Leases
The Group assesses whether a contract is, or contains, a lease, at inception of the contract. A contract is, or contains, a lease if the 
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
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2. Summary of material accounting policies continued
2.14. Leases continued
2.14.1. The Group as lessee
At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract 
to each lease component on the basis of their relative stand-alone prices. However, for the leases of land and buildings, the Group has 
elected not to separate non-lease components and accounts for the lease and non-lease components as a single lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially 
measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the 
commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset,  
or to restore the underlying asset, or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier  
of the end of the lease term or the useful life of the underlying asset, which is determined on the same basis as property, plant and 
equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain re-measurements  
of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, 
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing 
rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
Lease payments included in the measurement of the lease liability comprise the following:
•	 fixed payments, including in-substance fixed payments;
•	 variable lease payments that depend on an index or a rate, initially measured using the index rate at the commencement date;
•	 amounts expected to be payable under a residual guarantee; and 
•	 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal 
period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the 
Group is reasonably certain not to terminate early. 
The lease liability is measured at amortised cost using the effective interest method. It is re-measured when there is a change in future 
lease payments arising from a change in an index or rate if there is a change in the Group’s estimate of the amount expected to be 
payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension  
or termination option.
When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use 
asset, or it is recorded in the income statement if the carrying amount of the right-of-use asset is reduced to zero.
The Group presents right-of-use assets as a separate line item and lease liabilities liabilities within borrowings in the Consolidated 
statement of financial position.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease 
term of 12 months or less at inception and leases of low-value assets, including IT equipment. The Group recognises the lease 
payments associated with these leases as an expense on a straight-line basis over the lease term.
2.14.2. The Group as lessor
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance or an operating lease, making an 
overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying 
asset. If this is the case, then the lease is treated as a finance lease, otherwise as an operating lease.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and sub-lease separately, assessing the 
classification of the sub-lease with reference to the right-of-use asset arising from the head lease.
The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term.
2.15. Other investments
Other investments which are in unquoted entities are held at fair value and subject to an annual review. The Group elects on an  
asset-by-asset basis whether fair value movements are recognised in the income statement or directly in equity.
2.16. Inventories
Inventories are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its 
present location and condition. Raw materials, consumables stock and finished goods for sale are stated at purchase cost on a first-in, 
first-out basis. Work in progress and finished goods are stated at the cost of direct materials and labour plus attributable overheads 
allocated on a systematic basis based on a normal level of activity. Net realisable value is based on estimated selling price less the 
estimated costs of completion and sale or disposal.
Notes to the consolidated financial statements continued
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2. Summary of material accounting policies continued
2.17. Financial instruments
2.17.1. Recognition and initial measurement
Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial 
liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.
A financial asset, other than a trade receivable without a significant financing component, or financial liability is initially measured at 
fair value plus transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing 
component is initially measured at the transaction price.
2.17.2. Classification and subsequent measurement
2.17.2.1. Financial assets
On initial recognition, a financial asset is classified as subsequently measured at: amortised cost; at fair value through other 
comprehensive income (FVOCI) – debt investment; FVOCI – equity instrument; or fair value through the profit and loss account (FVTPL).
Financial assets are not re-classified subsequent to their initial recognition unless the Group changes its business model for managing 
financial assets, in which case all affected financial assets are re-classified on the first day of the first reporting period following the 
change in business model.
A financial asset is measured at amortised cost if it is not designated as FVTPL and it is held to collect contractual cash flows with 
contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal 
amount outstanding.
A debt investment is measured at FVOCI if it is not designated as at FVTPL, and it is held with the objective of collecting contractual 
cash flows and selling financial assets with contractual terms that give rise on specified dates to cash flows that are solely payments  
of principal and interest on the principal amount outstanding.
On initial recognition of an equity investment not held for trading, the Group can irrevocably elect, on an investment-by-investment 
basis, to present subsequent changes in the investment’s fair value in OCI.
All financial assets not classified as measured at amortised cost or FVOCI, as described above, including derivative financial 
instruments are measured at fair value through profit and loss.
Financial assets at fair value through profit and loss, including any interest or dividend income, are recognised in the profit and loss.
Financial assets at amortised cost are valued using the effective interest method with the amortised cost reduced by any impairment 
losses, with interest income, foreign exchange gains or losses, impairment and de-recognition gains or losses recognised in the income 
statement. 
Debt investments are measured at fair value with interest income calculated using the effective interest method with any foreign 
exchange gains and losses, or impairments, taken through the profit and loss. Other net gains or losses, and those on de-recognition 
accumulated through the OCI, are re-classified in the income statement.
Equity investments are measured at fair value with dividends recognised through the profit and loss. Other net gains or losses are 
recognised in the OCI and are never re-classified in the income statement.
2.17.2.2. Financial liabilities
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified 
as held for trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair 
value and net gains and losses, including any interest expense, are recognised in the income statement. 
Contingent consideration is considered to be a financial liability measured at FVTPL.
Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense, foreign 
exchange gains and losses, and any gain or loss on de-recognition are recognised in the income statement.
2.17.3. De-recognition
The Group de-recognises a financial asset when the contractual rights to the cash flows from that asset expire, or it transfers the rights  
to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset 
are transferred.
The Group de-recognises a financial liability when its contractual obligations are discharged, cancelled or expire. On de-recognition  
of a financial liability, the difference between the carrying amount extinguished and the consideration paid is recognised in the  
income statement.
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2. Summary of material accounting policies continued
2.17. Financial instruments continued
2.17.4. Derivative financial instruments and hedge accounting
The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Derivatives are initially 
measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally 
recognised in the income statement. The Group designates certain derivatives as hedging instruments to hedge the variability in cash 
flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and 
certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation.
At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking 
the hedge and the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash 
flows of the hedged item and hedging instrument are expected to offset each other.
The appropriate level of hedging is monitored by Group Treasury and the Group Board. As part of this review process the following are 
assessed:
•	 the hedging effectiveness to determine that there is an economic relationship between the hedged item and the hedging instrument;
•	 the hedge ratio; and
•	 that the hedged item and instrument are not intentionally weighted to create hedge ineffectiveness.
Cash flow hedges
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative 
is recognised in OCI and accumulated in the hedging reserve. Any ineffective portion of changes in the fair value of the derivative is 
recognised immediately in the income statement.
The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in 
cash flow hedging relationships.
For all hedged forecast transactions, the amount accumulated in the hedging reserve is re-classified to the income statement in the 
same period or periods during which the hedged expected future cash flows affect profit or loss.
Cash and short-term deposits included in the statement of financial position comprise cash at bank and in hand and short-term deposits 
with an original maturity of three months or less from the original acquisition date. Cash and cash equivalents included in the cash flow 
statement comprise cash and short-term deposits, net of bank overdrafts.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve 
and the cost of hedging reserve are immediately re-classified to the income statement.
Net investment hedges
When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a net 
investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging instrument or,  
for a non-derivative, foreign exchange gains and losses are recognised in OCI and presented in the translation reserve within equity. 
Any ineffective portion of the changes in the fair value of the derivative or foreign exchange gains and losses on the non-derivative 
is recognised immediately in the income statement. The amount recognised in OCI is re-classified to the income statement as a re-
classification adjustment on disposal of the foreign operation.
2.17.5. Expected credit losses
The Group has applied the expected credit loss model to financial assets measured at amortised cost. For trade receivables and 
contract assets, the simplified approach is taken, and a provision is made for the lifetime expected credit losses. For all other in-scope 
financial assets at the balance sheet date either the lifetime expected credit loss, or a 12-month expected credit loss is provided for, 
depending on the Group’s assessment of whether the credit risk associated with the specific asset has increased significantly since 
initial recognition. As the Group’s financial assets are predominantly short term (less than 12 months), the impairment loss recognised  
is not materially different using either approach.
The carrying amounts of financial assets and contract assets represent the maximum credit exposure.
2.18. Treasury shares
Shares issued by the Company which are held by the Company or its subsidiary entities (including the Employee Share Ownership Trust 
(“ESOT”)), are designated as treasury shares. The cost of these shares is deducted from equity. No gains or losses are recognised on 
the purchase, sale, cancellation or issue of treasury shares. Consideration paid or received is recognised directly in equity.
2.19. Alternative performance measures (APMs)
The Group uses various measures to manage its business which are not defined by generally accepted accounting principles (GAAP). 
The Group’s management believes these measures provide valuable additional information to users of the accounts in understanding 
the Group’s performance. The Group’s APM’s are defined and reconciled to GAAP measures in Note 5.
Notes to the consolidated financial statements continued
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James Fisher and Sons plc Annual Report and Accounts 2024

3. Significant accounting judgements, estimates and assumptions
In applying the Group’s accounting policies, which are described in Note 2, the Directors are required to make judgements (other than 
those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the 
carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions 
are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the 
period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the 
revision affects both current and future periods.
3.1. Critical accounting judgements 
3.1.1 Classification of RMSpumptools as continuing operation 
The Directors considered the requirements of the accounting standard and assessed if RMSpumptools represents a separate major line 
of business for the Group. This determination required judgement due to the overall financial contribution of the business to the Group. 
The Directors concluded that based on the business operating as a product line within the wider Energy Division, rather than being a 
major line of business, it was appropriate to include within continuing operations. RMSpumptools generated £24.2m in revenue, and 
£6.8m in profit before tax during the period and consequently the Group’s continuing results would have reduced by this amount had 
RMSpumptools been presented as a discontinued operation.
3.1.2 Termination and extension options on vessel leases
The Group enters into vessel leases that include termination or extension options. In determining the length of the lease (refer to 
note 2.14) the Directors exercise judgement in considering all relevant facts and circumstances that create an economic incentive, in 
order to determine whether it is reasonably certain that the Group will exercise the termination or extension options. In the year the 
Group entered into a four-year vessel lease that includes an early termination option. The Directors have assumed that the termination 
option will be exercised within two years. This is within the Group’s control and there are clear indicators of economic incentives to 
terminate early, including price escalation clauses within the lease and more favourable pricing options available in the market. If it was 
determined that the termination options are not reasonably certain to be exercised then this would result in a material increase in right-
of-use assets and lease liabilities, and the associated income statement expenses. 
3.2. Major sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have 
a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are 
discussed below.
3.2.1. Impairment of goodwill 
Goodwill, which is set out in Note 15, of £64.5m (2023: £78.3m) is tested annually for any impairment in accordance with the accounting 
policy in Note 2.13.1. The value-in-use of the Group’s cash generating units (CGU) requires assumptions about the three-year 
revenue growth rate except for the Renewables CGU where a five-year revenue growth rate has been used, terminal value growth 
rate and discount rate. Inherent uncertainty involved in forecasting and discounting future cash flows is a key area of estimation. The 
carrying value of goodwill is compared to its recoverable amount which represents the higher of its value-in-use and fair value less 
costs of disposal. The assessment also includes sensitivity analysis to identify the range of outcomes and the validity of underlying 
assumptions.
3.2.2. Defined benefit pensions
Pension assumptions are used to determine the amount of defined benefit obligations including future rates of inflation, discount rates 
and mortality of members (see Note 29). Valuation of pension assets is based on fair value which is an estimate, however the fair value 
of pension assets is not considered a major source of estimation uncertainty.
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4. New and amended IFRS standards
4.1. New and amended IFRS standards that are effective for the current year
The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 
1 January 2024 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has 
been issued but is not yet effective. The adoption of these standards has not had a material effect on the financial statements.
Amendments to IAS 7 and IFRS 7
Supplier Finance Arrangements
Amendments to IFRS 16
Lease Liability in a Sale and Leaseback
Amendments to IAS 1
Non-current Liabilities with Covenants
4.2. New and revised IFRS standards that are in issue but not yet effective
At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS standards that 
have been issued but are not yet effective:
Amendments to IAS 21
Lack of Exchangeability
Amendments to IFRS 9 and IFRS 7
Amendments to the Classification and Measurement of  
Financial Instruments
Annual Improvements to IFRS Accounting Standards – Volume 11
IFRS 18
Presentation and Disclosure in Financial Statements
IFRS 19
Subsidiaries Without Public Accountability Disclosures
Amendments to IFRS 10 and IAS 28
Sale or Contribution of Assets between an investor and its 
Associate or Joint Venture
5. Alternative performance measures
The Group uses various measures which are not defined by generally accepted accounting principles (GAAP) under International 
Financial Reporting Standards (IFRS). The alternative performance measures (APMs) should be considered in addition to, and not as a 
substitute for or superior to, the information presented in accordance with IFRS, as APMs may not be directly comparable with similar 
measures used by other companies. 
The Group believes that APMs, when considered together with IFRS results, provide the readers of the financial statements with 
complementary information to better understand and compare the financial performance and position of the Group from period to 
period. The adjustments are usually items that are significant in size and/or non-recurring in nature. These measures are also used by 
management for planning, reporting and performance management purposes. Some of the measures form part of the covenant ratios 
calculation required under the terms of the Group’s borrowings.
As APMs include the benefits of restructuring programmes or use of the acquired intangible assets but exclude certain significant 
costs, such as amortisation of intangible assets, litigation, material restructuring and transaction items, they should not be regarded as 
a complete picture of the Group’s financial performance, which is presented in its IFRS results. The exclusion of adjusting items may 
result in underlying profits/(losses) being materially higher or lower than IFRS earnings.
During the year a review of the measures was undertaken and as a consequence the Interest Cover measure has been updated in line 
with the Group’s new banking facilities signed in September 2024 and is now calculated as the ratio of the rolling 12-month covenant 
interest to covenant earnings before interest, tax, depreciation and amortisation (Covenant EBITDA). Further information on Covenant 
EBITDA can be found in Note 5.2.
The following APMs are referred to in the Annual Report and Accounts and described in the following paragraphs.
5.1. Underlying operating profit
Underlying operating profit is defined as operating profit from continuing operations adjusted for acquisition-related income and 
expense (amortisation or impairment of acquired intangible assets, acquisition expenses, adjustments to contingent consideration),  
the costs of a material restructuring, litigation, asset impairment and profit/loss relating to the sale of businesses or any other significant 
one-off adjustments to income or expenses (adjusting items). 
Underlying operating profit is used as a basis for net debt : EBITDA and interest cover covenant calculations, required under the terms 
of the Group’s borrowings. This APM is also used internally to measure the Group’s performance against previous years and budgets,  
as the adjusting items fluctuate year-on-year and may be unknown at the time of budgeting.
Notes to the consolidated financial statements continued
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5. Alternative performance measures continued
5.1. Underlying operating profit continued
Year ended 31 December 2024
As
 reported 
£m
Impairment 
charges/
(reversals)
£m
Disposal of 
businesses 
and assets
£m
Re-financing
£m
Restructuring
£m
Other/Tax
£m
Underlying 
results
£m
Revenue
437.7
–
–
–
–
–
437.7
Cost of sales
(304.7)
–
–
–
–
–
(304.7)
Gross profit
133.0
–
–
–
–
–
133.0
Administrative expenses
(101.6)
–
(5.4)
–
–
1.0
(106.0)
Impairment charges
(5.2)
5.1
–
–
–
–
(0.1)
Profit on disposal of 
businesses
49.5
–
(49.5)
–
–
–
–
Re-financing costs
(3.5)
–
–
3.5
–
–
–
Restructuring costs
(1.7)
–
–
–
1.7
–
–
Share of post-tax results of 
joint ventures and associates
2.6
–
–
–
–
–
2.6
Operating profit
73.1
5.1
(54.9)
3.5
1.7
1.0
29.5
Investment income
2.8
–
–
–
–
–
2.8
Finance expense
(21.2)
–
–
–
–
0.8
(20.4)
Net unrealised foreign 
exchange on lease liabilities
(0.7)
–
–
–
–
0.7
–
Profit before taxation
54.0
5.1
(54.9)
3.5
1.7
2.5
11.9
Tax expense
(7.6)
0.1
0.1
–
(0.1)
1.1
(6.4)
Profit for the year
46.4
5.2
(54.8)
3.5
1.6
3.6
5.5
Operating margin (%)
16.7%
6.7%
Segmental underlying operating profit is calculated as follows:
Energy
74.8
2.8
(52.6)
–
0.4
(0.6)
24.8
Defence
2.0
0.1
–
–
0.3
(0.5)
1.9
Maritime Transport
17.2
2.2
(3.5)
–
0.2
(1.0)
15.1
Corporate
(20.9)
–
1.2
3.5
0.8
3.1
(12.3)
Continuing operations
73.1
5.1
(54.9)
3.5
1.7
1.0
29.5
All results in the current year are from continuing operations.
The underlying results include £3.5m of operating profit from the sale of life-of-field rental-related assets which occurred in the 
ordinary course of business.
During the year ended 31 December 2024, adjusting items in arriving at the underlying results were in relation to:
•	 Impairment charges/(reversals) – the £5.1m net impairment charge in 2024 comprises a £3.2m goodwill impairment related to our 
Inspection, Repair and Maintenance business (see Note 15), a £1.4m impairment relating to two joint ventures within the Maritime 
Transport Division (see Note 18), £0.9m impairment in a South African joint venture within our Maritime Transport Division (see Note 
18) and £0.2m impairment of assets within the Scantech Norway business in the Energy Division (see Note 16). This is partially offset 
by an impairment reversal of £0.7m following the successful recovery of previously impaired receivables from a closed business.
•	 Re-financing – costs associated with re-financing activities and completion of various requirements and conditions of the June 2023 
Revolving Credit Facility (RCF) primarily related to legal and advisory costs.
•	 Restructuring – costs related to the Group’s multi-year transformation programme expected to be completed in 2027 which focuses 
on simplification, rationalisation and business integration. These cost primarily consist of redundancy-related expenses.
•	 Disposal of businesses and assets – mainly comprises a £49.5m gain on disposal of businesses (see Note 33) and the sale of the 
remaining assets of the closed Subtech Europe business.
•	 Other – includes £0.3m amortisation of acquired intangibles (see Note 15) and legal and professional fees that are non-recurring and 
outside the normal course of business.
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5. Alternative performance measures continued
5.1. Underlying operating profit continued
Year ended 31 December 2023
As 
reported
£m
Impairment 
charges/
(reversals)
£m
Disposal of 
businesses 
and assets
£m
Re-financing
£m
Restructuring
£m
Other/Tax
£m
Underlying 
results
£m
Continuing operations
Revenue
496.2
–
–
–
–
–
496.2
Cost of sales
(360.3)
–
(1.8)
–
–
–
(362.1)
Gross profit
135.9
–
(1.8)
–
–
–
134.1
Administrative expenses
(109.6)
–
0.1
–
–
3.9
(105.6)
Impairment charges
(28.4)
28.1
–
–
–
–
(0.3)
Re-financing costs
(12.2)
–
–
12.2
–
–
–
Restructuring costs
(5.7)
–
–
–
5.7
–
–
Share of post-tax results of 
joint ventures and associates
1.4
–
–
–
–
–
1.4
Operating (loss)/profit
(18.6)
28.1
(1.7)
12.2
5.7
3.9
29.6
Investment income
3.2
–
–
–
–
–
3.2
Finance expense
(24.5)
–
–
–
–
–
(24.5)
(Loss)/profit before taxation
(39.9)
28.1
(1.7)
12.2
5.7
3.9
8.3
Tax expense
(11.0)
–
–
–
–
5.0
(6.0)
(Loss)/profit for the year from 
continuing operations
(50.9)
28.1
(1.7)
12.2
5.7
8.9
2.3
Loss for the year from 
discontinued operations, net 
of tax
(11.4)
–
–
–
–
–
(11.4)
Loss for the year
(62.3)
28.1
(1.7)
12.2
5.7
8.9
(9.1)
Operating margin (%)
(3.7)%
6.0%
Segmental underlying operating profit is calculated as follows:
Energy
9.5
2.1
(0.4)
–
3.6
0.9
15.7
Defence
(23.7)
24.7
–
–
0.5
–
1.5
Maritime Transport
21.7
1.3
(1.4)
–
1.5
0.2
23.3
Corporate
(26.1)
–
0.1
12.2
0.1
2.8
(10.9)
Continuing operations
(18.6)
28.1
(1.7)
12.2
5.7
3.9
29.6
During the year ended 31 December 2023, adjusting items in arriving at the underlying results were in relation to:
•	 Impairment charges/(reversals) – the impairment charges/(reversals) relate to goodwill, right-of-use vessels, tangible assets and 
investments (see Notes 15, 16, 17 and 18) and impairment of trade and other receivables (see Notes 8 and 32).
•	 Re-financing – costs associated re-financing activities, obtaining a waiver from the Group’s lenders and completion of various 
requirements and conditions of the Revolving Credit Facility (RCF) primarily related to legal and advisory costs.
•	 Restructuring – costs related to the multi-year transformation programme expected to be completed in 2027 aimed at simplification, 
rationalisation and integration of the Group’s businesses across all Divisions including £3.0m in relation to the closure of the Subtech 
Europe business in the Energy Division.
•	 Disposal of businesses and assets – mainly comprises a £1.4m property, plant and equipment disposal gain arising on the disposal 
of a vessel in the Maritime Transport Division.
•	 Other – includes £1.1m amortisation of acquired intangibles (see Note 15) and £2.2m past service costs recognised for the MNRPF 
scheme as part of the review of the Fund’s administrative and benefit practices carried out by the Fund’s lawyers (see Note 29).
•	 Tax – includes £4.7m in relation to the de-recognition of the brought forward net UK deferred tax asset as at 31 December 2022  
(see Note 28).
Notes to the consolidated financial statements continued
154
James Fisher and Sons plc Annual Report and Accounts 2024

5. Alternative performance measures continued
5.2. Covenant EBITDA 
Covenant EBITDA is calculated in line with the Group’s banking covenants effective from 1 October 2024. It is defined as the rolling 
12-month continuing operations underlying operating profit before interest, tax, depreciation and amortisation on a pre-IFRS 16 basis 
excluding the EBITDA of businesses disposed of during the year. The IFRS 16 adjustment is calculated as a difference between right-of-
use asset depreciation and lease payments for leases that would have been classified as operating leases under IAS 17. The numbers 
below are presented on a rolling 12-month basis for both years. There were no businesses disposed of in 2023 which were classified as 
continuing operations and therefore no change to the 2023 comparative to the amounts reported in the 2023 financial statements.
2024
£m
2023
£m
Underlying operating profit (Note 5.1)
29.5
29.6
Amortisation of intangible assets (Note 15)
1.1
2.9
Depreciation of tangible assets (Note 16)
19.8
22.0
Depreciation of right-of-use assets (Note 17)
19.6
16.3
Amortisation of acquired intangibles (Note 15)
(0.3)
(1.1)
EBITDA
69.7
69.7
IFRS 16 impact removed
(18.7)
(15.3)
Covenant EBITDA for interest cover
51.0
54.4
EBITDA less IFRS 16 impact of businesses disposed in the year
(7.1)
–
Covenant EBITDA for leverage
43.9
54.4
5.3. Leverage (Net debt - covenant basis : EBITDA)
Leverage, also known as Net debt - covenant basis : EBITDA is calculated in line with the Group’s banking covenants. It is defined as 
Net debt - covenant basis divided by Covenant EBITDA. Net debt is net borrowings as set out in Note 26 excluding the IFRS 9 amortised 
cost adjustment and right-of-use operating leases, which are the leases which would have been classified as operating leases under 
IAS 17. Net debt - covenant basis is defined as net debt plus guarantees and collateral deposits. Guarantees are those issued by a bank 
or financial institution to compensate a stakeholder in the event of a Group company not fulfilling its obligations in the ordinary course of 
business in relation to either advance payments or trade debtors.
2024
£m
2023
£m
Net borrowings (Note 26)
108.0
201.1
Deduct:
Lease liabilities under IFRS 16 (Note 17)
(54.4)
(61.2)
IFRS 9 amortised cost adjustment
0.7
–
(53.7)
(61.2)
Add:
Lease liabilities under IAS 17
1.8
4.3
Guarantees and collateral deposits
4.9
5.6
6.7
9.9
Net debt - covenant basis
61.0
149.8
Covenant EBITDA (Note 5.2)
43.9
54.4
Leverage
1.4
2.8
Covenant EBITDA and leverage for 2024 would have been £51.0m and 1.2x under the previous banking covenant methodology, which 
included EBITDA from in-year disposals.
155
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5. Alternative performance measures continued
5.4. Return on Capital Employed (ROCE)
Capital employed is defined as net assets less right-of-use assets plus net borrowings. Average capital employed is adjusted for the 
timing of businesses acquired and after adding back cumulative amortisation of customer relationships. Segmental ROCE is defined as 
the rolling 12-month underlying operating profit from continuing activities, divided by average capital employed. Group ROCE is defined 
as the rolling 12-month underlying operating profit, less notional tax, calculated by multiplying the underlying effective tax rate by the 
underlying operating profit, divided by average capital employed, as calculated below. Group ROCE is a KPI that is used internally and 
externally and forms part of performance conditions under the Group’s Long-Term Incentive Plan. 
2024
£m
2023
£m
Net assets
190.3
148.6
Right-of-use assets (Note 17)
(60.0)
(67.4)
Net borrowings (Note 26)
108.0
201.1
Capital employed
238.3
282.3
Amortisation of customer relationships (Note 15)
0.3
1.0
Capital employed
238.6
283.3
Underlying operating profit (Note 5.1)
29.5
29.6
Notional tax at the underlying effective tax rate of 27.6% (2023: 29.0%)
(8.1)
(8.6)
Underlying operating profit after notional tax
21.4
21.0
Average capital employed
261.0
318.4
Return on capital employed
8.2%
6.6%
Notes to the consolidated financial statements continued
156
James Fisher and Sons plc Annual Report and Accounts 2024

5. Alternative performance measures continued
5.4. Return on Capital Employed (ROCE) continued
The three divisional ROCEs are detailed below:
Year ended 31 December 2024
Energy
£m
Defence
£m
Maritime 
Transport
£m
Net assets (Note 6)
122.8
55.6
65.6
Right-of-use assets
(12.6)
(5.3)
(41.6)
Net borrowings
12.3
5.8
35.7
Capital employed
122.5
56.1
59.7
Amortisation of customer relationships
0.3
–
–
122.8
56.1
59.7
Underlying operating profit (Note 6)
24.8
1.9
15.1
Average capital employed
141.0
53.9
67.5
Return on capital employed
17.6%
3.5%
22.4%
Year ended 31 December 2023
Energy
£m
Defence
£m
Maritime 
Transport
£m
Net assets (Note 6)
156.6
51.6
83.8
Right-of-use assets
(14.3)
(3.8)
(48.7)
Net borrowings
16.4
3.9
39.7
Capital employed
158.7
51.7
74.8
Amortisation of customer relationships
0.5
–
0.4
159.2
51.7
75.2
Underlying operating profit (Note 6)
15.7
1.5
23.3
Average capital employed
168.4
68.5
77.1
Return on capital employed
9.3%
2.1%
30.3%
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Financial Statements

5. Alternative performance measures continued
5.5. Interest cover
Interest cover is calculated in line with the Group’s banking covenants from 1 October 2024 under the Group’s new facilities. The 
numbers below are presented on a full year basis but the December 2024 actual banking covenant is calculated from the start of the 
new facility in September 2024. It is defined as a ratio of rolling 12-month continuing operations EBITDA to rolling 12-month covenant 
interest. Covenant interest is defined as interest payable on bank loans and overdrafts, other interest payable, and interest payable on 
leases classified as finance leases under IAS 17 less interest receivable on short-term deposits, all from continuing operations.
2024
£m
2023
£m
Net finance expense (Note 10)
(19.1)
(21.3)
Add back:
Amortisation of loan arrangement fees (Note 10)
2.5
4.4
Net unrealised foreign exchange on lease liabilities (Note 10)
0.7
–
Interest payable on pre-IFRS 16 operating leases
4.3
3.9
Remeasurement of borrowings
0.8
–
Other interest expense
–
(0.1)
8.3
8.2
Deduct:
Interest receivable from joint ventures (Note 10)
(0.2)
–
IAS 19 pension interest receivable (Note 10)
(0.3)
(0.3)
(0.5)
(0.3)
Covenant interest
(11.3)
(13.4)
EBITDA (Note 5.2)
51.0
54.4
Interest cover
4.5
4.1
The actual covenant interest cover under the new facilities for the period from the start of the new facility to 31 December 2024 is 9.6x.
5.6. Underlying earnings per share (EPS)
Underlying earnings per share (EPS) is calculated as underlying profit before tax from continuing activities, less income tax, but 
excluding the tax impact on adjusting items and adjusting for corporate interest restriction tax disallowance, less profit attributable to 
non-controlling interests, divided by the weighted average number of ordinary shares in issue during the year. Underlying earnings per 
share is a performance condition used for the Long-Term Incentive Plan.
2024
£m
2023
£m
Profit/(loss) attributable to owners of the Company
46.3
(51.0)
Adjusting items (Note 5.1)
(42.1)
48.2
Tax on adjusting items (Note 5.1)
1.2
5.0
Corporate interest restriction tax disallowance
3.1
3.6
Underlying profit attributable to owners of the Company
8.5
5.8
Basic weighted average number of shares (Note 14)
50,364,912
50,358,388
Diluted weighted average number of shares (Note 14)
51,640,361
50,634,837
Underlying basic earnings per share
16.9
11.4
Underlying diluted earnings per share
16.5
11.4
 
Notes to the consolidated financial statements continued
158
James Fisher and Sons plc Annual Report and Accounts 2024

6. Segmental information
The Group has three operating segments reviewed by the Board: Energy, Defence and Maritime Transport. The Divisions’ principal 
activities are set out in the Strategic report on pages 18 to 79. Energy and Defence are differentiated by markets and industries which 
they serve. The Maritime Transport Division is differentiated by the services which it provides.
The three operating segments consist of multiple product lines, which are grouped into their respective reported segments based on 
the services they provide. The Energy Division provides services to the energy and renewables markets including compressor services 
in Oil and Gas markets and bubble curtains for Offshore Wind, Inspection Repair and Maintenance, Commissioning, Cable & Blade 
maintenance and support into Renewables and Subsea & De-commissioning Services. The main business lines within Defence are 
Submarine Rescue, Defence Diving, Special Forces Vehicles, Submarine Platforms, and Commercial Diving and Hyperbaric Systems. 
The Maritime Transport Division comprise the Tankship business, Cattedown Wharves and Fendercare. 
The Board assesses the performance of the segments based on underlying operating profit, underlying operating margin and return on 
capital employed. It considers that this information is the most relevant in evaluating the performance of its segments relative to other 
entities which operate in similar markets. Inter-segmental sales are made using prices determined on an arm’s length basis. Sector 
assets exclude cash and cash equivalents, retirement benefit surpluses and corporate assets that cannot reasonably be allocated to 
operating segments. Sector liabilities exclude borrowings, retirement benefit obligations and corporate liabilities that cannot reasonably 
be allocated to operating segments.
Year ended 31 December 2024
Energy
£m
Defence
£m
Maritime 
Transport
£m
Corporate
£m
Continuing 
operations 
total
£m
Segmental revenue
207.7
80.1
150.1
–
437.9
Inter-segmental sales
(0.2)
–
–
–
(0.2)
Revenue
207.5
80.1
150.1
–
437.7
Share of post-tax results of joint ventures and associates
0.1
1.5
1.0
–
2.6
Underlying operating profit/(loss)
24.8
1.9
15.1
(12.3)
29.5
Adjusting items (Note 5.1)
50.0
0.1
2.1
(8.6)
43.6
Operating profit/(loss)
74.8
2.0
17.2
(20.9)
73.1
Investment income
2.8
Finance expense
(21.2)
Net unrealised foreign exchange on lease liabilities
(0.7)
Profit before taxation
54.0
Tax expense
(7.6)
Profit for the year
46.4
Assets and liabilities
Segmental assets
185.3
81.9
132.0
106.2
505.4
Investment in joint ventures and associates
1.8
4.1
–
–
5.9
Total assets
187.1
86.0
132.0
106.2
511.3
Segmental liabilities
(64.3)
(30.4)
(66.4)
(159.9)
(321.0)
Net assets/(liabilities)
122.8
55.6
65.6
(53.7)
190.3
Other segmental information
Capital expenditure*
16.2
9.0
19.0
0.7
44.9
Depreciation and amortisation
13.9
5.1
21.3
0.2
40.5
*	 Capital expenditure relates to additions within other intangible assets, property, plant and equipment and right-of-use assets, of which details can be found in Notes 15, 16 and 17.
159
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Financial Statements

6. Segmental information continued
Year ended 31 December 2023
Energy
£m
Defence
£m
Maritime 
Transport
£m
Corporate
£m
Continuing 
operations 
total
£m
Segmental revenue
266.5
72.6
157.2
–
496.3
Inter-segmental sales
–
(0.1)
–
–
(0.1)
Revenue
266.5
72.5
157.2
–
496.2
Share of post-tax results of joint ventures and associates
0.1
0.4
0.9
–
1.4
Underlying operating profit/(loss)
15.7
1.5
23.3
(10.9)
29.6
Adjusting items (Note 5.1)
(6.2)
(25.2)
(1.6)
(15.2)
(48.2)
Operating profit/(loss)
9.5
(23.7)
21.7
(26.1)
(18.6)
Investment income
3.2
Finance expense
(24.5)
Loss before taxation
(39.9)
Tax expense
(11.0)
Loss for the year
(50.9)
Assets and liabilities
Segmental assets
226.8
80.0
154.5
88.5
549.8
Investment in joint ventures and associates
2.6
3.3
2.5
–
8.4
Total assets
229.4
83.3
157.0
88.5
558.2
Segmental liabilities
(72.8)
(31.7)
(73.2)
(231.9)
(409.6)
Net assets/(liabilities)
156.6
51.6
83.8
(143.4)
148.6
Other segmental information
Capital expenditure*
28.7
6.3
27.9
0.1
63.0
Depreciation and amortisation
17.4
4.2
19.3
0.4
41.3
*	 Capital expenditure relates to additions within other intangible assets, property, plant and equipment and right-of-use assets, of which details can be found in Notes 15, 16 and 17.
Notes to the consolidated financial statements continued
160
James Fisher and Sons plc Annual Report and Accounts 2024

7. Revenue
7.1. Products and services
The table below outlines the Group’s principal products and services by Division, along with details on performance obligations and 
revenue recognition. Revenue is recognised by the Group as contractual performance obligations to customers are completed.
Division
Principal products and services
Performance 
obligations
Revenue recognition
Energy
Products
Artificial lift special completion technology and  
software (this product line was disposed during  
the year)
Point in time 
Over time
•	 On despatch or delivery, depending on contract terms
•	 Customer acceptance of project milestones
•	 Based on right of use / right of access
•	 Based on stage of completion, input measure 
based on costs incurred as a proportion of total 
expected costs or straight-line over licence term
Services
Blade repairs, high voltage cable laying, well testing,  
hire of air compressors, steam generators, heat 
suppression equipment (including personnel)
Over time
•	 Acceptance from customer
•	 Customer approved timesheets
•	 Time based monthly billing
•	 Stage of completion, input/output measure 
based on costs incurred as a proportion of 
total costs / achievement of key performance 
indicators (KPIs) or milestones
Specialist subsea services, site preparation asset 
management, offshore wind control room services, 
inspection, repair, and maintenance services, 
engineering and design solutions, production, 
installation, and commissioning services, nanobubble 
oxygenation service, full project support for offshore 
and subsea operations, decommissioning services
Point in time
•	 Acceptance from customer
•	 Stage of completion based on project milestones
Construction Contracts 
Marine civils, engineering projects to support 
offshore wind and oil and gas
 
Over time
•	 Stage of completion input/output measure based 
on costs incurred as a proportion of total costs/
achievement of KPIs or milestones 
Defence
Products
General diving equipment, spares, breathing 
machines, and subsea equipment for commercial and 
defence applications
Point in time
•	 On despatch or delivery, depending on contract 
terms
Services
Submarine rescue services (ad hoc tasks), Military 
diving equipment servicing (taskings)
Submarine rescue services, Military diving equipment 
servicing (core – in service support)
Submarine rescue services (training exercises/ 
mid-life refits)
Point in time 
Over time 
Over time
•	 Acceptance from customer
•	 Completion of test
•	 Output basis / achievement of key performance 
indicators (KPIs)
•	 Stage of completion, input measure based on costs 
incurred as a proportion of total expected costs
Construction contracts  
Dive support vessels, submarine platform equipment, 
components and assemblies, tactical diving 
vehicles and carrier seals (subsea/surface craft) and 
recompression chambers
 
Over time
•	 Stage of completion output measure based on 
specific milestones in process
Maritime 
Transport
Products
Fenders, safety, and monitoring equipment
Point in time
•	 On despatch or delivery, depending on contract 
terms
Services
Transport, storage of chemicals and petroleum,  
ship-to-ship transfer and port services
Over time
•	 Stage of completion output measure based 
on specific milestones in process
•	 Vessel tendering notice of readiness to enter the port
161
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Governance
Financial Statements

7. Revenue continued
7.2. Revenue from external customers by point-in-time and over-time performance obligations
Year ended 31 December 2024
Energy 
£m
Defence
£m
Maritime 
Transport
£m
Continuing 
operations 
total
£m
Revenue recognised at a point-in-time
53.0
34.7
33.1
120.8
Revenue recognised over-time
154.5
45.4
117.0
316.9
Revenue
207.5
80.1
150.1
437.7
Year ended 31 December 2023
Energy 
£m
Defence
£m
Maritime
Transport
£m
Continuing
operations 
total
£m
Revenue recognised at a point-in-time
195.4
52.4
35.3
283.1
Revenue recognised over-time
71.1
20.1
121.9
213.1
Revenue
266.5
72.5
157.2
496.2
7.3. Revenue from external customers by products and services
Year ended 31 December 2024
Energy 
£m
Defence
£m
Maritime 
Transport
£m
Continuing 
operations 
total
£m
Products
29.0
20.4
33.1
82.5
Services
141.1
55.8
117.0
313.9
Construction contracts
37.4
3.9
–
41.3
Revenue
207.5
80.1
150.1
437.7
Year ended 31 December 2023
Energy 
£m
Defence
£m
Maritime
Transport
£m
Continuing
operations 
total
£m
Products
53.5
20.9
35.3
109.7
Services
201.9
47.7
121.9
371.5
Construction contracts
11.1
3.9
–
15.0
Revenue
266.5
72.5
157.2
496.2
Within the Energy Division, there are specific maintenance contracts which include variable consideration related to performance-
based achievements over a number of years. Reflecting on the contract terms, the susceptibility of factors outside of the entity’s 
control that would impact the consideration, and the limited experience history management has on these specific maintenance 
contracts, management have concluded that the variable consideration should be constrained. On this basis none of the £5.0m variable 
consideration within these contracts has been recognised in the period, otherwise there is a risk of subsequent reversal when the 
uncertainty is subsequently resolved.
Notes to the consolidated financial statements continued
162
James Fisher and Sons plc Annual Report and Accounts 2024

7. Revenue continued
7.4. Geographical analysis of revenue from external customers and non-current assets
Geographical revenue is determined by the location in which the product or service is provided. Where customers receive the product 
or service in one geographical location for use or shipment to another, it is not practicable for the Group to identify this, and the revenue 
is attributed to the location of the initial shipment. The geographical allocation of segmental assets and liabilities is determined by the 
location of the attributable business unit.
Revenue
Non-current assets
2024
£m
2023
£m
2024
£m
2023
£m
United Kingdom
129.4
157.5
188.2
204.2
Europe
52.4
66.1
36.5
41.2
Middle East, Africa and Americas
172.5
180.1
26.8
27.5
Asia-Pacific
83.4
92.5
20.4
22.4
Total
437.7
496.2
271.9
295.3
7.5. Major customers
No single customer generates revenue greater than 10% of the consolidated revenue.
7.6. Unsatisfied performance obligations
At 31 December 2024, for contracts that had an original expected duration of more than one year, the Group had unsatisfied 
performance obligations of £297.8m (2023: £315.1m), representing contractually committed revenue to be recognised at a future date. 
Of this amount, £72.2m (2023: £78.0m) is expected to be recognised within one year and £225.6m (2023: £237.1m) is expected to be 
recognised after one year.
8. Operating profit/(loss)
Operating profit/(loss) from continuing operations is arrived at after charging/(crediting):
Note
2024
£m
2023
£m
Amortisation of intangible assets
15
1.1
2.9
Depreciation of property, plant and equipment
16
19.8
22.0
Depreciation of right-of-use assets
17
19.6
16.3
Impairment charges/(reversals):
  Goodwill
15
3.2
28.0
  Intangible assets
15
0.2
1.9
  Property, plant and equipment
16
0.2
0.5
  Right-of-use assets
17
–
(1.9)
  Investment in joint ventures
18
2.2
(0.3)
  Trade and other receivables
(0.6)
0.3
Staff cost
9
122.6
125.3
Gain on disposal of property plant and equipment
13.0
2.5
Gain on disposal of businesses, net of disposal costs
33
49.5
–
Included within the loss from discontinued operations in the prior year is a loss on disposal of businesses of £2.1m relating to the sale of 
James Fisher Nuclear Holdings Limited.
The total remuneration of the Group’s auditor, KPMG LLP, for services provided to the Group is analysed below:
2024
£m
2023
£m
Audit of the financial statements of the Parent Company
1.2
1.2
Audit-related assurance services (half-year review)
0.2
0.2
Local statutory audits of subsidiaries
2.5
2.5
Other non-audit services
0.9
–
Total fees payable to Group auditor
4.8
3.9
163
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Overview
Governance
Financial Statements

8. Operating profit/(loss) continued
Included in the £4.8m above is £0.6m in relation to the prior year audit which was billed subsequent to the completion of the audit. The 
total remuneration of the Group’s auditor for the audit in relation to the year ended 31 December 2024 was £3.4m (2023: £3.7m). Other 
non-audit services comprise services associated with the disposal of the RMSpumptools business, some of which were required by 
regulatory requirements. The work performed did not result in any material judgements in the financial statements.
9. Group employee costs
9.1. Staff costs
2024
£m
2023
£m
Wages and salaries
103.7
107.4
Social security costs
12.2
11.9
Pension costs
4.9
5.0
Share-based payments expense (Note 30)
1.8
1.0
122.6
125.3
The total staff costs which were capitalised during the year amounted to £1.1m (2023: £1.6m).
The actual number of employees, including Executive Directors, employed by the Group was 1,899 at 31 December 2024 (2023: 2,041).
The average number of employees, including Executive Directors, employed by the Group is detailed below by function:
2024
Number
2023
Number
Production and Engineering
1,054
1,189
Sales
88
153
Administration
706
763
Seafarers
25
24
1,873
2,129
9.2. Executive Director’s remuneration
2024
£m
2023
£m
Short-term remuneration
1.2
0.9
Pension costs
0.1
0.1
Share-based payments expense
0.4
0.4
Gains under the exercise of share options
0.2
0.1
	
	
2024
Number
2023
Number
Directors accruing retirement benefits
2
2
Further details on Directors’ remuneration and their interest in shares of the Company are set out in the Directors’ remuneration report 
on pages 102 to 118.
9.3. Remuneration of key management personnel
Key management personnel include the Executive Directors of the Company and other senior members of the management team.
2024
£m
2023
£m
Short-term employee benefits
3.8
2.8
Share-based payments expense
0.9
0.5
4.7
3.3
Notes to the consolidated financial statements continued
164
James Fisher and Sons plc Annual Report and Accounts 2024

10. Investment income and financing costs
Investment income and financing costs for continuing operations comprise:
2024
£m
2023
£m
Interest receivable on short-term deposits
2.3
2.9
Interest receivable from joint ventures
0.2
–
Net interest receivable on pension obligations
0.3
0.3
Investment income
2.8
3.2
Interest payable on bank loans and overdrafts
(13.6) 
(15.8) 
Loan arrangement and other financing fees
(2.5) 
(4.4) 
Remeasurement of borrowings
(0.8) 
–
Interest payable on lease liabilities
(4.3) 
(4.0) 
Other
–
(0.3) 
Total finance expense
(21.2) 
(24.5) 
Net finance expense excluding foreign exchange
(18.4) 
(21.3) 
Net unrealised foreign exchange on lease liabilities
(0.7)
–
Net finance expense
(19.1) 
(21.3) 
11. Income taxes
11.1. Amounts recognised in the income statement
2024
£m
2023
£m
Current tax (charge)/credit:
UK corporation tax
(0.3)
(0.1)
Overseas tax
(7.4)
(9.0)
Adjustments in respect of prior years:
UK corporation tax
0.7
-
Overseas tax
(0.1)
0.1
(7.1)
(9.0)
Deferred tax (charge)/credit:
Origination and reversal of temporary differences:
UK corporation tax
(0.1)
1.9
Overseas tax
1.0
1.0
Derecognition of deferred tax assets:
UK corporation tax
–
(4.7)
Overseas tax
(1.4)
-
Adjustments in respect of prior years:
UK corporation tax
–
(0.3)
Overseas tax
–
0.1
(0.5)
(2.0)
Tax expense on continuing operations
(7.6)
(11.0)
Also included in the income statement is:
•	 a tax charge from discontinued operations of £nil (2023: £1.0m) included within loss for the year from discontinued operations,  
net of tax
•	 a tax charge of £0.2m (2023: £0.2m) included within share of post-tax results of joint ventures and associates.
165
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Overview
Governance
Financial Statements

11. Income taxes continued
11.2. Reconciliation of effective tax charge
The Group falls under the UK tonnage tax regime on its tanker owning and operating activities and a charge is based on the net tonnage 
of vessels operated. Profits and losses for these activities are not subject to UK corporation tax. The tax on the Group’s profit before tax 
differs from the theoretical amount that would arise using the rate applicable under UK corporation tax rules as follows:
Continuing operations
2024
£m
20231
£m
Profit/(loss) before taxation
54.0
(39.9)
Tax arising from interests in joint ventures and associates
0.2
0.2
54.2
(39.7)
Tax (charge)/credit at 25.0% (2023: 23.5%)
(13.6)
9.3
Effects of:
  Tonnage tax expense on vessel activities
1.3
1.5
  Expenses not deductible for tax purposes
(28.4)
(7.7)
  Adjustments in respect of prior years
0.6
(0.1)
  Overseas tax rates 
(0.1)
(1.1)
  Irrecoverable withholding tax 
(0.9)
(0.9)
  Share of profits of joint ventures and associates
0.5
0.3
  Non-taxable income 
38.5
–
  Impact of change of rate
–
1.0
  Derecognition of previously recognised prior year losses
(1.4)
(4.7)
  Losses and other temporary differences not recognised
(4.2)
(8.8)
Tax expense2
(7.7)
(11.2)
1 During the year, the Directors agreed to change the presentation of the reconciliation of the effective tax rate in order to provide the reader with supplemental data. As a result, 
(£0.9m) of irrecoverable withholding tax and (£0.5m) of profits of joint ventures and associates have been separately disclosed. Historically, these reconciling items have been 
included within the reconciliation in the Overseas tax rates line. There is no impact to the overall tax reconciliation as a result of these changes.
2 Total tax expense comprises tax expense from continuing operations of £7.6m (2023: 11.0m) and tax expense recognised on share of profits from joint ventures and associates of 
£0.2m (2023: £0.2m).
Expenses not deductible for tax purposes relate mainly to non-recurring items such as goodwill impairments, costs associated with 
business disposals, and losses made on business disposals. Non-taxable income relates mainly to proceeds upon business disposals 
that occurred during the year. 
Further details on the movements in deferred tax can be found in Note 28.
The effective rate on the profit/(loss) before tax from continuing operations is 13.9% (2023: (27.6)%). The effective income tax rate 
on the underlying profit before tax is 27.6% (2023: 29.0%), adjusted for a £3.1m (2023: £3.6m) Corporate Interest Restriction (CIR) 
disallowance (due to exceptionally high interest costs causing a distortion on the tax rate) which has no bearing on the operational 
performance of the Group. Underlying profit before taxation is included in Note 5.1. Overprovision in previous years arose due to the 
timing in which certain transactions have been accounted for, rather than any correction.
11.3. Pillar Two
In line with the recent enactment of the Pillar Two income taxes legislation in the UK, which came into effect on 1 January 2024,  
the Group has assessed its impact. The Group’s revenue is below the €750m threshold and therefore is not within the scope  
of the legislation. 
Notes to the consolidated financial statements continued
166
James Fisher and Sons plc Annual Report and Accounts 2024

11. Income taxes continued
11.4. Amounts recognised within other comprehensive income/(expense)
2024
£m
2023
£m
Current tax
Foreign exchange losses on internal loans
(0.1)
(0.1)
Contributions to defined benefit pension schemes
0.3
0.2
0.2
0.1
Deferred tax
Items that will not subsequently be reclassified to the income statement:
Actuarial gain on defined benefit pension schemes 
(0.2)
(0.5)
(0.2)
(0.5)
Items that may subsequently be reclassified to the income statement:
Fair value movements on cash flow hedges
0.6
(0.2)
0.6
(0.2)
0.4
(0.7)
Total tax on items credited/(charged) to other comprehensive income/(expense)
0.6
(0.6)
12. Discontinued operations
On 6 March 2023, the Group announced that the entire share capital of James Fisher Nuclear Holdings Limited and related properties 
(JFN) was sold to Myneration Limited, a wholly-owned investment vehicle of Rcapital Partners LLP for consideration of £3. The Group 
has retained certain Parent Company guarantees which historically were given to support the obligations of JFN.
No businesses have been presented as discontinued in 2024.
Discontinued operations
2023
£m
Revenue
6.8
Inter-segmental sales
(0.1)
6.7
Expenses
(17.1)
Loss before taxation
(10.4)
Tax expense
(1.0)
Loss for the year from discontinued operations
(11.4)
Attributable to:
Owners of the Company
(11.4)
Non-controlling interests
–
(11.4)
 
Cash flows used in discontinued operations
2023
£m
Net cash from operating activities
(0.4)
Net cash from investing activities
–
Net cash from financing activities
–
Net cash flows for the year
(0.4)
167
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Financial Statements

13. Dividends paid and proposed
There were no dividends paid or proposed in either 2024 or 2023.
14. Earnings per share
Basic earnings per share is calculated by dividing the profit/(loss) attributable to shareholders by the weighted average number of 
ordinary shares in issue during the year, after excluding 44,760 (2023: 12,519) ordinary shares held by the James Fisher and Sons plc 
Employee Share Ownership Trust (ESOT) as treasury shares. Diluted earnings per share are calculated by dividing the profit/(loss) 
attributable to shareholders by the weighted average number of ordinary shares that would be issued on conversion of all the dilutive 
potential ordinary shares (options) into ordinary shares.
At 31 December 2023, 2,649,876 were excluded from the diluted weighted average number of ordinary shares calculation as their 
effect would be anti-dilutive. The average market value of the Company’s shares for purposes of calculating the dilutive effect of share 
options was based on quoted market prices for the period during which the options were outstanding.
The calculation of the basic and diluted earnings per share is based on the following data:
2024
£m
2023
£m
Profit/(loss) after tax attributable to shareholders
46.3
(62.4)
Weighted average number of shares
2024
Number of 
shares
2023
Number of 
shares
Basic weighted average number of shares
50,364,912
50,358,388
Potential exercise of options
1,275,449
–
Diluted weighted average number of shares
51,640,361
50,358,388
Earnings per share
pence
pence
Basic earnings per share 
92.0
(123.9)
Diluted earnings per share 
89.7
(123.9)
Earnings per share – continuing operations
pence
pence
Basic earnings per share 
92.0
(101.2)
Diluted earnings per share 
89.7
(101.2)
Earnings per share – discontinued operations
pence
pence
Basic and diluted earnings per share 
–
(22.7)
Notes to the consolidated financial statements continued
168
James Fisher and Sons plc Annual Report and Accounts 2024

15. Goodwill and other intangible assets
Other intangible assets
Total 
goodwill 
and other 
intangible 
assets 
£m
Goodwill 
£m
Customer 
relationships
£m
Intellectual 
property
£m
Development 
costs
£m
Total other 
intangible 
assets
£m
Cost
At 1 January 2023
165.2
17.8
10.5
23.7
52.0
217.2
Additions
–
–
–
1.7
1.7
1.7
Disposals
(8.1)
(0.1)
(0.7)
–
(0.8)
(8.9)
Re-classified to assets held for sale
(8.4)
–
–
–
–
(8.4)
Re-classified from property, plant and 
equipment
–
–
–
1.1
1.1
1.1
Foreign exchange differences
(2.4)
–
(0.3)
–
(0.3)
(2.7)
At 31 December 2023
146.3
17.7
9.5
26.5
53.7
200.0
Additions
–
–
–
2.4
2.4
2.4
Disposals
(18.1)
(2.2)
(5.7)
(8.3)
(16.2)
(34.3)
Re-classified from property, plant and 
equipment
–
–
–
0.3
0.3
0.3
Foreign exchange differences
(3.4)
(0.6)
(0.2)
(0.2)
(1.0)
(4.4)
At 31 December 2024
124.8
14.9
3.6
20.7
39.2
164.0
Accumulated amortisation and impairment losses
At 1 January 2023
(48.9)
(16.5)
(7.5)
(19.8)
(43.8)
(92.7)
Charge for the year
–
(1.0)
(0.8)
(1.1)
(2.9)
(2.9)
Impairment
(28.0)
–
(1.7)
(0.2)
(1.9)
(29.9)
Disposals
8.1
0.1
0.7
–
0.8
8.9
Re-classified to assets held for sale
0.8
–
–
–
–
0.8
Foreign exchange differences
–
0.1
0.3
–
0.4
0.4
At 31 December 2023
(68.0)
(17.3)
(9.0)
(21.1)
(47.4)
(115.4)
Charge for the year
–
(0.3)
(0.3)
(0.5)
(1.1)
(1.1)
Impairment
(3.2)
–
(0.2)
–
(0.2)
(3.4)
Disposals
9.7
2.2
5.7
8.3
16.2
25.9
Re-classified from property, plant and 
equipment
–
–
–
(0.3)
(0.3)
(0.3)
Foreign exchange differences
1.2
0.5
0.2
0.1
0.8
2.0
At 31 December 2024
(60.3)
(14.9)
(3.6)
(13.5)
(32.0)
(92.3)
Net book value
At 31 December 2024
64.5
–
–
7.2
7.2
71.7
At 31 December 2023
78.3
0.4
0.5
5.4
6.3
84.6
15.1. Amortisation
Customer relationships relate to items acquired through business combinations which are amortised over their estimated useful 
economic life resulting in an amortisation charge of £0.3m (2023: £1.0m) charged to administrative expenses.
Intellectual property represents amounts purchased or acquired relating to technology in the Group’s activities and development costs 
relate to new products developed by the Group. The related amortisation is charged to cost of sales.
The research and development cost charged to operating profit in the year was £0.5m (2023: £nil).
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Financial Statements

Notes to the consolidated financial statements continued
15. Goodwill and other intangible assets continued
15.2. Impairment testing
Goodwill is initially allocated in the year a business is acquired to the CGU group expected to benefit from the acquisition. Subsequent 
adjustments are made to this allocation to the extent that operations, to which goodwill relates, are transferred between CGU groups. 
The size of a CGU group varies but is never larger than a reportable operating segment.
Allocation of goodwill to CGUs
Division
CGU
2024
£m
20231
£m
Energy
Continental
–
3.6
Scantech
19.4
21.3
Renewables
9.4
9.4
RMSpumptools
–
8.3
28.8
42.6
Defence
James Fisher Defence (JFD)
8.7
8.6
8.7
8.6
Maritime Transport
Cattedown Wharves
10.3
10.3
Fendercare
16.7
16.8
27.0
27.1
Total
64.5
78.3
1 In 2023, the Group presented the CGUs with goodwill balances separately as Scantech, JFD, Fendercare and Multiple units without significant goodwill (Multiple units) CGUs. 
Included in Multiple units was Continental, RMSpumptools and Cattedown Wharves which have been separately presented in the current year.
Cash flow forecasts
The recoverable amounts of CGUs are determined from value-in-use calculations. In determining the value-in-use for each CGU, the 
Group prepares cash flows derived from the most recent financial budgets approved by the Board, representing the best estimate of 
future performance. These plans include detailed cash flow forecasts and market analysis covering the expected development of each 
CGU over the next three years, reflecting a combination of past experience, management’s assessment of the current contract portfolio, 
contract wins, contract retention, sales pipeline (including historical contract win rates), as well as future expected market trends 
(including the impact of climate change, where relevant), adjusted to meet the requirements of IAS 36 Impairment of Assets e.g. the 
removal of expansionary capital expenditure and related cash flows. For the Renewables CGU, a five-year cash flow forecast has been 
calculated based on the three-year detailed budget and remaining two years from the Board-approved strategy plan to reflect the fact 
that the business is not expected to be in a steady state at the end of the three-year period.
The Group’s budgeting process has changed in the current year compared to the prior year whereby the Group’s budget was prepared 
for year one and the strategic business plans for years two to five. 
The cash flows associated with the oil and gas revenue stream within the terminal value for the JFD CGU have been capped at 41 years 
to account for potential climate-related shifts in the outlook.
During the year, the Group impaired Continental’s goodwill to zero as a result of an adverse performance against budget following 
vessel downtime, which is a potential risk that has been incorporated into the future cash flows. The Directors have concluded that the 
full value of the goodwill should be impaired. 
170
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15. Goodwill and other intangible assets continued
15.2. Impairment testing continued
Key assumptions
The key assumptions in arriving at the value-in-use include the post-tax discount rate, terminal value growth rate and future revenues. 
For the Renewables CGU, gross margin is also a key assumption. Following the change in the Group’s budgeting process, the average 
revenue growth rate in 2024 is the three-year growth rate for all CGUs except Renewables where a five-year growth rate has been 
applied. In 2023, a five-year growth rate was applied to all CGUs. Except for Renewables, a three-year growth rate is considered to 
be more appropriate in the current year to reflect that a detailed budgeting process has been carried out for years one to three and 
therefore provides a more accurate growth rate.
2024
2023
Pre-tax 
discount 
rate (%)
Post-tax 
discount 
rate (%)
Terminal 
value 
 growth rate
£m
Average 
revenue 
growth rate1
%
Pre-tax 
discount 
rate (%)
Post-tax 
discount 
rate (%)
Terminal 
value 
 growth rate
£m
Average 
revenue 
growth rate1
%
CGU
Continental
15.8
15.4
3.0
20.7
17.2
15.8
2.6
7.9
Scantech
16.0
15.7
2.0
8.6
17.5
16.1
2.6
6.5
Renewables2
16.9
16.6
1.9
19.0
18.7
17.3
2.6
13.6
JFD
15.7
15.3
2.2
17.6
17.3
15.9
2.6
4.8
Cattedown Wharves
16.2
15.8
2.0
1.3
17.6
16.2
2.6
2.2
Fendercare
16.9
16.5
2.5
8.6
19.7
18.3
2.6
3.4
1 The average revenue growth rate for 2024 is the three-year growth rate for all CGUs except Renewables where a five-year growth rate has been applied. In 2023, a five-year 
growth rate was applied to all CGUs. The three-year growth rate in 2023 was 9.9% for Continental, 7.9% for Scantech, 4.7% for JFD, 1.7% for Cattedown Wharves and 4.1% for 
Fendercare.
2 For Renewables gross margin is determined to be a key assumption.
Discount rates
Management estimates the discount rate using post-tax rates that reflect current market assessments of the time value of money and 
risks specific to the Group, being the post-tax Weighted Average Cost of Capital (WACC) of 11.0% (2023: 10.4%). The WACC is then risk-
adjusted to reflect risks specific to each business. The inputs used in the WACC calculation include risk-free rate, equity risk premium 
and risk adjustment, and are based on information from third party sources. The post-tax WACC applied to an individual CGU varies 
year-on-year depending on the mix of geographical regions in which cash flows are being generated.
The differences in the pre-tax WACC are driven by changes in assumptions about the levels of tax payable in each territory in which the 
CGU operates.
The discount rates are stated on a nominal basis.
Terminal value growth rates
Terminal value growth rates reflect the Group’s overall global growth expectations based on the specific territories in which each CGU 
operates.
Average revenue growth rates (three-year average comparison, except for Renewables which is five-year average comparison)
The increase in the revenue growth rate for Continental is driven by volumes. The increase in the Scantech revenue growth is driven 
by a more favourable mix of products and services. The increase in the Renewables revenue growth rate reflects the sector’s emerging 
market opportunities. The growth in JFD revenue is driven by several key project wins in 2024, a strengthened order book, and a robust 
pipeline. The reduction in Cattedown Wharves revenue growth is driven by volumes. The increase in Fendercare revenue growth 
represents the expected receovery in the markets in which this CGU operates. 
171
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Financial Statements

15. Goodwill and other intangible assets continued
15.2. Impairment testing continued
Impairment testing results
The difference between the recoverable amount and the carrying amount of net assets, including goodwill, of a CGU is known as the 
headroom. The headroom of each CGU, or group of CGUs, is as follows:
Division
CGU
2024
£m
2023
£m
Energy
Continental
–
–
Scantech
61.7
28.8
Renewables
2.4
7.5
RMSpumptools
–
25.0
64.1
61.3
Defence
JFD
10.0
–
10.0
–
Maritime Transport
Cattedown Wharves
23.0
17.3
Fendercare
6.3
15.0
29.3
32.3
Total
103.4
93.6
Sensitivity analysis
For all CGUs, value-in-use calculations were assessed for sensitivity to reasonably possible changes to assumptions. Sensitivities 
carried out across Scantech, Cattedown Wharves and Fendercare CGUs were: (i) increasing the discount rates by 1%; (ii) reducing the 
terminal growth to zero; (iii) reducing operating profit by 10%; and (iv) increasing the discount rate by 1% and reducing operating profit 
by 10%. None of the scenarios indicated an impairment.
For Renewables, as cash flows are dependent on its ability to successfully grow revenue in line with emerging market opportunities 
at profitable levels, two sensitivities were carried out to (i) reduce gross margin by 1% in the terminal year, which reduces headroom 
to £1.2m and (ii) reduce average five-year revenue growth by 1.5%, which reduced headroom to £nil. In addition, a sensitivity was 
calculated to (i) increase the discount rate by 1% and (ii) reduce the terminal growth rate to zero. These sensitivities did not show 
an impairment.
For JFD, given the cash flows are dependent upon its ability to achieve revenue growth particularly for the products revenue stream 
into perpetuity, a sensitivity was run to reduce the terminal value by 33%. This sensitivity resulted in an impairment of £5.7m to the 
remaining goodwill balance. In addition, a sensitivity was run to (i) increase the discount rate by 1% and (ii) reduce the terminal growth 
rate to zero. These sensitivities did not show an impairment.
Notes to the consolidated financial statements continued
172
James Fisher and Sons plc Annual Report and Accounts 2024

16. Property, plant and equipment
Property
£m
Vessels
£m
Plant and 
equipment
£m
Assets 
under 
construction
£m
Total
£m
Cost
At 1 January 2023
27.0
66.0
215.0
9.5
317.5
Additions
0.2
2.6
8.6
17.1
28.5
Re-classified from assets under construction
0.1
–
12.2
(12.3)
–
Re-classified to assets held for sale
(1.5)
(2.4)
(1.1)
–
(5.0)
Re-classified to intangible assets
–
–
(1.1)
–
(1.1)
Disposals
(0.6)
(12.7)
(11.7)
–
(25.0)
Foreign exchange differences
(0.3)
(0.4)
(5.8)
–
(6.5)
At 31 December 2023
24.9
53.1
216.1
14.3
308.4
Additions
0.5
2.6
3.5
20.5
27.1
Re-classified from assets under construction
0.9
0.9
18.0
(19.8)
–
Re-classified to intangible assets
–
–
(0.3)
–
(0.3)
Re-classified to right-of-use assets
–
–
–
(0.1)
(0.1)
Disposals
(2.5)
(15.1)
(25.1)
(0.6)
(43.3)
Foreign exchange differences
–
(0.2)
(6.1)
(0.2)
(6.5)
At 31 December 2024
23.8
41.3
206.1
14.1
285.3
Accumulated depreciation and impairment losses
At 1 January 2023
(13.2)
(38.9)
(145.7)
–
(197.8)
Charge for the year
(1.2)
(5.5)
(15.3)
–
(22.0)
Impairment
–
(0.5)
–
–
(0.5)
Re-classified to assets held for sale
0.4
1.7
0.9
–
3.0
Disposals
0.6
11.6
10.2
–
22.4
Foreign exchange differences
0.1
0.3
4.1
–
4.5
At 31 December 2023
(13.3)
(31.3)
(145.8)
–
(190.4)
Charge for the year
(1.0)
(3.5)
(15.3)
–
(19.8)
Impairment
–
–
(0.2)
–
(0.2)
Re-classified to intangible assets
–
–
0.3
–
0.3
Disposals
1.6
8.5
21.3
–
31.4
Foreign exchange differences
(0.1)
0.1
4.8
–
4.8
At 31 December 2024
(12.8)
(26.2)
(134.9)
–
(173.9)
Net book value at 31 December 2024
11.0
15.1
71.2
14.1
111.4
Net book value at 31 December 2023
11.6
21.8
70.3
14.3
118.0
Disposals in 2024 include £6.6m (2023: £0.9m) net book value relating to vessels in the Maritime Transport Division. Included within 
additions for the year is £1.5m of accrued capital expenditure (2023: £1.3m).
Climate change impact was considered for the useful economic lives of the vessels and no adjustments were required.
The Group recognises operating lease rental income as revenue (see Note 7). Property, plant and equipment includes the following 
assets which provide rental income. The Group has classified these leases as operating leases because they do not transfer 
substantially all of the risks and rewards incidental to the ownership of the assets.
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Financial Statements

16. Property, plant and equipment continued
Vessels
£m
Plant and 
equipment
£m
Total
£m
Cost
At 1 January 2023
0.9
39.1
40.0
Additions
–
0.6
0.6
Disposals
–
(1.2)
(1.2)
Foreign exchange differences
–
(3.0)
(3.0)
At 31 December 2023
0.9
35.5
36.4
Additions
–
0.4
0.4
Disposals
–
(0.7)
(0.7)
Foreign exchange differences
–
(2.9)
(2.9)
At 31 December 2024
0.9
32.3
33.2
Accumulated depreciation and impairment losses
At 1 January 2023
(0.4)
(25.8)
(26.2)
Charge for the year
–
(2.2)
(2.2)
Disposals
–
1.0
1.0
Foreign exchange differences
–
2.0
2.0
At 31 December 2023
(0.4)
(25.0)
(25.4)
Charge for the year
(0.1)
(2.1)
(2.2)
Disposals
–
0.5
0.5
Foreign exchange differences
–
2.1
2.1
At 31 December 2024
(0.5)
(24.5)
(25.0)
Net book value at 31 December 2024
0.4
7.8
8.2
Net book value at 31 December 2023
0.5
10.5
11.0
17. Right-of-use assets and leases
17.1. The Group as lessee
The Group leases land and buildings for some of its offices, warehouses and factory facilities. The length of these leases can typically 
run for up to 25 years, with most less than ten years. Some leases include an option to renew the lease for an additional period after the 
end of the contract term. Some leases provide for additional rent payments that are based on changes in local price indices.
Some of the buildings contain extension options that are exercisable by the Group before the end of the non-cancellable contract 
period. Where practicable, the Group includes extension options in new leases to provide operational flexibility, that are exercisable 
by the Group but not by the lessors. The Group assesses at lease commencement whether it is reasonably certain to exercise the 
extension option, and then reassesses this in the event that there is a significant event or change in circumstances within its control.
The Group also leases vessels, with lease terms typically of up to five years, and IT equipment and machinery, typically for a duration  
of less than ten years.
Notes to the consolidated financial statements continued
174
James Fisher and Sons plc Annual Report and Accounts 2024

17. Right-of-use assets and leases continued
17.1. The Group as lessee continued
17.1.1. Amounts recognised in the consolidated statement of financial position
Property
£m
Vessels
£m
Plant and 
equipment
£m
Total
£m
Cost
At 1 January 2023
21.8
74.7
2.2
98.7
Additions
11.0
21.6
0.2
32.8
Re-classified to assets held for sale
0.1
(4.9)
–
(4.8)
Disposals
(3.1)
(1.3)
(0.2)
(4.6)
Foreign exchange differences
(0.8)
(0.6)
–
(1.4)
At 31 December 2023
29.0
89.5
2.2
120.7
Additions
4.5
10.7
0.2
15.4
Re-classified from property, plant and equipment
–
0.1
–
0.1
Disposals
(5.0)
(10.4)
(0.1)
(15.5)
Foreign exchange differences
(1.5)
0.1
–
(1.4)
At 31 December 2024
27.0
90.0
2.3
119.3
Depreciation and impairment losses
At 1 January 2023
(11.6)
(34.1)
(0.7)
(46.4)
Charge for the year
(3.7)
(12.2)
(0.4)
(16.3)
Impairment
–
1.9
–
1.9
Re-classified to assets held for sale
(0.1)
4.2
–
4.1
Disposals
2.0
0.4
0.2
2.6
Foreign exchange differences
0.5
0.4
(0.1)
0.8
At 31 December 2023
(12.9)
(39.4)
(1.0)
(53.3)
Charge for the year
(3.3)
(15.9)
(0.4)
(19.6)
Disposals
3.8
8.7
0.1
12.6
Foreign exchange differences
0.6
0.4
–
1.0
At 31 December 2024
(11.8)
(46.2)
(1.3)
(59.3)
Net book value at 31 December 2024
15.2
43.8
1.0
60.0
Net book value at 31 December 2023
16.1
50.1
1.2
67.4
The £1.9m impairment reversal in 2023 relates to two vessels in the Energy Division which were re-measured to fair value less costs  
of disposal.
Included within additions for the year are £2.3m (2023: £2.3m) of vessel refit costs which have been included within purchases of 
property, plant and equipment in the Consolidated cash flow statement.
The split of lease liabilities between current and non-current is as follows:
2024
£m
2023
£m
Current
16.5
13.0
Non-current
37.9
48.2
Total lease liabilities
54.4
61.2
The total cash outflow for leases in the year was £21.0m (2023: £18.1m). The maturity analysis of lease liabilities is disclosed in Note 32.
A reconciliation of the Group’s opening to closing lease liability is presented in Note 26.
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17. Right-of-use assets and leases continued
17.1. The Group as lessee continued
17.1.2. Amounts recognised in the consolidated income statement
The Consolidated income statement includes the following amounts relating to leases:
2024
£m
2023
£m
Expenses relating to short-term leases
0.4
0.3
Depreciation charge on right-of-use assets
19.6
16.3
Impairment reversal on right-of-use assets
–
(1.9)
Interest on lease liabilities
4.3
4.0
17.1.3. Extension and termination options
The Group has recognised lease extension options contained within the lease in the calculation of right-of-use assets and lease 
liabilities at inception of the lease if management is reasonably certain to exercise the option to extend the lease beyond its contractual 
term. In all other cases, a lease extension is only recognised when a lease is extended beyond the original contractual term.
During the year, the Group has extended four leases (2023: five) which resulted in additional lease liabilities of £9.7m being recognised 
(2023: £6.8m), with a corresponding increase included within additions to the right-of-use assets in the table in Note 17.1.1.
17.2. The Group as lessor
The Group leases out various items of equipment on short-term leases in the Energy and Maritime Transport Divisions.
17.2.1. Amounts recognised in the consolidated income statement
The Consolidated income statement includes the following amounts relating to leases within revenue:
2024
£m
2023
£m
Operating lease – rental income
9.1
7.9
Property, plant and equipment which is used to generate operating lease rental income is detailed in Note 15.
17.2.2. Operating lease receivable maturity analysis
2024
£m
2023
£m
Within one year
8.7
8.1
Greater than one year but less than two years
0.5
0.9
Greater than two years but less than three years
0.5
0.9
Greater than three years but less than four years
0.5
–
Greater than four years but less than five years
0.5
–
Total undiscounted operating lease payments receivable
10.7
9.9
Notes to the consolidated financial statements continued
176
James Fisher and Sons plc Annual Report and Accounts 2024

18. Investment in joint ventures and associates
Details of the Group’s joint ventures and associated undertakings are set out on page 217. 
2024
£m
2023
£m
Investment in associates and joint ventures
4.1
6.0
Loans to joint ventures
1.8
2.4
5.9
8.4
Loans to joint ventures primarily relate to First Response Marine and further information is set out in Note 35. The expected credit loss 
on the loans to joint ventures is immaterial. 
The Group’s share of the assets, liabilities and trading results of joint ventures and associates, which are accounted for under the equity 
accounting method, are as follows:
2024
£m
2023
£m
Non-current assets
10.5
16.8
Current assets
8.8
9.4
Current liabilities
(1.3)
(1.5)
Non-current liabilities
(13.9)
(18.7)
4.1
6.0
Revenue
15.0
13.8
Cost of sales
(10.5)
(10.8)
Administrative expenses 
(1.7)
(1.5)
Operating profit
2.8
1.5
Net finance expense
–
0.1
Profit before taxation
2.8
1.6
Tax expense
(0.2)
(0.2)
Profit after tax
2.6
1.4
Profit after tax:
Continuing
2.6
1.4
Reconciliation of carrying amount of investment in joint ventures:
At 1 January 
6.0
6.2
Profit after tax for the year
2.6
1.4
Dividends received
(2.3)
(1.2)
Share of fair value losses on cash flow hedges
–
(0.1)
Impairment (charge)/reversal
(2.2)
0.3
Re-classification to amounts owed to joint ventures and associates
0.8
–
Re-classification to assets held for sale (see Note 24)
(0.5)
Foreign exchange differences
(0.3)
(0.6)
At 31 December 
4.1
6.0
There are no capital commitments or contingent liabilities in respect of the Group’s interests in joint ventures and associates.
At 31 December 2024, two joint ventures within the Maritime Transport Division, with a carrying value of £1.9m, were classified as held 
for sale following the Board’s decision to divest them, as they were deemed non-strategic to the Group. The fair value less costs to sell 
was assessed at £0.5m, resulting in a £1.4m impairment upon reclassification to held for sale.
Following a review of current and expected future performance, and in accordance with the requirements of IAS 36 Impairment of 
Assets, the Group impaired its investment in Fender Care SA Pty Limited within the Maritime Transport Division by £0.9m as the carrying 
value of the investment exceeded its value-in-use reflecting slower than expected growth in the region. The discount rate used for the 
cash flows is 18.3% and the growth rate is 2.6%.
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19. Investments
Investments with a net book value of £1.4m (2023: £1.4m) in the balance sheet are in unquoted entities, held at fair value and subject 
to annual impairment review. They comprise a 17.2% (2023: 17.2%) equity interest in ordinary shares in SEML De Co-operation 
Transmanche, an unlisted company incorporated in France, whose main activity is a port and ferry operator; and a 50.0% interest  
in JFD Domeyer GmbH, a company incorporated in Germany which provides in-service support and aftermarket services to the local 
customer base.
A list of subsidiary undertakings is included on pages 214 to 216.
20. Inventories
2024
£m
2023
£m
Raw materials and consumables
3.2
11.5
Work in progress
6.0
7.2
Finished goods
23.6
28.0
32.8
46.7
The cost of inventories recognised as an expense within cost of sales was £54.9m (2023: £69.2m).
The write-down of inventories recorded as an expense in the year was £1.9m (2023: £nil).
21. Trade and other receivables
2024
£m
2023
£m
Non-current assets
Contract assets
2.0
1.0
Other non-trade receivables
4.8
3.0
Other receivables
6.8
4.0
Current assets
Trade receivables
50.8
62.2
Amounts owed by joint venture undertakings
2.1
2.5
Other non-trade receivables
11.6
12.4
Contract assets
38.0
37.1
Prepayments
12.0
9.8
Trade and other receivables
114.5
124.0
Included in non-current other non-trade receivables is corporation tax receivable of £1.5m relating to a business disposal that occurred 
during the year. 
Contract assets increased from £38.1m to £40.0m due to ongoing projects in the year within the Energy and Maritime Transport 
Divisions, offset by a reduction in the Defence Division. 
Trade receivables reduced from £62.2m to £50.8m due to the disposal of the RMSpumptools business (£9.9m) and improved 
collectability (reduced debtor days).
Trade receivables, contract assets and amounts owed by joint venture undertakings are net of expected credit losses (see Note 32).
Notes to the consolidated financial statements continued
178
James Fisher and Sons plc Annual Report and Accounts 2024

22. Other financial assets and liabilities
2024
£m
2023
£m
Non-current assets
Interest rate swaps designated as cash flow hedges
1.4
–
Other financial assets
1.4
–
Current liabilities
Forward foreign exchange contracts designated as cash flow hedges
(0.8)
–
Forward foreign exchange contracts at fair value through profit or loss
(0.1)
–
Other financial liabilities
(0.9)
–
Note that in the prior year £2.3m of non-current interest rate swaps designated as cash flow hedge assets, £0.5m of current forward 
foreign exchange contracts designated as cash flow hedges assets and £0.3m of current forward foreign exchange contracts at fair 
value through profit or loss assets were included within “Other non-trade receivables” and £0.2m of non-current interest rate swaps 
designated as cash flow hedges liabilities were included within “Other payables”.
23. Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents comprise:
2024
£m
2023
£m
Cash at bank and in hand
86.2
77.5
Cash and cash equivalents in the Consolidated statement of financial position
86.2
77.5
Bank overdrafts (see Note 26)
(62.4)
(51.1)
Cash and cash equivalents in the Consolidated cash flow statement
23.8
26.4
Bank overdrafts form an integral part of the Group’s cash management.
24. Assets and liabilities held for sale
At 31 December 2024 two joint ventures within the Maritime Transport Division, with fair value less costs to sell assessed at £0.5m, were 
classified as held for sale (see Note 18). The sale was subsequently agreed on 28 February 2025 and is due to complete during H1 2025.
At 31 December 2023 the following assets and liabilities were classified as held for sale:
•	 £12.3m assets and £0.7m liabilities related to the Martek business (see Note 33 for further details);
•	 a vessel with net book value £0.6m in the Maritime Transport Division;
•	 £1.1m of property in the Energy Division; and
•	 a vessel with net book value of £0.7m in the Energy Division.
All assets and liabilities held for sale at 31 December 2023 were disposed of in 2024 with a net gain of £0.7m recognised within profit  
on disposal of businesses for Martek and £0.8m recognised within administrative expenses for the remaining assets.
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Financial Statements

25. Trade and other payables
2024
£m
2023
£m
Current liabilities
Trade payables
31.7
29.6
Amounts owed to joint venture undertakings
1.0
0.5
Taxation and social security
2.4
3.0
Other payables
16.2
17.0
Accruals
50.5
51.6
Contract liabilities
9.5
11.7
Trade and other payables
111.3
113.4
At 31 December 2024, trade payables increased to £31.7m as the Group re-balanced its working capital throughout the year and 
increased its creditor days. 
£8.6m of revenue included in the contract liabilities at 31 December 2023 was recognised during the current year (2023: £nil). 
During the year, contract liabilities decreased from £11.7m to £9.5m due to the disposal of the RMSpumptools business (£1.3m) and 
performance obligations satisfied for projects within the Energy and Maritime Transport Divisions, partially offset by new projects in the 
Defence Division.
26. Borrowings
2024
£m
2023
£m
Non-current liabilities
Bank borrowings
77.3
166.6
Lease liabilities
37.9
48.2
Cumulative preference shares
0.1
0.1
Borrowings
115.3
214.9
Current liabilities
Bank overdrafts
62.4
51.1
Lease liabilities
16.5
13.0
Borrowings
78.9
64.1
26.1. Bank borrowings
The carrying value of the Group’s bank borrowings at 31 December 2024 was £77.3m (2023: £166.6m).
The Group signed a £209.9m secured revolving credit facility in June 2023, which was due to mature on 31 March 2025 (the RCF). 
There were a number of mandatory repayments (both scheduled and where cash is generated from disposals) incorporated into the 
facility terms. At the time when the facility terms were negotiated, the timing of these repayments was intended to align with forecast 
cash inflows. However, as cash inflows can vary from forecast due to timings of projects and revenue receipts, prior to the December 
2023 year end, the Group obtained appropriate waivers to alter the phasing and quantum of the December 2023 mandatory repayment. 
The quantum of this mandatory repayment was reduced, and repayment made in June 2024. During the period, the Group re-financed 
the RCF and this was accounted for as an extinguishment of the RCF with all unamortised financing fees recognised within re-financing 
costs in the Consolidated income statement.
The RCF has been re-financed into a single three-year RCF of £75.0m (the New RCF) maturing in September 2027, alongside  
a five-year £20.0m term loan facility maturing in September 2029 with repayments commencing in 2027 (the Group’s funding 
arrangements). The Group’s funding arrangements contains Net debt : EBITDA covenants (defined as Leverage APM in Note 5.3) and 
interest cover requirements throughout the facility and certain non-financial covenants. Leverage must not exceed 3.0x at 31 December 
2024 and 2.5x thereafter; and interest cover must be greater than 4.0x at 31 December 2024 and 4.5x thereafter. The Group expects to 
comply with the quarterly covenants within 12 months after the reporting date.
The funds borrowed under the RCF and New RCF bear interest at an annual rate of between 2.5% and 4.5% above the compounded 
Sterling Overnight Index Average (SONIA), dependent on the Group’s leverage covenant. The interest rate paid during the year on drawn 
funds ranged from 9.5% to 10.2% (2023: 5.5% to 9.9%). Undrawn funds on the RCF bore interest at an annual rate of between 1.00% 
and 1.80% and undrawn funds under the New RCF bear interest at an annual rate of between 0.88% and 1.58%, both dependent on the 
Group’s leverage covenant. The term loans bear interest at a rate of 5.0% and 5.5% respectively above compounded SONIA.
Notes to the consolidated financial statements continued
180
James Fisher and Sons plc Annual Report and Accounts 2024

26. Borrowings continued
26.1. Bank borrowings continued
The Group’s borrowings are measured at amortised cost using the effective interest method. Each reporting period, the Group reviews 
its cash flow forecasts and if these have changed since the previous reporting period (other than as a result of changes in floating 
interest rates), the borrowings are re-measured using the original effective interest rate. Any re-measurement of borrowings is treated 
as an adjusting item and excluded from Underlying profit before tax.
At 31 December 2024, the Group had drawn down £58.0m under the New RCF (2023: £168.0m under the RCF), leaving £17.0m (2023: 
£24.7m) undrawn and available. Leverage was 1.4x (2023: 2.8x) and interest cover was 4.5x (2023: 4.1x). Due to the nature of the facility 
there are various drawdowns and repayments that occur throughout the year.
26.2. Cumulative preference shares
The preference shareholders are entitled to receive 3.5% cumulatively per annum, payable in priority to any dividend on the ordinary 
shares. They carry equal voting rights of one vote per share held and shareholders have the right to attend and speak at general 
meetings, exercise voting rights and appoint proxies. The shares are irredeemable. In the event of a winding-up order the amount 
receivable is limited to their nominal value of £1.
26.3. Reconciliation of net borrowings
Net borrowings comprises interest-bearing loans and borrowings less cash and cash equivalents. 
31 December 
2023
£m
Cash flow
£m
Other 
non-cash*
£m
Transfers**
£m
Foreign 
exchange 
differences
£m
31 December 
2024
£m
Cash and cash equivalents including bank 
overdrafts (see Note 23)
26.4
(2.6)
–
0.4
(0.4)
23.8
Cash included within assets held for sale
0.4
–
–
(0.4)
–
–
Total cash and cash equivalents
26.8
(2.6)
–
–
(0.4)
23.8
Debt due after one year
(166.7)
90.0
(0.7)
–
–
(77.4)
Total debt
(166.7)
90.0
(0.7)
–
–
(77.4)
Lease liabilities due within one year
(13.0)
21.0
(8.0)
(16.5)
–
(16.5)
Lease liabilities due after one year
(48.2)
–
(8.2)
17.5
1.0
(37.9)
Lease liabilities
(61.2)
21.0
(16.2)
1.0
1.0
(54.4)
Net borrowings
(201.1)
108.4
(16.9)
1.0
0.6
(108.0)
31 December 
2022
£m
Cash flow
£m
Other 
non-cash*
£m
Transfers**
£m
Foreign 
exchange 
differences
£m
31 December 
2023
£m
Cash and cash equivalents including bank 
overdrafts (see Note 23)
22.8
5.7
–
(0.4)
(1.7)
26.4
Cash and cash equivalents included within 
assets held for sale
2.8
–
–
(2.4)
–
0.4
Total cash and cash equivalents
25.6
5.7
–
(2.8)
(1.7)
26.8
Debt due within one year
(36.6)
36.6
–
–
–
–
Debt due after one year
(121.9)
(43.0)
(1.8)
–
–
(166.7)
Total debt
(158.5)
(6.4)
(1.8)
–
–
(166.7)
Lease liabilities due within one year
(13.2)
18.1
(4.9)
(13.0)
–
(13.0)
Lease liabilities due after one year
(39.7)
–
(24.0)
13.0
2.5
(48.2)
Lease liabilities
(52.9)
18.1
(28.9)
–
2.5
(61.2)
Net borrowings
(185.8)
17.4
(30.7)
(2.8)
0.8
(201.1)
*	 Other non-cash includes lease additions and finance expense related to the unwind of discount on right-of-use lease liability and amortisation of financing fees.
**	Transfers includes the reclassification of £0.4m in respect of cash disposed of from assets held for sale (2023: £2.8m) and £1.0m of lease liabilities disposed of as part of the 
RMSpumptools disposal (2023: £nil). In 2023, transfers also included £0.4m cash and cash equivalent balances reclassified from cash and cash equivalents to assets held for 
sale.
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Financial Statements

27. Provisions
Cost of 
material 
litigation
£m
Warranty
£m
Other
£m
Total
£m
At 1 January 2023
2.0
2.4
2.3
6.7
Provided during the year
–
(0.2)
7.2
7.0
At 31 December 2023
2.0
2.2
9.5
13.7
Provided during the year
1.9
0.9
2.9
5.7
Utilised during the year
–
(1.7)
(4.2)
(5.9)
Re-classified to other payables
–
–
(3.0)
(3.0)
Released during the year
(1.7)
(0.1)
(0.2)
(2.0)
At 31 December 2024
2.2
1.3
5.0
8.5
2024
£m
2023
£m
Current
8.0
9.4
Non-current
0.5
4.3
8.5
13.7
Cost of material litigation consists of a provision associated with a historical joint venture. The Group successfully settled the matter 
during the year at a favourable value, resulting in a £1.7m release, which has been included in adjusting items. The agreed settlement of 
£0.3m is expected to be paid in the following financial year. Also included within Cost of material litigation are provisions associated with 
a £6.5m contractual dispute for which £1.9m was provided for in the year based on the contractual liability limit. The litigation is at its 
early stage only and no specific timing for a court decision has been discussed or agreed yet.
Provisions in respect of warranties are based on management’s assessment of the previous history of claims, expenses incurred and  
an estimate of future obligations on goods and services supplied where a warranty has been provided to the customer.
Included within Other provisions in the prior year is £6.4m in relation to James Fisher Nuclear Limited Parent Company guarantees. 
Following the sale of the entire issued share capital of James Fisher Nuclear Holdings Limited and related properties (JFN) on 6 
March 2023, a limited number of performance guarantees covering an event of default by JFN in performing its contractual duties and 
obligations remained with the Group. JFN subsequently entered administration on 9 August 2023. On 29 August 2024, this claim was 
settled for £6.4m and £3.4m of the provision has been utilised, with the balance re-classified to other payables.
Within the Defence Division, some international customers require defence contractors to comply with their industrial co-operation 
regulations, often referred to as offset requirements. The intention of offset requirements is to enhance the social and economic 
environment of the foreign country by requiring the contractor to promote investment in the country. The offset requirements can 
be satisfied through purchasing supplies and services from in-country vendors, providing financial support for in-country projects, 
establishment of joint ventures with local companies (direct investment) and establishing facilities for in-country operations. It can also 
involve technology and technical knowledge transfer. In the event contractors fail to perform in accordance with offset requirements, 
penalties may arise unless a negotiated position can be reached with the respective authorities. Offset obligations are calculated based 
on regulations, normally a fixed percentage of the revenue contract value. Similarly, penalties are calculated on standard methodology, 
normally a fixed percentage of the unfulfilled offset obligation. Offset contractual compliance is monitored separately from the revenue 
contract counterparty.
As at 31 December 2024, a provision of £3.0m (2023: £3.1m) has been recognised in regard to offset agreement penalties. Additional 
penalties which could be incurred if the offset obligation is not delivered, excluding those already provided, is estimated to be £1.2m, 
however contract time extensions have been requested and plans are in place to mitigate the penalty risk as far as possible. The liability 
is expected to be settled within the next year (2023: one to two years). The remaining contractual offset obligation at 31 December 2024 
is £20.6m (2023: £22.0m).
Notes to the consolidated financial statements continued
182
James Fisher and Sons plc Annual Report and Accounts 2024

2024
£m
2023
£m
Non-current assets
Property, plant and equipment
6.1
4.9
Losses carried forward
2.8
2.3
Temporary differences
0.8
1.4
Deferred tax asset
9.7
8.6
Non-current liabilities
Intangible assets
–
(0.1)
Property, plant and equipment
(5.0)
(3.1)
Derivative financial instruments
(0.1)
(0.7)
Retirement benefit obligations
(0.7)
(0.7)
Temporary differences
(0.4)
–
Deferred tax liability
(6.2)
(4.6)
Net deferred tax
3.5
4.0
Represented by:
Deferred tax assets
4.2
4.1
Deferred tax liabilities
(0.7)
(0.1)
3.5
4.0
Amendments to IAS 12 related to Assets and Liabilities Arising from a Single Transaction, effective for periods starting on or after 
1 January 2023, narrowed the application of the initial recognition exception by clarifying that the exemption does not apply to 
transactions such as leases and decommissioning obligations.
In order to recognise a deferred tax asset, it must be probable that future taxable profits will be available against which the deductible temporary 
differences and unused tax losses can be utilised. The Group assesses the recoverability of deferred tax assets at each reporting date.
IAS 12 does not define a period over which an assessment of expected taxable profits should be made although it is acknowledged that 
reliability decreases the further out into the future the forecast extends. Expected UK taxable profits have been calculated based on 
the Board-approved detailed three-year budget, which shows that losses carried forward at the balance sheet date are expected to be 
utilised within the review period. However, utilisation of the losses occurs predominately in later years of the forecast period. As a result 
of this forecast information, and the taxable UK loss incurred in the current and prior year, management has not recognised any deferred 
tax asset in respect of the UK losses incurred in the year. These losses can be carried forward indefinitely. The net deferred tax asset 
recognised in the accounts relates to the overseas businesses.
At 31 December 2024, the Group had unrecognised tax losses of £50.7m (2023: £43.3m). £47.4m (2023: £40.2m) of these losses can 
be carried forward indefinitely, and £3.3m (2023: £3.1m) will expire within the next ten years. Deferred tax assets and liabilities included 
in the Consolidated statement of financial position have been stated according to the net exposures in each tax jurisdiction.
The gross movement on the deferred income tax account is as follows:
2024
£m
2023
£m
At 1 January
4.0
8.1
Charged to comprehensive income
0.4
(0.7)
Charged to income statement
(0.5)
(3.0)
Disposal of subsidiaries
(0.3)
–
Foreign exchange differences
(0.1)
(0.4)
At 31 December
3.5
4.0
Deferred tax charged to the income statement relates to the following:
2024
£m
2023
£m
Deferred tax assets
0.1
2.8
Deferred tax liabilities:
  Property, plant and equipment
0.9
1.5
  Intangible assets
–
(1.3)
  Other
(0.5)
–
Deferred income tax charge
0.5
3.0
28. Deferred tax
183
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Governance
Financial Statements

28. Deferred tax continued
At 31 December 2024, the Group has no deferred income tax liability (2023: £nil) in respect of taxes that would be payable on the unremitted 
earnings of certain of the Company’s subsidiaries. No deferred income tax liability has been recognised in respect of this temporary timing 
difference due to the foreign profits’ exemption, the availability of double taxation relief and the ability to control the remittance of earnings.
29. Retirement benefit obligations
The Group defined benefit pension scheme obligations relate to the James Fisher and Sons plc Pension Fund for Shore Staff (Shore 
staff), the Merchant Navy Officers Pension Fund (MNOPF) and the Merchant Navy Ratings Pension Fund (MNRPF) which are regulated 
under UK pension legislation. The financial statements incorporate the latest full actuarial valuations of the schemes which have been 
updated to 31 December 2024 by qualified actuaries using assumptions set out in the table below. These defined benefit schemes 
expose the Group to actuarial risks, such as longevity risk, currency risk, interest rate risk and market (investment) risk. In addition, 
by participating in certain multi-employer industry schemes, the Group can be exposed to a pro-rata share of the credit risk of other 
participating employers. There are no plans to withdraw from the MNOPF or MNRPF schemes in the foreseeable future. The Group’s 
obligations in respect of its pension schemes at 31 December 2024 were as follows:
2024
£m
2023
£m
Non-current assets
Shore staff
9.1
7.4
MNOPF
–
–
Retirement benefit surplus
9.1
7.4
Non-current liabilities
MNRPF
(1.9)
(1.6)
Retirement benefit obligations
(1.9)
(1.6)
Net retirement benefit surplus
7.2
5.8
Shore staff
The assets of this scheme are held in a separate Trustee-administered account and do not include any of the Group’s assets.  
The scheme was closed to new members in October 2001 and closed to future accrual on 31 December 2010. The most recent  
actuarial valuation was as at 31 July 2022. It is valued every three years after which deficit contributions and the repayment period 
are subject to agreement between the Group and the Trustees. Funding arrangements are set out in the most recent triennial actuarial 
valuation report. The weighted average duration of the Shore staff scheme is ten years.
The Shore staff plan assets and obligations have been updated to 31 December 2024 resulting in a surplus being recognised. A surplus, 
when calculated on an accounting basis, is recognised when the Group can realise the economic benefit at some point during the life 
of the plan or when the plan liabilities are all settled and there are no remaining beneficiaries. Based on a review of the plan’s governing 
documentation, the Group has a right to a refund of surplus assuming the gradual settlement of the plan liabilities over time until all 
members have left. The Directors therefore take the view that it is appropriate to recognise the surplus. 
MNOPF
The MNOPF is an industry-wide pension scheme which is accounted for as a defined benefit scheme. It is valued every three years 
and deficits have typically been funded over a ten-year period. The most recent triennial actuarial valuation of the scheme was as at 
31 March 2021 and no additional deficit funding was requested by the Trustees. Funding arrangements are set out in the most recent 
triennial actuarial valuation report. The share of the Group in the net retirement benefit obligation of the MNOPF is 2.97% (2023: 
2.95%). Disclosures relating to this scheme are based on these allocations which are reviewed, and changes notified to the Group. 
Information supplied by the Trustees of the MNOPF has been reviewed by the Group’s actuaries. The principal assumption in the 
review is the discount rate on the scheme’s liabilities which was 5.40% (2023: 4.55%). The other major assumptions are the same as in 
the actuarial assumptions table. The disclosures in this note relate to the Group’s share of the assets and liabilities within the MNOPF. 
No contributions to this scheme are expected in 2025 which is represented by the surplus in the table above. The Group does not 
have an unconditional right to a refund of a scheme surplus. The weighted average duration of the MNOPF scheme is ten years.
MNRPF
The MNRPF is an industry-wide pension scheme which is accounted for as a defined benefit scheme. The most recent actuarial 
valuation of the MNRPF was at 31 March 2023. Information supplied by the Trustees of the MNRPF has been reviewed by the  
Group’s actuaries. The share of the Group in the net retirement benefit obligation of the MNRPF is reviewed and changes notified  
to the Group. The principal assumption in the MNRPF valuation is the discount rate on the schemes liabilities which was 5.40%  
(2023: 4.55%). The other major assumptions are the same as in the actuarial assumptions table. Estimated contributions to this scheme 
are £0.2m in 2025. The Group does not have an unconditional right to a refund of a scheme surplus. The weighted average duration of 
the MNRPF scheme is 11 years.
In 2018, the Trustees became aware of historical legal uncertainties relating to changes to ill-health early retirement benefits payable  
from the MNRPF.
Notes to the consolidated financial statements continued
184
James Fisher and Sons plc Annual Report and Accounts 2024

29. Retirement benefit obligations continued
MNRPF continued
In order to resolve the issue, the Trustees sought directions from the Court, and in February 2022, the High Court approved a settlement 
in principle. During 2023, a £0.3m credit was recognised within administrative expenses relating to the Group’s share of additional 
liabilities which have been estimated to date.
New issues were identified in 2021 in relation to the Fund’s administrative and benefit practices as part of the benefit review carried out 
by the Fund’s lawyers. The Trustees are undertaking further investigations and the potential quantum of these issues at the moment 
is uncertain. During 2023, a £2.5m past service cost was recognised within administrative expenses relating to the Group’s share of 
additional liabilities which have been estimated to date. This £2.5m combined with the £0.3m credit regarding ill-health early retirement 
represents a net £2.2m charge during 2023.
Actuarial assumptions
The schemes’ assets are stated at their market values on the respective balance sheet dates. The overall expected rates of return on 
assets reflect the risk-free rate of return plus an appropriate risk premium based on the nature of the relevant asset category. The 
principal assumptions used in updating the latest valuations for each of the schemes were:
2024
2023
Inflation (%)
3.20
3.10
Rate of increase of pensions in payment – Shore staff (%)
3.15
3.00
Discount rate for scheme liabilities (%)
5.40
4.55
Expected rates of return on assets (%)
5.40
4.55
Post-retirement mortality: (years)
Shore staff scheme
Current pensioner at 65 male
21.5
21.7
Current pensioner at 65 female
23.5
23.6
Future pensioner at 65 male
22.5
23.0
Future pensioner at 65 female
24.6
25.1
The post-retirement mortality assumptions allow for the expected increase in longevity. The “current” disclosures above relate to assumptions based 
on longevity (in years) following retirement at the balance sheet date, with “future” being that relating to a member who is currently 45 years old.
The mortality assumptions are based on:
•	 96% S3PMA/S3PFA_M for Shore Staff Scheme
•	 108.5% S3NMA / 89% S3NFA_H for MNOPF
•	 101% S3PMA_H / 114% S3DFA for MNRPF
The future improvements in longevity assumption for all schemes is CMI_2023 1.00%; S=7.0;A=0%.
The key sensitivities on the major schemes may be summarised as follows:
Key measure
Change in assumption
Change in deficit
Shore staff scheme
Discount rate
Increase of 0.5%
Decrease by 4.6%
Rate of inflation
Increase by 0.5%
Increase by 2.6%
Rate of mortality
Increase in life expectancy of 1 year
Increase by 3.4%
MNOPF
Discount rate
Increase of 0.5%
Decrease by 3.9%
Rate of inflation
Increase by 0.5%
Increase by 1.9%
Rate of mortality
Increase in life expectancy of 1 year
Increase by 3.3%
MNRPF
Discount rate
Increase of 0.5%
Decrease by 3.9%
Rate of inflation
Increase by 0.5%
Increase by 0.9%
Rate of mortality
Increase in life expectancy of 1 year
Increase by 2.5%
In determining the discount rate, assumptions have been made in relation to corporate bond yields and the expected term of liabilities. 
As noted above, a change in discount rate applied has a significant impact on the value of liabilities.
185
Strategic Report
Overview
Governance
Financial Statements

29. Retirement benefit obligations continued
29.1. The assets and liabilities of the schemes
2024
2023
Shore staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Shore staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Fair value of scheme assets*
51.2
53.4
11.2
115.8
54.0
60.0
12.4
126.4
Present value of scheme liabilities
(42.1)
(53.0)
(13.1)
(108.2)
(46.6)
(57.8)
(14.0)
(118.4)
Effect of asset ceiling
–
(0.4)
–
(0.4)
–
(2.2)
–
(2.2)
Net pension surplus/(obligation)
9.1
–
(1.9)
7.2
7.4
–
(1.6)
5.8
 
*	 The Shore staff scheme includes the following asset categories:
2024
£m
2023
£m
Investment funds: diversified alternatives (unquoted)
–
7.0
Investment funds: liability-driven investments (quoted)
10.6
13.9
Investment funds: absolute return bonds (unquoted)
15.5
14.1
Investment funds: asset-backed securities (quoted)
18.0
6.2
Investment funds: annuity assets
0.5
0.7
Investment funds: other (unquoted)
3.6
5.1
Cash or liquid assets**
3.0
7.0
51.2
54.0
 
**	£7.0m cash at 31 December 2023 includes £6.0m cash in transit from diversified alternatives disinvestment which was credited to the bank account on 2 January 2024.
The Liability Driven Investments (LDI) held by the Shore staff scheme (£10.6m at 31 December 2024) include fixed interest government 
bonds (gilts), index-linked gilts, cash and various derivative instruments such as inflation swaps, interest rate swaps, gilt total return swaps 
and gilt repurchase agreements. The aim of these investments is to match the interest rate and inflation exposure of a portion  
of the scheme’s liabilities, to help reduce the volatility in the funding position.
The value of the Shore staff assets is determined by fund managers using principles of fair valuation as determined appropriate given the 
nature of the investment. 
For the MNOPF, the value of the assets is projected by our corporate actuary using the latest audited asset values available (30 September 
2024), in line with market movements.
For the MNRPF, asset values are provided at 31 December 2024 by the MNRPF’s advisers. In August 2024, the MNRPF entered into a 
longevity swap agreement to hedge against the risk of members living longer than expected. Given the longevity swap typically has a zero 
fair value upon inception, no explicit allowance has been made for this longevity swap within the asset value at 31 December 2024.
The MNOPF and MNRPF schemes do not provide employer/participant specific asset details. Therefore, the bifurcation of assets for these 
schemes at 31 December 2024 and 31 December 2023 has not been presented.
The MNRPF and MNOPF contributions paid by the Group are not refundable in any circumstances and the balance sheet liability reflects 
an adjustment for any agreed deficit recovery contributions in excess of deficit determined using the Group’s assumptions. 
None of the assets held are non-transferable financial instruments issued by the Group or property occupied by the Group.
29.2. Expense recognised in the income statement
2024
2023
Shore staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Shore staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Past service cost
–
–
–
–
–
–
2.2
2.2
Expenses
0.4
0.2
0.3
0.9
0.1
0.2
0.2
0.5
Interest cost on benefit obligation
2.1
2.5
0.5
5.1
2.2
2.8
0.8
5.8
Interest income on scheme assets 
(2.4)
(2.6)
(0.5)
(5.5)
(2.4)
(3.1)
(0.9)
(6.4)
Interest cost on the asset ceiling
–
0.1
–
0.1
–
0.2
0.1
0.3
0.1
0.2
0.3
0.6
(0.1)
0.1
2.4
2.4
The actual return on the assets over 2024 are:
•	 Shore staff plan assets had a gain of £0.2m (2023: gain of £4.2m)
•	 MNRPF plan assets had a gain of £0.1m (2023: loss of £6.9m)
•	 MNOPF plan assets had a loss of £1.6m (2023: loss of £1.6m).
Notes to the consolidated financial statements continued
186
James Fisher and Sons plc Annual Report and Accounts 2024

29. Retirement benefit obligations continued
29.3. Movements in the net defined benefit obligation
2024
2023
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
At 1 January
7.4
–
(1.6)
5.8
5.5
(0.4)
–
5.1
Expense recognised in the income 
statement
(0.1)
(0.2)
(0.3)
(0.6)
0.1
(0.1)
(2.4)
(2.4)
Contributions paid to scheme
1.6
–
0.3
1.9
1.1
0.4
–
1.5
Re-measurement gains/(losses)
0.2
0.2
(0.3)
0.1
0.7
0.1
0.8
1.6
At 31 December
9.1
–
(1.9)
7.2
7.4
–
(1.6)
5.8
29.4. Changes in the present value of the net defined benefit obligation
2024
2023
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
At 1 January
46.6
57.8
14.0
118.4
46.8
61.1
18.3
126.2
Past service cost
–
–
–
–
–
–
2.2
2.2
Interest cost
2.1
2.5
0.5
5.1
2.2
2.8
0.8
5.8
Re-measurement loss/(gain):
Actuarial loss arising from scheme 
experience
0.2
0.9
1.7
2.8
0.7
(1.7)
(6.6)
(7.6)
Actuarial gain arising from changes in 
demographic assumptions
(0.1)
(0.1)
(0.3)
(0.5)
(0.3)
(1.1)
(0.3)
(1.7)
Actuarial (gain)/loss arising from 
changes in financial assumptions
(3.3)
(3.6)
(1.0)
(7.9)
0.6
1.2
0.4
2.2
Net benefits paid out
(3.4)
(4.5)
(1.8)
(9.7)
(3.4)
(4.5)
(0.8)
(8.7)
At 31 December
42.1
53.0
13.1
108.2
46.6
57.8
14.0
118.4
29.5. Changes in the effect of the asset ceiling
2024
2023
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
As at 1 January
–
(2.2)
–
(2.2)
–
(5.2)
(1.9)
(7.1)
Interest
–
(0.1)
–
(0.1)
–
(0.2)
(0.1)
(0.3)
Change in adjustment in excess 
of interest
–
1.9
–
1.9
–
3.2
2.0
5.2
As at 31 December
–
(0.4)
–
(0.4)
–
(2.2)
–
(2.2)
187
Strategic Report
Overview
Governance
Financial Statements

29. Retirement benefit obligations continued
29.6. Changes in the fair value of the plan assets
2024
2023
Shore staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Shore staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
At 1 January
54.0
60.0
12.4
126.4
52.3
65.9
20.2
138.4
Expenses
(0.4)
(0.2)
(0.3)
(0.9)
(0.1)
(0.2)
(0.2)
(0.5)
Return on scheme assets recorded in 
interest
2.4
2.6
0.5
5.5
2.4
3.1
0.9
6.4
Re-measurement (gain)/loss:
Return on plan assets excluding 
interest income
(3.0)
(4.6)
0.1
(7.5)
1.7
(4.7)
(7.7)
(10.7)
Contributions by employer
1.6
–
0.4
2.0
1.1
0.4
–
1.5
Net benefits paid out
(3.4)
(4.4)
(1.9)
(9.7)
(3.4)
(4.5)
(0.8)
(8.7)
At 31 December
51.2
53.4
11.2
115.8
54.0
60.0
12.4
126.4
29.7. History of experience gains and losses
Shore staff
2024
£m
2023
£m
2022
£m
2021
£m
2020
£m
Fair value of scheme assets
51.2
54.0
52.3
65.8
62.9
Defined benefit obligation
(42.1)
(46.6)
(46.8)
(66.8)
(71.7)
Surplus/(deficit) in scheme
9.1
7.4
5.5
(1.0)
(8.8)
Re-measurement gain/(loss):
Return on plan assets excluding interest income
(3.0)
1.7
(13.1)
3.7
5.7
Re-measurement (loss)/gain on scheme liabilities
(3.1)
1.0
(18.1)
(2.7)
14.7
MNOPF
2024
£m
2023
£m
2022
£m
2021
£m
2020
£m
Fair value of scheme assets
53.4
60.0
65.9
97.2
99.2
Defined benefit obligation
(53.0)
(57.8)
(61.1)
(98.1)
(100.5)
Asset ceiling
(0.4)
(2.2)
(5.2)
–
–
Deficit in scheme
–
–
(0.4)
(0.9)
(1.3)
MNRPF
2024
£m
2023
£m
2022
£m
2021
£m
2020
£m
Fair value of scheme assets
11.2
12.4
20.2
29.0
30.9
Defined benefit obligation
(13.1)
(14.0)
(18.3)
(29.0)
(31.1)
Asset ceiling
–
–
(1.9)
–
–
Deficit in scheme
(1.9)
(1.6)
–
–
(0.2)
The cumulative amount of actuarial gains and losses relating to all schemes recognised since 1 January 2004 in the Group consolidated 
statement of comprehensive income is a loss of £43.4m (2023: £43.5m). 
29.8. Impact of Virgin Media Limited vs. NTL Pension Trustees II Limited and Others 
In June 2023, the High Court ruled on Virgin Media Limited vs. NTL Pension Trustees II Limited and Others, addressing the validity of 
certain historical pension changes due to the absence of the legally required actuarial confirmation. In July 2024, the Court of Appeal 
dismissed Virgin Media Limited’s appeal against aspects of the June 2023 decision. The Court’s conclusions may have broader 
implications for other UK defined benefit pension schemes. The Group is monitoring ongoing regulatory developments to determine the 
appropriate next steps. While the timing remains uncertain, the Group’s approach is consistent with industry practice. The Trustees have 
obtained legal advice and are under no legal obligation to investigate and therefore no adjustments have been made to the valuation of 
the retirement benefit asset. 
29.9. Defined contribution schemes 
The Group operates a number of defined contribution schemes. The pension charge for the year for these arrangements is equal to the 
contributions paid and was £4.9m (2023: £5.0m).
Notes to the consolidated financial statements continued
188
James Fisher and Sons plc Annual Report and Accounts 2024

30. Share-based payments
The Group operates a Long-Term Incentive Plan (LTIP) in respect of Executive Directors and certain senior employees and details 
are set out in the Directors’ remuneration report on pages 102 to 106. It also operates a Sharesave scheme (Sharesave) for eligible 
employees which is HM Revenue and Customs approved.
The Group recognised an expense in respect of equity-settled share-based payments of £1.8m (2023: £1.0m). 
The weighted average exercise prices (WAEP) and movements in share options during the year are as follows:
Sharesave scheme
LTIP awards
2024 
Number
WAEP
2023 
Number
WAEP
2024 
Number
2023 
Number
Outstanding at 1 January
574,444
£3.90
677,651
£4.41
2,272,277
1,383,824
Granted during the year
289,553
£2.72
261,914
£3.66
1,720,809
1,390,033
Forfeited during the year*
(308,604)
£4.21
(362,577)
£4.66
(624,942)
(433,822)
Exercised*
–
–
(2,544)
£3.24
(67,758)
(67,758)
Outstanding at 31 December
555,393
£3.11
574,444
£3.90
3,300,386
2,272,277
Exercisable at 31 December 
–
–
12,154
£14.09
–
–
*	 32,421 shares in the 2023 LTIP awards comparative have been re-classified from forfeited to exercised.
30.1. Sharesave scheme
All employees, subject to the discretion of the Remuneration Committee, may apply for share options under an employee save as 
you earn plan which may from time to time be offered by the Group. An individual’s participation is limited so that the aggregate 
price payable for shares under option at any time does not exceed the statutory limit. Options granted under the plans will normally 
be exercisable if the employee remains in employment and any other conditions set by the Remuneration Committee have been 
satisfied. Options are normally exercisable at the end of the related savings contract, but early exercise is permitted in certain limited 
circumstances. The performance period will not normally be less than three and a half years or greater than seven and a half years. 
Awards were made of 289,553 options under this scheme on 10 June 2024.
During the year no options were exercised (2023: 2,544). The weighted average share price at the date of exercise for the options 
exercised in 2023 was £3.24. For the Sharesave options outstanding at 31 December 2024, the weighted average remaining contractual 
life is 2 years and 11 months (2023: 3 years and 0 months). The weighted average fair value of options granted during the year was £1.56 
(2023: £1.48). The range of exercise prices for options outstanding at the end of the year was £2.72 – £11.06 (2023: £3.24 – £20.98). 
The fair value of share-based payments has been estimated using the Black-Scholes model.
30.2. LTIP awards scheme
LTIP awards are granted in the form of a conditional share award to certain employees. Vesting requirements for this scheme are set out 
within the Directors’ remuneration report on page 112. 2024 LTIP awards have been granted over 1,720,809 ordinary shares of 25 pence 
each.
As described in the Directors remuneration report on page 11, a restricted share award (structured as a conditional award of shares) over 
135,516 ordinary shares of 25 pence each was granted to Mr Vernet (Chief Executive Officer) on 13 September 2022. 67,758 options 
vested and were exercised during the year (2023: 67,758 vested and exercised) and there are no options outstanding (2023: 67,758).
For LTIP awards the weighted average remaining contractual life is 8 years and 10 months (2023: 8 years and 10 months). The weighted 
average fair value of options granted during the year was £2.86 (2023: £3.58). The fair value of options has been estimated using the 
Monte Carlo model.
The inputs to the models used to determine the valuations fell within the following ranges:
2024
2023
Dividend yield (%)
0.80%
1.60%
Expected life of option (years)
3 – 5
3 – 7
Share price at date of grant 
£3.10
£3.90 – £3.94
Expected share price volatility (%)
60.0%
40.0%
Risk-free interest rate (%)
4.24% – 4.41%
4.32% – 4.59%
Expected volatility has been based on an evaluation of the historical volatility of the Company’s share price.
189
Strategic Report
Overview
Governance
Financial Statements

31. Share capital and other reserves
31.1. Share capital
Number
£m
In issue at 1 January 2024 and at 31 December 2024
50,398,063
12.6
Ordinary shareholders are entitled to receive dividends as declared from time to time by the Directors. Shares carry equal voting rights 
of one vote per share held and shareholders have the right to attend and speak at general meetings, exercise voting rights and appoint 
proxies. Ordinary shares are irredeemable. In the event of a winding-up order ordinary shareholders are entitled to an unlimited share  
of the surplus after distribution to the cumulative preference shareholders.
31.2. Share premium
The amount subscribed for share capital in excess of nominal value.
31.3. Treasury shares
The Group has an established Employee Share Ownership Trust, the James Fisher and Sons plc Employee Share Ownership Trust 
(ESOT), to meet potential obligations under share option and long-term incentive schemes awarded to employees. The Trust has waived 
its right to receive dividends and these shares are classified as treasury shares in the Consolidated statement of financial position. 
The number of shares held at 31 December 2024 was 44,760 (2023: 12,519) at a total cost of £0.2m (2023: £0.5 million). The ESOT 
purchased 100,000 shares during 2024 (2023: 32,421).
During the year, 67,758 (2023: 67,758) ordinary shares with an aggregate nominal value of £16,940 (2023: £16,940) were issued from  
the ESOT to satisfy awards made under the restricted share award made to Mr Vernet (Chief Executive Officer). 
31.4. Other reserves
The table below sets out the movements in other reserves:
Other reserves
Translation 
reserve
£m
Hedging 
reserve
£m
Put option 
liability
£m
Total
£m
At 1 January 2023
(8.2)
2.5
(1.1)
(6.8)
Other comprehensive expense
(8.1)
(1.6)
–
(9.7)
Re-measurement of non-controlling interest put option
–
–
0.1
0.1
At 31 December 2023
(16.3)
0.9
(1.0)
(16.4)
Other comprehensive expense
(4.6)
(1.4)
–
(6.0)
Re-measurement of non-controlling interest put option
(0.6)
–
1.0
0.4
At 31 December 2024
(21.5)
(0.5)
–
(22.0)
31.4.1. Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign 
operations.
31.4.2. Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments.
31.4.3. Put option liability
The put option liability comprises the fair value of the option for a non-controlling shareholder to require the Group to purchase their 
equity shares.
31.5. Retained earnings
The accumulated net gains and losses of the Group since inception.
Notes to the consolidated financial statements continued
190
James Fisher and Sons plc Annual Report and Accounts 2024

32. Financial instruments
32.1. Capital management
The primary objective of the Group’s capital management policy is to maintain a strong credit rating and covenant ratios in order to 
be able to support the continued growth of its trading businesses and to increase shareholder value. The Group meets its day-to-day 
working capital requirements through operating cash flows, with borrowings in place to fund acquisitions and capital expenditure.  
At 31 December 2024, the Group had £17.0m (2023: £24.7m) of undrawn committed facilities.
The Group is required under the terms of its loan agreements to maintain covenant ratios in respect of leverage and interest cover. 
The Group met its covenant ratios for the year ended 31 December 2024. Non-compliance with covenants would result in the loan 
being repayable on demand. See Note 2.3 for the Directors’ going concern assessment. The total amount that the Group is able to 
borrow under committed facilities has reduced to a maximum of £95.0m (2023: £192.7m). During 2025, £2.5m of step-downs in the 
commitment are scheduled to occur in January 2025 (£1.0m) and May 2025 (£1.5m) which will take the total amount the Group is able to 
borrow to £92.5m.
The Group manages its capital structure to maintain investor, supplier and market confidence and to provide returns to shareholders 
that will support the future development of the business. The Group’s dividend policy is based on the expected growth in sustainable 
income streams after making provision for the retention of capital to invest in growth and acquisitions. In evaluating growth investment 
opportunities, the Group applies a hurdle rate of a 15.0% pre-tax return on capital invested.
Capital efficiency is monitored by reference to Return on Capital Employed (see Note 5.4).
32.2. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual 
obligations. This risk arises principally from the Group’s receivables from customers and from cash balances held with financial 
institutions. The credit risk on cash and deposits and derivative financial instruments is limited because the counterparties with 
significant balances are banks with strong credit ratings. The carrying amount of financial assets represents the maximum credit 
exposure. There are no significant concentrations of credit risk within the Group. The Group’s exposure to credit risk is influenced 
mainly by the individual characteristics of each customer and the industry and country in which each customer operates. The Group 
has a number of large customers including Government agencies in the UK and overseas, major oil companies and other multinational 
corporations. The ten largest customers of the Group accounted for approximately 37.0% of Group revenue (2023: 33.0%). No customer 
accounted for more than 9.0% (2023: 6.0%) of Group revenue. Goods are sold subject to retention of title clauses so that in the event of 
non-payment the Group may have a secured claim.
New customers are subject to creditworthiness checks and credit limits are subject to approval by senior management. The credit 
profiles of the Group’s customers are obtained from credit rating agencies where possible and are closely monitored. The scope of 
these reviews includes amounts overdue and credit limits. The credit quality of customers is assessed against the appropriate credit 
ratings, financial strength, trading experience and market position to define credit limits. Trade receivables are non-interest bearing and 
are generally on 30 to 60 days terms.
The maximum exposure to credit risk at the reporting date was as follows:
2024
£m
2023
£m
Receivables
102.5
111.1
Cash at bank and in hand
86.2
77.5
Derivative financial assets:
  Interest rate swaps designated as cash flow hedges
1.4
2.3
  Forward foreign exchange contracts designated as cash flow hedges
–
0.8
190.1
191.7
The Group has elected to apply the simplified approach to measuring expected credit losses, using a lifetime expected credit loss 
approach for trade receivables, contract assets, amounts owed by joint venture undertakings and other financial assets, including cash 
and cash equivalents and loans to associated undertakings. In applying the simplified approach to measuring expected credit losses, 
the Group uses a provision matrix to calculate lifetime expected credit losses, using historical loss rates based on days past due and 
forward-looking information, primarily country growth forecasts. The matrix approach allows application of different default rates to 
different groups of customers with similar risk characteristics. These groups are determined by a number of factors including the nature 
of the customer and the sector in which they operate. In determining the recoverability of a trade receivable or contract asset, the Group 
considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date, 
largely based on the ageing of the trade receivable or contract asset. 
Trade receivables and contract assets are specifically impaired when the amount is in dispute, customers are in financial difficulty 
or for other reasons which imply there is doubt over the recoverability of the debt. They are written off when there is no reasonable 
expectation of recovery, based on an estimate of the financial position of the counterparty. For contract assets, in the event of a contract 
issue, specific provision is made where appropriate.
191
Strategic Report
Overview
Governance
Financial Statements

Notes to the consolidated financial statements continued
32. Financial instruments continued
32.2. Credit risk continued
When estimating expected credit losses, the Group considers reasonable and supportable information (both qualitative and quantitative) 
that is relevant and available without undue cost or effort. 
As at 31 December 2024, the expected credit loss on trade receivables was £8.0m (2023: £9.2m) despite the lower trade receivables 
balances but reflecting a slightly heightened risk profile due to the volatile macroeconomic environment.
The following table provides information about the ageing of gross trade receivables and the expected credit losses for trade 
receivables. 
2024
2023
Group
Gross 
carrying 
amount
£m
Loss 
allowance
£m
Gross 
carrying 
amount
£m
Loss 
allowance
£m
Not yet due
28.4
0.3
40.8
0.4
Overdue 1 to 30 days
15.9
0.5
12.2
0.1
Overdue 31 to 60 days
4.2
0.1
5.7
0.2
Overdue 61 to 90 days
2.0
–
2.0
0.1
Overdue 91 to 180 days
1.4
0.2
0.8
0.1
Overdue more than 180 days
6.9
6.9
9.8
8.3
58.8
8.0
71.3
9.2
Contract assets, which represent revenue earned but not yet invoiced or due, before any provision for expected credit losses were 
£40.0m (2023: £38.5m). The expected credit loss provision against contract assets at 31 December 2024 was £nil (2023: £0.4m). 
Expected credit losses in respect of amounts owed by joint ventures were £nil (2023: £0.2m). The Group considers expected credit 
losses for other financial assets, including cash and cash equivalents and loans to joint ventures, to be immaterial.
Movements in the allowance for credit losses on trade receivables and contract assets are as follows:
2024
£m
2023
£m
Balance at 1 January
9.6
11.8
Released in the year
(4.9)
–
Provided in the year
5.0
0.1
Written off
(1.6)
(1.9)
De-recognised on disposal of subsidiaries
(0.4)
–
Foreign exchange differences
0.3
(0.4)
Balance at 31 December
8.0
9.6
Based on historical default rates, used to inform our view of future expected credit losses, the Group believes that apart from the 
amounts included in the table above, no impairment allowance is necessary in respect of trade receivables or contract assets. 
192
James Fisher and Sons plc Annual Report and Accounts 2024

32. Financial instruments continued
32.3. Liquidity risk 
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages its cash 
resources and borrowings to ensure that it will have sufficient liquidity to meet its liabilities as they fall due but in a manner designed 
to maximise the benefit of those resources whilst ensuring the security of investment resources. The Group forecasts the profile of its 
cash requirements monthly and ensures that sufficient facilities are available to meet peak requirements which occur at predictable 
times in the year. The Group manages the maturity profile of its borrowings by maintaining a regular dialogue with its lenders and 
ensuring that it commences the renegotiation of facilities sufficiently early to allow a comprehensive review of its requirements before 
completion.
The following are the contractual maturities of financial liabilities, including interest payments:
At 31 December 2024
Carrying 
amount
£m
Contractual 
cash flows
£m
Within 
1 year
£m
1 – 2 
years
£m
2 – 3 
years
£m
3 – 4 
years
£m
4 – 5 
years
£m
Greater 
than 
5 years
£m
Non-derivative financial liabilities
Unsecured bank loans and overdrafts
139.7
(166.0)
(71.3)
(7.3)
(66.8)
(6.1)
(14.5)
–
Lease liabilities
54.4
(70.6)
(20.6)
(9.4)
(8.1)
(7.7)
(5.5)
(19.3)
Trade and other payables
111.3
(111.3)
(111.3)
–
–
–
–
–
Derivative financial liabilities
Outflow on forward foreign exchange 
contracts used for hedging
(0.9)
(37.1)
(37.1)
–
–
–
–
–
304.5
(385.0)
(240.3)
(16.7)
(74.9)
(13.8)
(20.0)
(19.3)
At 31 December 2023
£m
£m
£m
£m
£m
£m
£m
£m
Non-derivative financial liabilities
Unsecured bank loans and overdrafts
217.7
(250.2)
(69.8)
(180.4)
–
–
–
–
Lease liabilities
61.2
(84.3)
(16.8)
(13.5)
(11.7)
(8.1)
(7.0)
(27.2)
Trade and other payables
113.4
(113.4)
(113.4)
–
–
–
–
–
Derivative financial liabilities
Interest rate swaps used for hedging
(0.2)
(25.4)
(4.2)
(5.0)
(3.8)
(3.6)
(2.2)
(6.6)
Outflow on forward foreign exchange 
contracts used for hedging
–
(52.1)
(52.1)
–
–
–
–
–
392.1
(525.4)
(256.3)
(198.9)
(15.5)
(11.7)
(9.2)
(33.8)
193
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Financial Statements

32. Financial instruments continued
32.4. Foreign exchange risk
The Group is exposed to foreign currency risks on sales, purchases, cash and borrowings denominated in currencies other than 
Pounds Sterling. The Group’s risk management policy uses forward exchange contracts to hedge its transactional exposures. These 
transactional exposures are mainly to movement in the US Dollar (USD) and the Euro (EUR). Most forward exchange contracts have 
maturities of less than one year after the balance sheet date. Forward exchange contracts which qualify as effective cash flow hedges 
are stated at fair value. The principal translation exposures relate to USD, Norwegian Kroner (NOK), Singapore Dollar (SGD), Brazilian 
Real (BRL) and Australian Dollar (AUD). In the prior year, the Group also had exposure to Nigerian Naira (NGN).
The Group’s exposure to foreign currency transactional risk in its principal currencies was as follows based on notional amounts:
31 December 2024
USD
m
EUR
m
NOK
m
SGD
m
Trade receivables
25.9
2.1
–
–
Cash at bank and in hand
37.6
–
6.1
0.2
Trade payables
(5.5)
(0.9)
–
–
Lease liabilities
(38.0)
–
–
–
Gross balance sheet exposure
20.0
1.2
6.1
0.2
Forecast sales
141.1
16.2
–
–
Forecast purchases
(51.4)
(15.9)
–
–
Gross exposure
109.7
1.5
6.1
0.2
Forward foreign exchange contracts
(46.4)
–
–
–
Net exposure
63.3
1.5
6.1
0.2
31 December 2023
USD
m
EUR
m
NOK
m
SGD
m
AUD
m
NGN
m
Trade receivables
55.2
1.2
–
–
0.2
0.2
Cash at bank and in hand
37.8
0.5
9.7
1.8
0.1
1.1
Trade payables
(9.6)
(3.1)
(11.8)
–
–
(42.4)
Gross balance sheet exposure
83.4
(1.4)
(2.1)
1.8
0.3
(41.1)
Forecast sales
184.9
12.8
–
–
–
631.5
Forecast purchases
(61.7)
(15.3)
–
–
–
(807.8)
Gross exposure
206.6
(3.9)
(2.1)
1.8
0.3
(217.4)
Forward foreign exchange contracts
(66.4)
–
–
–
–
–
Net exposure
140.2
(3.9)
(2.1)
1.8
0.3
(217.4)
Changes in the level of exchange rates will have an impact on consolidated earnings. The following table shows the impact on earnings 
of a 5.0% strengthening in Pounds Sterling against the Group’s key currencies. The obverse movements would be of the same 
magnitude. These amounts have been calculated by applying changes in exchange rates to the Group’s foreign currency profits and 
losses and to financial instruments denominated in foreign currency.
2024
2023
Group
Equity
£m
Income 
statement
£m
Equity
£m
Income 
statement
£m
US Dollar
(2.2)
(4.5)
(2.6)
(5.0)
Other
(0.8)
(0.7)
0.3
(1.2)
(3.0)
(5.2)
(2.3)
(6.2)
Included within operating profit are foreign currency losses of £0.8m (2023: gains of £0.8m).
Notes to the consolidated financial statements continued
194
James Fisher and Sons plc Annual Report and Accounts 2024

32. Financial instruments continued
32.5. Interest rate risk
The Group uses interest rate swaps to convert interest rates on certain borrowings from floating rates to fixed rates to hedge exposure 
to fluctuations in interest rates. The interest rate profile of the Group’s financial assets and liabilities is set out in the table below:
2024
£m
2023
£m
Fixed rate instruments
Financial liabilities
(0.1)
(0.1)
(0.1)
(0.1)
Variable rate instruments
Financial assets
86.2
77.5
Financial liabilities
(155.5)
(217.7)
(69.3)
(140.2)
Where hedging criteria are met, the Group classifies interest rate swaps as cash flow hedges and carries them at fair value. Over the 
longer term, permanent changes in interest rates would have an impact on consolidated earnings. Based on the Group’s financial assets 
and liabilities at floating rates, a 1.0% change in all interest rates during the current year would have a £0.8m impact on the Group’s 
profit before taxation (2023: £0.9m).
32.6. Fair values
There are no material differences between the book value of financial assets and liabilities and their fair value other than unsecured 
bank loans and overdrafts which have a fair value of £142.0m (2023: £219.4m) compared to a carrying value of £139.7m (2023: 
£217.7m).
Fair value has been determined by reference to the market value at the balance sheet date or by discounting the relevant cash flows 
using current interest rates for similar instruments. The fair value of the financial assets has been assessed by the Directors with 
reference to the current prospects of the investments and associated risks.
195
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Financial Statements

32. Financial instruments continued
32.6. Fair values continued
32.6.1. Fair value hierarchy
The Group classifies fair value measurement using a fair value hierarchy that reflects the significance of inputs used in making 
measurements of fair value. The fair value hierarchy has the following levels:
(a)	 Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities;
(b)	 Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly  
(i.e. as prices) or indirectly (i.e. derived from prices); and
(c)	 Level 3 – Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The following financial instruments have all been classified as level 2:
2024
£m
2023
£m
Financial assets measured at fair value
Forward foreign exchange contracts designated as cash flow hedges
–
0.8
Interest rate swaps designated as cash flow hedges
1.4
2.3
1.4
3.1
Financial liabilities measured at fair value
Forward foreign exchange contracts designated as cash flow hedges
(0.9)
–
Interest rate swaps designated as cash flow hedges
–
(0.2)
(0.9)
(0.2)
0.5
2.9
There have been no transfers between categories during the period (2023: none). The fair values of interest rate swap contracts and 
forward foreign exchange contracts are calculated by management based on external valuations received from the Group’s bankers, 
and based on forward foreign exchange rates and anticipated future interest yields, respectively.
Forward foreign exchange contracts and interest rate swaps are included within “Other financial assets/Other financial liabilities” in 
the Consolidated statement of financial position; in “effective portion of changes in fair value of cash flow hedges” in the Consolidated 
statement of other comprehensive income (OCI), and in “administrative expenses” within the Consolidated income statement.
The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 
approximately 50.0% (2023: 50.0%). The forward elements of forward foreign exchange contracts are excluded from the designation of 
the hedging instrument and are separately accounted for as a cost of hedging which is recognised in equity in the hedging reserve. 
The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the 
currency, amount and timing of their respective cash flows. The Group assesses whether the derivative designated in each hedging 
relationship is expected to be and has been effective in offsetting changes in cash flows of the hedged item using the hypothetical 
derivative method.
In these hedge relationships, the main sources of ineffectiveness are changes in timing of the hedged transactions.
32.6.2. Forward foreign exchange contracts
At 31 December 2024, the Group held forward foreign exchange contracts designated to hedge future commitments in USD with a fair 
value of £0.9m (2023: £0.8m). The contracts totalling $46.4m had an average exchange rate of 1.283 (2023: $66.4m with an average 
exchange rate of 1.260) and mature between January and December 2025 (2023: January and December 2024).
The foreign exchange contracts have been negotiated to match the expected profile of receipts. At 31 December 2024, these hedges 
were assessed to be highly effective and an unrealised loss of £0.9m (2023: gain of £0.5m) relating to the hedging instruments is 
included in equity.
In respect of the changes in the value of the hedging instrument of the forward foreign exchange contracts, a loss of £0.3m (2023: 
gain of £0.9m) was recognised in the Consolidated income statement and a loss of £1.3m (2023: gain of £0.4m) was recognised in the 
Consolidated statement of other comprehensive income relating to forward foreign exchange contracts.
Notes to the consolidated financial statements continued
196
James Fisher and Sons plc Annual Report and Accounts 2024

32. Financial instruments continued
32.6. Fair values continued
32.6.3. Interest rate swaps
The Group entered into interest rate swap contracts in respect of Sterling-denominated debt to swap a variable-rate liability for  
a fixed-rate liability. These instruments have been allocated against the debt in the tables shown above. Details of the contracts and 
their fair values at 31 December are set out below:
Amount
Fair value
Maturity
Fixed rate %
2024
£m
2023
£m
2024 
£m
2023 
£m
Sterling interest rate swaps
29 October 2027
2.1%-3.1%
23.0
50.0
1.1
2.3
USD interest rate swaps
21 November 2032 & 
16 January 2033
3.65%-3.70%
21.5
26.9
0.3
(0.2)
In respect of the interest rate swaps, a gain of £2.6m (2023: loss of £1.1m) was recognised in the Consolidated income statement, and 
loss of £0.7m (2023: loss of £0.6m) was recognised in the Consolidated statement of other comprehensive income.
32.7. Market risk
The Group has the following derivative financial instruments in the following line items in the Consolidated statement of financial 
position:
2024
£m
2023
£m
Non-current assets
Interest rate swaps designated as cash flow hedges
1.4
–
Total non-current derivative financial instrument assets within Other financial assets
1.4
–
Current assets
Forward foreign exchange contracts designated as cash flow hedges
–
0.8
Interest rate swaps designated as cash flow hedges
–
2.3
Total current derivative financial instrument assets included within Trade and other receivables
–
3.1
Current liabilities
Forward foreign exchange contracts designated as cash flow hedges
(0.9)
–
Total non-current derivative financial instrument assets within Other financial liabilities
(0.9)
–
Interest rate swaps designated as cash flow hedges
–
(0.2)
Total current derivative financial instrument liabilities included within Trade and other payables
–
(0.2)
0.5
2.9
197
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Governance
Financial Statements

33. Disposal of businesses
During the year, the Group made the following disposals:
•	 On 8 July 2024, the Group disposed of its 100% shareholding in RMSpumptools Limited and its subsidiaries (RMS) from its Energy 
Division to ChampionX Corporation for £82.8m cash consideration. 
•	 On 6 September 2024, the Group disposed of its 100% shareholding in Martek Holdings Limited and its subsidiaries (Martek) from its 
Maritime Transport Division to a regional fund managed by Foresight Group for £12.1m gross consideration: £10.6m was receivable on 
the disposal date and £1.5m is receivable in two equal instalments in 2025 and 2026. The £1.5m receivable has been discounted to a 
present value amount of £1.3m.
RMS
£m
Martek
£m
Goodwill
8.3
7.7
Property, plant and equipment
1.3
0.1
Right-of-use assets
0.9
–
Inventories
12.1
1.6
Trade and other receivables
10.9
1.4
Cash and cash equivalents
3.3
0.9
Trade and other payables
(8.6)
(1.5)
Lease liabilities
(1.0)
–
Taxation liabilities
(1.2)
(0.2)
Net assets disposed
26.0
10.0
Costs in relation to businesses sold
8.0
1.2
Gain on disposal
48.8
0.7
Consideration received 
82.8
11.9
Cash flow from the disposal of businesses
Cash received
82.8
10.6
Cash and cash equivalents disposed of
(3.3)
(0.9)
Costs in relation to businesses sold
(8.0)
(1.2)
71.5
8.5
Cost in relation to businesses sold predominantly include legal and transaction fees. Of the £1.2m of costs incurred on the disposal of 
Martek, £0.8m was recorded in the Consolidated income statement in 2024 with the remainder incurred in 2023. All costs were cash 
settled in 2024.
On 6 March 2023, the Group announced that the entire share capital of James Fisher Nuclear Holdings Limited and related properties 
(JFN) was sold to Myneration Limited, a wholly-owned investment vehicle of Rcapital Partners LLP for a consideration of £3. The Group 
retained certain Parent Company guarantees which historically were given to support the obligations of JFN.
£m
Consideration received
–
Net liabilities disposed
(0.1)
Costs in relation to businesses sold
(2.0)
Loss on disposal
(2.1)
Cash flow from the disposal of businesses
Cash received
–
Cash and cash equivalents disposed
–
Costs in relation to businesses sold
(3.2)
(3.2)
JFN was classified as a discontinued operation and details of the results and cash flows of this discontinued operation can be found  
in Note 12.
Notes to the consolidated financial statements continued
198
James Fisher and Sons plc Annual Report and Accounts 2024

34.	 Commitments and contingencies
34.1. Capital commitments
At 31 December 2024, capital commitments for which no provision has been made in these accounts amounted to £10.6m (2023: 
£16.4m).
34.2. Contingent liabilities
a)	 In the ordinary course of the Company’s business, counter indemnities have been given to banks in respect of custom bonds, 
foreign exchange commitments and bank guarantees.
b)	 Subsidiaries of the Group have issued performance and payment guarantees to third parties with a total value of £25.2m  
(2023: £27.1m).
c)	 The Group is liable for further contributions in the future to the MNOPF and MNRPF if additional actuarial deficits arise or if other 
employers liable for contributions are not able to pay their share.
d)	 The Company and its subsidiaries may be parties to legal proceedings and claims which arise in the ordinary course of business and 
can be material in value. Disclosure of contingent liabilities or appropriate provision has been made in these accounts where, in the 
opinion of the Directors, liabilities may materialise.
e)	 The Group operates and has overseas investments in multinational and less developed markets, which presents increased 
operational and financial risk in complying with regulation and legislation and where local practices in those markets may be 
inconsistent with laws and regulations that govern the Group. Given this risk, from time to time matters are raised and investigated 
regarding potential non-compliance with the legal and regulatory framework applicable to the Group. Any regulatory breaches 
arising could give rise to civil and/or criminal fines and penalties, and/or other non-monetary penalties and compliance 
requirements. In preparing the financial statements, judgements and estimates were required to be made in respect of such 
potential regulatory matters. The Directors’ judgement, relying on the findings of an independent audit as well as the Group’s own 
investigations, is that the likelihood of adverse findings against the Group in respect of such matters is not probable albeit possible, 
and no provision has been included in the financial statements.
There are no other significant provisions and no individually significant contingent liabilities that required specific disclosure.
In the normal course of business certain subsidiaries have given Parental and subsidiary guarantees in support of loan and banking 
arrangements and the following:
•	 The Company has issued a guarantee to charter parties in respect of obligations of a subsidiary, James Fisher Everard Limited, in 
respect of charters relating to nine vessels. The charters expire between 2025 and 2033.
•	 The Company has given an unlimited performance guarantee to the Singapore Navy in the event of default by First Response Marine 
Pte Ltd (its Singapore joint venture), in providing submarine rescue and related services under its contract.
•	 The Company has issued a guarantee over the build of four new vessels in James Fisher Everard Limited.
During the current and prior year, no amounts have been recognised in relation to these guarantees.
35. Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not 
disclosed in this note. Transactions between the Group and its joint ventures and associates are disclosed below.
Fendercare Marine businesses
The Group has interests of between 40% and 50% in several joint ventures providing ship-to-ship transfer services in Northern Europe 
and Asia through its wholly owned subsidiary, Fender Care Marine Solutions Limited.
First Response Marine Pte Ltd
The Group holds, through James Fisher Marine Services Limited (JFMS), a 50% interest in First Response Marine Pte Ltd (FRM). FRM 
provides submarine rescue services to the Singapore Government under a 20-year service contract which commenced in March 2009. 
FRM subcontracts the provision of the submarine rescue service to James Fisher Singapore Pte Ltd. JFMS has also provided a loan to 
FRM of £2.1m to support its day-to-day operations. The loan, which is included in the Consolidated statement of financial position as 
part of the investment in joint ventures and associates, is interest-bearing and is repayable at the end of the project. Interest charged in 
the period amounted to £0.1m (2023: £0.1m). Dividends received or receivable during the period included in the results of the Group are 
£0.4m (2023: £0.6m).
JFD Domeyer
The Group has a 50% stake in JFD Domeyer, an entity which provides in-service support and aftermarket services to customers 
in Germany.
Pleat Mud Coolers AS
The Group holds, through Scan Tech AS (ST), a 50.1% interest in Pleat Mud Coolers AS (PMC), an entity which supplies mud cooling 
systems to the offshore oil and gas market. During the year, PMC repaid a £0.7m loan provided by ST to support its day-to-day 
operations. The interest-bearing loan was included in the Consolidated statement of financial position as part of the investment in joint 
ventures and associates. No interest has been charged in the period (2023: £0.1m).
199
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Financial Statements

35. Related party transactions continued
Wuhu Divex Diving Systems Ltd
The Group has a 49% interest in Wuhu Divex Diving Systems Ltd, an entity which manufactures advanced diving systems for the 
Chinese market. During the prior year, an impairment was recognised in relation to the investment. There is no provision made against 
amounts owed by related parties.
Mil Vehicles & Technologies Private Limited
The Group has a 49% interest in Mil Vehicles & Technologies Private Limited, an entity which provides services to fulfil the annual 
maintenance contract with the Indian Government for the submarine rescue service.
JF Technologies LLC
The Group has a 49% interest in James Fisher Technologies LLC, an entity which provides specialist design and engineering services 
including the provision of remote-control equipment to the North American nuclear de-commissioning market.
35.1. Transactions
2024
£m
2023
£m
Sales to related parties
1.5
1.8
Purchases from related parties
(1.6)
(2.8)
Interest received
0.2
0.2
Dividends received
2.3
1.2
Transactions between the Group and the Group’s pension plans are disclosed in Note 29.
All transactions with related parties are priced on an arm’s length basis on terms equivalent to those provided to wholly external parties.
35.2. Balances
2024
£m
2023
£m
Amounts owed to related parties
(1.0)
(0.4)
Amounts owed by related parties
2.1
2.6
Loans to related parties
2.1
2.6
Amounts owed to and owed by related parties are measured at amortised cost and the carrying values approximate fair value.  
The undiscounted cash flow amounts owed to related parties are due within one year and do not differ from the amounts included  
in the table above. No allowance for expected credit losses for bad debts has been made in respect of these balances  
(2023: £nil). No bad debts arose during the period relating to these transactions (2023: £nil)
36. Post balance sheet events 
The Group obtained credit approval for a £12.5m General Export Facility (GEF) in March 2025 (subject to finalising legal documentation), 
comprising a £7.0m working capital facility and a £5.5m guarantee line for one year and five years respectively. The GEF is 80% 
guaranteed by the UK Government Export Finance agency scheme (UKEF) and provided through one of our current lenders. 
The new bank facility provides increased liquidity and bank guarantee capacity to support the growth trajectory of the Defence Division.
Notes to the consolidated financial statements continued
200
James Fisher and Sons plc Annual Report and Accounts 2024

Company statement of financial position  
at 31 December 2024
Notes
31 December
2024
£m
31 December
20231
£m
Non-current assets
Other intangible assets
0.4
–
Property, plant and equipment
4
1.1
1.0
Right-of-use assets
0.5
0.8
Investments in subsidiaries
5
377.3
268.7
Other investments
5
1.4
1.4
Other receivables
6
8.3
108.0
Other financial assets
7
1.1
–
Deferred tax assets
11
–
0.1
Retirement benefit surplus
12
9.1
7.4
399.2
387.4
Current assets
Trade and other receivables
6
10.6
14.2
Current tax receivable
3.7
–
Cash and cash equivalents
34.4
10.9
48.7
25.1
Current liabilities
Trade and other payables
8
(142.8)
(33.9)
Current tax payable
–
(2.8)
Borrowings
9
(51.6)
(14.3)
Other financial liabilities
7
(0.9)
–
Provisions
10
(1.0)
(8.4)
(196.3)
(59.4)
Net current liabilities
(147.6)
(34.3)
Total assets less current liabilities
251.6
353.1
Non-current liabilities
Borrowings
9
(77.7)
(167.4)
Provisions
10
(0.5)
–
Deferred tax liabilities
11
(0.8)
–
Retirement benefit obligations
12
(0.7)
(0.5)
(79.7)
(167.9)
Net assets
171.9
185.2
Equity
Share capital
13
12.6
12.6
Share premium
13
26.8
26.8
Treasury shares
13
(0.2)
(0.5)
Hedging reserve
13
0.6
2.5
Retained earnings
132.1
143.8
Total equity
171.9
185.2
1	 During the year, the Directors agreed to change the way that the consolidated statement of financial position is presented to provide the reader with supplemental data relating to the financial 
condition of operations. As a result, £108.0m amounts owed by Group undertakings included within Investments and loans to subsidiaries. These have been reclassified in the current year 
and presented within Other receivables. Additionally, £0.6m of current lease liabilities and £0.7m of non-current lease liabilities and £0.1m of non-current cumulative preference shares have 
been reclassified to current borrowings and non-current borrowings respectively. There are no impacts to the overall Company statement of financial position as a result of these changes.
The Company’s loss for the year was £35.4m (2023: £106.5m). The accompanying notes form part of these financial statements.
The financial statements were approved by the Board of Directors on 19 March 2025 and signed on its behalf by:
Karen Hayzen-Smith	 	
	
	
	
Chief Financial Officer
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Overview
Governance
Financial Statements

Share 
capital
£m
Share 
premium
£m
Treasury 
shares
£m
Hedging 
reserve
£m
Retained 
earnings
£m
Total 
shareholders’ 
equity
£m
At 1 January 2023
12.6
26.8
(0.6)
3.6
248.8
291.2
Loss for the year
–
–
–
–
(106.5)
(106.5)
Other comprehensive (expense)/income
–
–
–
(1.1)
0.7
(0.4)
Total comprehensive expense
–
–
–
(1.1)
(105.8)
(106.9)
Contributions by and distributions to owners:
Share-based payments
–
–
–
–
1.0
1.0
Sale of shares by Employee Share Ownership Trust
–
–
0.1
–
(0.2)
(0.1)
At 31 December 2023
12.6
26.8
(0.5)
2.5
143.8
185.2
Loss for the year
–
–
–
–
(35.4)
(35.4)
Other comprehensive expense
–
–
–
(1.9)
–
(1.9)
Total comprehensive expense
–
–
–
(1.9)
(35.4)
(37.3)
Contributions by and distributions to owners:
Capital contributions to subsidiaries
–
–
–
–
22.6
22.6
Share-based payments
–
–
–
–
1.8
1.8
Purchase of shares by  
Employee Share Ownership Trust
–
–
(0.3)
–
–
(0.3)
Sale of shares by Employee Share Ownership Trust
–
–
0.6
–
(0.7)
(0.1)
At 31 December 2024
12.6
26.8
(0.2)
0.6
132.1
171.9
The accompanying notes form part of these financial statements.
Company statement of changes in equity  
for the year ended 31 December 2024
202
James Fisher and Sons plc Annual Report and Accounts 2024

1. General information
James Fisher and Sons plc (the Company) is incorporated and domiciled in the United Kingdom with Company number 00211475.  
The registered address of the Company is Fisher House, Michaelson Road, Barrow-In-Furness, Cumbria, LA14 1HR, United Kingdom. 
2. Summary of material accounting policies
A summary of the material accounting policies is set out below. These have been applied consistently in the financial statements.
2.1. Statement of compliance and basis of preparation
The financial statements of the Company have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure 
Framework (FRS 101) and with those parts of the Companies Act 2006 applicable to companies reporting under FRS 101. The financial 
statements of the Company are included in the Group’s Consolidated financial statements which can be obtained from the Company’s 
registered office. During the year, the Company has transitioned to FRS 101 from UK-adopted IFRS. No measurement and recognition 
adjustments have been made as part of this transition.
In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:
•	 Cash flow statement and related notes; 
•	 Certain disclosures regarding leases; 
•	 Comparative period reconciliations for share capital and tangible fixed assets; 
•	 Disclosures in respect of transactions with wholly owned subsidiaries; 
•	 Disclosures in respect of capital management; 
•	 The effects of new but not yet effective IFRSs; 
•	 Disclosures in respect of the compensation of key management personnel; 
•	 Disclosures of transactions with a management entity that provides key management personnel services to the Company; and 
•	 Disclosures required by IFRS 5 Non-current Assets Held for Sale and Discontinued Operations in respect of the cash flows of 
discontinued operations. 
As the consolidated financial statements include the equivalent disclosures, the Company has also taken the exemptions under FRS 101 
available in respect of the following disclosures: 
•	 IFRS 2 Share-Based Payments in respect of Group-settled share-based payments;
•	 Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7 Financial Instrument 
Disclosures.
The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also 
requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving  
a higher degree of judgement or complexity or areas where assumptions and estimates are significant to the financial statements  
are disclosed in Note 3.
The Parent Company financial statements are prepared on a going concern basis as set out in Note 2 of the Consolidated financial 
statements of James Fisher and Sons plc.
The Directors have taken advantage of the exemption available under section 408 of the Companies Act 2006 and not presented  
an income statement or a statement of comprehensive income/(expense) for the Company alone.
The financial statements are presented in Pounds Sterling and all values are rounded to the nearest 0.1 million pounds (£0.1m) except 
when otherwise indicated.
2.2. Investments in subsidiaries and joint ventures
Investments in subsidiaries and joint ventures are stated at cost less, where appropriate, provisions for impairment. The Company 
tests the investment balances for impairment annually or when there are indicators of impairment. Refer to Note 5 for further details on 
impairment testing.
Income is recognised from these investments when the right to receive the dividend is established.
Notes to the Company financial statements
203
Strategic Report
Overview
Governance
Financial Statements

Notes to the Company financial statements continued
2. Summary of material accounting policies continued
2.3. Foreign currencies
Transactions in foreign currencies are translated to the functional currency at the exchange rate on the date of the transaction.  
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated to the functional 
currency at the rates prevailing on the balance sheet date.
2.4. Financial assets
The Company measures its trade and other receivables and cash and cash equivalents at amortised cost. Subsequent to initial 
recognition these assets are carried at amortised cost using the effective interest method. Income from these financial assets is 
calculated on an effective yield basis and is recognised in the income statement.
The Company recognises an allowance for expected credit losses (ECL) for all debt instruments held at amortised cost. The ECLs are 
based on the difference between the contractual cash flows due, and the cash flows expected to be received.
For trade receivables, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime 
ECLs at each reporting date.
For receivables other than trade receivables, the Company recognises ECLs in two stages. For credit exposures for which there  
has not been a significant increase in credit risk since initial recognition, a loss allowance is recognised based on 12-month ECLs.  
For credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required 
for lifetime ECLs.
2.5. Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.  
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. 
Equity instruments issued by the Company are recorded as the proceeds received, net of direct issue costs.
2.6. Income taxes
Current tax is the expected tax payable on the taxable income for the financial year, using tax rates enacted or substantively enacted  
by the balance sheet date.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts  
of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based 
on the tax rates that have been enacted or substantively enacted by the balance sheet date.
The tax expense is recognised in the Company income statement, except when it relates to items recognised directly in the  
Company statement of changes in equity or the Company statement of comprehensive income/(loss), in which case the tax follows  
the same treatment.
Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible 
temporary differences can be utilised.
Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to set off current tax assets 
against current tax liabilities and they relate to income taxes levied by the same taxation authority on either the same taxable entity  
or different taxable entities which intend to settle current tax assets and liabilities on a net basis.
Pillar Two legislation has been enacted in the UK introducing a global minimum effective tax rate of 15%. The legislation implements  
a domestic top-up tax, effective for accounting periods starting on or after 31 December 2023. The Company has applied the exception 
under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to top-up income taxes.
204
James Fisher and Sons plc Annual Report and Accounts 2024

3. Significant accounting judgements, estimates and assumptions
In applying the Company’s accounting policies, which are described in Note 2, the Directors are required to make judgements (other 
than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions 
about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated 
assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from 
these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the 
period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the 
revision affects both current and future periods.
Critical accounting judgements 
There are no critical judgements as defined in IAS 1 Presentation of Financial Statements that the Directors have made in the process of 
applying the Company’s accounting policies. 
205
Strategic Report
Overview
Governance
Financial Statements

4. Property, plant and equipment
Property
£m
Plant and 
equipment
£m
Total
£m
At 1 January 2024
2.4
4.1
6.5
Additions
0.3
0.1
0.4
Disposals
(0.7)
–
(0.7)
At 31 December 2024
2.0
4.2
6.2
Depreciation:
At 1 January 2024
(1.9)
(3.6)
(5.5)
Charge for the year
(0.1)
(0.2)
(0.3)
Disposals
0.7
–
0.7
At 31 December 2024
(1.3)
(3.8)
(5.1)
Net book value at 31 December 2024
0.7
0.4
1.1
Net book value at 1 January 2024
0.5
0.5
1.0
 
5. Investments
5.1. Other investments
Other investments with a net book value of £1.4m (2023: £1.4m) in the Statement of financial position is in unquoted entity shares,  
held at fair value and subject to annual impairment review. It comprises a 17.2% (2023: 17.2%) interest in ordinary shares in SEML  
De Co-operation Transmanche, an unlisted company incorporated in France, whose main activity is a port and ferry operator.
5.2. Subsidiary undertakings
Details of the Company’s subsidiary undertakings are set out on pages 214 to 216.
2024
£m
2023
£m
Cost
At 1 January
344.7
140.5
Additions
375.1
0.5
Loans converted to equity
–
229.4
Disposals
(342.5)
(25.7)
At 31 December
377.3
344.7
Accumulated impairment losses
At 1 January
76.0
26.1
Recognised in the year
8.5
75.6
Disposals
(84.5)
(25.7)
At 31 December
–
76.0
Carrying value
377.3
268.7
Notes to the Company financial statements continued
206
James Fisher and Sons plc Annual Report and Accounts 2024

5. Investments continued
5.2. Subsidiary undertakings continued
Group restructure
In August 2024, the Group undertook a restructure to insert a newly incorporated holding company, James Fisher Holdings Limited 
(Holdco) directly below the Company. The Company previously held investments directly in subsidiaries. As part of the restructure the 
Company transferred its investment in those subsidiaries to HoldCo in a share for share exchange at their carrying value of £342.5m at 
the date of the transfer. 
During the year, the Company recognised investment additions of £22.6m in relation to historic contributions made to the Group’s 
defined benefit pension schemes on behalf of its subsidiaries.
Additions
The addition of £375.1m, included £266.4m investments carried forward, £8.5m impairment (as described below) required pre-transfer, 
£22.6m in relation to historical contributions made to the Group’s defined benefit pension schemes on behalf of its subsidiaries 
recognised pre-transfer, £1.0m of capital contributions to subsidiaries in respect of share-based payments and £93.6m of loans 
capitalised pre-transfer.
Impairment of investments in subsidiary undertakings
Investments in subsidiaries comprise equity investments (shares) stated at cost. An impairment is recognised if there are indicators that 
the carrying value may not be recoverable. 
Prior to the transfer of its investments in August 2024, based on the value-in-use calculations, an impairment loss of £8.5m (2023: 
£75.6m) was recognised in respect of the Company’s investment in James Fisher (Aberdeen) Limited (JF Aberdeen). The impairment 
resulted from the continuing volatility in the markets in which JF Aberdeen and its subsidiaries operate, particularly the de-
commissioning market which continued to be challenging. The assumptions around the timing and new contract win probability used for 
the impairment assessment reflect this volatility and increased risk of project delays. 
At the year end, a full impairment assessment was performed on the Company’s investment in Holdco in accordance with IAS 36. There 
was significant headroom of c£77.0m and there were no reasonably possible changes in key assumption identified that resulted in an 
impairment. 
207
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Overview
Governance
Financial Statements

6. Trade and other receivables
2024
£m
2023
£m
Amounts owed by Group undertakings
8.3
108.0
Non-current trade and other receivables
8.3
108.0
Trade receivables
0.1
0.1
Amounts owed by Group undertakings
7.3
4.5
Other non-trade receivables
1.2
8.9
Prepayments
2.0
0.7
Current trade and other receivables
10.6
14.2
Amounts receivable from Group undertakings are either interest bearing or non-interest bearing depending on the type and duration  
of the receivable relationship.
Loans to Group undertakings
Loans are advanced to subsidiaries as permitted in the Company’s banking agreements. Each subsidiary loan has a formalised 
agreement with clearly defined terms and is interest bearing, as determined by rates decided by Group Treasury which are  
reviewed quarterly. 
Loans receivable from subsidiaries are recorded initially at amortised cost and reduced by an allowance for expected credit losses 
in accordance with IFRS 9. The assessment of credit risk and the estimation of expected credit loss is probability weighted and 
incorporates all reasonable and supportable information, including forward-looking information relevant to the assessment, information 
about past events and current conditions, and forecasts of economic conditions at the reporting date. 
Management’s definition of default is where the forecast cash flows at the effective interest rate (EIR) have nil headroom or less and 
therefore do not support the loan value. 
For each immediate subsidiary subgroup loan an assessment has been made to determine what is the stage of the loan. If the credit 
risk of the loan has not significantly increased and if the loan is not already in default, then a 12-month expected credit loss has been 
calculated and hence estimates the probability of an event occurring in the next 12 months that would give rise to default (stage 1). If 
the credit risk has significantly increased or the loan has already defaulted, an impairment at the lifetime expected credit loss has been 
calculated.
A significant increase in credit risk is considered to be where headroom <10.0% of loan or deterioration in operating profit over last 12 
months without a recovery plan.
Based on a management review there has been no significant increase in credit risk in the current year and an analysis of the expected 
credit loss for the next 12-months has been applied using a discounted cash flow for the immediate subsidiary subgroup with which 
the Company has a loan. The cash flows were discounted at the EIR for the loans, including loans payable/receivable and associated 
interest, to entities outside of the immediate subsidiary subgroup.
In preparing the cash flows it is assumed that where the immediate subsidiary subgroup or entity has loans receivable, if these are party 
to Group support, these would be recoverable and therefore have been included in in the cash flows. A provision is made when the 
discounted cash flows result in a cash shortfall and no support expected to be received by the counterparty.
The assessment completed by management did not result in a expected credit loss being identified in the current or prior year
Notes to the Company financial statements continued
208
James Fisher and Sons plc Annual Report and Accounts 2024

7. Other financial assets and liabilities
2024
£m
2023
£m
Non-current assets
Interest rate swaps designated as cash flow hedges
1.1
–
Other financial assets
1.1
–
Current liabilities
Forward foreign exchange contracts designated as cash flow hedges
(0.8)
–
Forward foreign exchange contracts and currency swaps at fair value through profit or loss
(0.1)
–
Other financial liabilities
(0.9)
–
	
	
8. Trade and other payables
2024
£m
2023
£m
Current liabilities
Trade payables
6.3
6.0
Amounts owed to Group undertakings
126.0
19.6
Taxation and social security
0.1
0.1
Other payables
3.6
2.5
Accruals
6.8
5.7
Trade and other payables
142.8
33.9
All amounts payable to Group undertakings are non-interest bearing, unsecured and repayable on demand.
9. Borrowings
2024
£m
2023
£m
Non-current liabilities
Bank loans
77.3
166.6
Lease liabilities
0.3
0.7
Cumulative preference shares
0.1
0.1
Borrowings
77.7
167.4
Current liabilities
Bank overdrafts
51.4
13.7
Lease liabilities
0.2
0.6
Borrowings
51.6
14.3
Refer to Note 26 of the Consolidated financial statements for further details on the details of the bank borrowings.
209
Strategic Report
Overview
Governance
Financial Statements

10. Provisions
Cost of 
material 
litigation
£m
Other
£m
Total
£m
At 1 January 2023
–
–
–
Provided during the year
2.0
6.4
8.4
At 31 December 2023
2.0
6.4
8.4
Provided during the year
–
1.2
1.2
Utilised during the year
–
(3.4)
(3.4)
Re-classified to other payables
–
(3.0)
(3.0)
Released during the year
(1.7)
–
(1.7)
At 31 December 2024
0.3
1.2
1.5
2024
£m
2023
£m
Current
1.0
8.4
Non-current
0.5
–
1.5
8.4
Cost of material litigation consists of a provision associated with a historical joint venture. The Group successfully settled the matter 
during the year at a favourable value, resulting in a £1.7m release. The agreed settlement of £0.3m is expected to be paid in the 
following financial year.
Included within Other provisions in the prior year is £6.4m in relation to James Fisher Nuclear Limited Parent Company guarantees. 
Following the sale of the entire issued share capital of James Fisher Nuclear Holdings Limited and related properties (JFN) on 6 
March 2023, a limited number of performance guarantees covering an event of default by JFN in performing its contractual duties and 
obligations remained with the Group. JFN subsequently entered administration on 9 August 2023. On 29 August 2024, this claim was 
settled for £6.4m and £3.4m of the provision has been utilised, with the balance transferred to other payables.
11. Deferred tax
2024
£m
2023
£m
Non-current assets
Property, plant and equipment
0.1
0.1
Temporary differences
-
1.4
Deferred tax asset
0.1
1.5
Non-current liabilities
Retirement benefits
(0.8)
(0.7)
Derivative financial instruments
(0.1)
(0.7)
Deferred tax liability
(0.9)
(1.4)
Net deferred tax (liability)/asset
(0.8)
0.1
The gross movement on the deferred income tax account is as follows:
2024
£m
2023
£m
At 1 January
0.1
(0.8)
Charged to comprehensive income
0.4
(0.6)
(Charged)/credited to income statement
(1.3)
1.5
At 31 December
(0.8)
0.1
Notes to the Company financial statements continued
210
James Fisher and Sons plc Annual Report and Accounts 2024

12. Retirement benefit obligations
The Company defined benefit pension scheme obligations relate to the James Fisher and Sons plc Pension Fund for Shore Staff (Shore 
staff), the Merchant Navy Officers Pension Fund (MNOPF) and the Merchant Navy Ratings Pension Fund (MNRPF) which are regulated 
under UK pension legislation. The financial statements incorporate the latest full actuarial valuations of the schemes which have been 
updated to 31 December 2024 by qualified actuaries using assumptions set out in the table below. These defined benefit schemes 
expose the Company to actuarial risks, such as longevity risk, currency risk, interest rate risk and market (investment) risk. In addition, 
by participating in certain multi-employer industry schemes, the Company can be exposed to a pro-rata share of the credit risk of other 
participating employers. There are no plans to withdraw from the MNOPF or MNRPF schemes in the foreseeable future. The Company’s 
obligations in respect of its pension schemes at 31 December 2024 were as follows:
2024
£m
2023
£m
Non-current assets
Shore staff
9.1
7.4
MNOPF
–
–
Retirement benefit surplus
9.1
7.4
Non-current liabilities
MNRPF
(0.7)
(0.5)
Retirement benefit obligations
(0.7)
(0.5)
Net retirement benefit surplus
8.4
6.9
Details of the above schemes including the actuarial assumptions and sensitivities can be found in Note 29 to the Consolidated Financial 
Statements.
MNOPF
The share of the Company in the net retirement benefit obligation of the MNOPF is 1.48% (2023: 1.46%) which includes the liability  
of other Group undertakings as it has agreed to recognise these liabilities. In 2024, the Directors commenced the legal process  
to formally transfer these liabilities into the name of the Company. This process is expected to be concluded during H1 2025. 
MNRPF 
The share of the Company in the net retirement benefit obligation of the MNRPF is 1.63% (2023: 1.45%).
12.1. The assets and liabilities of the schemes
2024
2023
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Fair value of scheme assets*
51.2
12.2
4.4
67.8
54.0
29.7
4.0
87.7
Present value of scheme liabilities
(42.1)
(12.1)
(5.1)
(59.3)
(46.6)
(28.6)
(4.5)
(79.7)
Effect of asset ceiling
–
(0.1)
–
(0.1)
–
(1.1)
–
(1.1)
Net pension surplus/(obligation)
9.1
-
(0.7)
8.4
7.4
–
(0.5)
6.9
*	 Details of the Shore staff scheme’s assets can be found in Note 29 to the Consolidated financial statements.
12.2. Movements in the net defined benefit obligation
2024
2023
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
At 1 January
7.4
–
(0.5)
6.9
5.5
(0.2)
–
5.3
Change in Company share of liabilities
–
–
(0.2)
(0.2)
–
–
–
–
Expense recognised in the income 
statement
(0.1)
–
–
(0.1)
0.1
(0.1)
(0.7)
(0.7)
Contributions paid to scheme
1.6
–
0.1
1.7
1.1
0.2
–
1.3
Re-measurement gains and losses
0.2
–
(0.1)
0.1
0.7
0.1
0.2
1.0
At 31 December
9.1
–
(0.7)
8.4
7.4
–
(0.5)
6.9
211
Strategic Report
Overview
Governance
Financial Statements

12. Retirement benefit obligations continued
12.3. Changes in the present value of the net defined benefit obligation
2024
2023
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
At 1 January
46.6
28.6
4.5
79.7
46.8
30.6
6.6
84.0
Change in Company share of liabilities
–
(15.5)
0.9
(14.6)
–
–
–
–
Past service cost
–
–
–
–
–
–
0.7
0.7
Interest cost
2.0
0.6
0.3
2.9
2.2
1.4
0.3
3.9
Re-measurement loss/(gain):
Actuarial loss/(gain) arising from 
scheme experience
0.2
0.2
0.6
1.0
0.7
(1.2)
(2.8)
(3.3)
Actuarial gain arising from changes in 
demographic assumptions
(0.1)
–
(0.1)
(0.2)
(0.3)
(0.6)
(0.1)
(1.0)
Actuarial (gain)/loss arising from 
changes in financial assumptions
(3.2)
(0.8)
(0.4)
(4.4)
0.6
0.6
0.1
1.3
Net benefits paid out
(3.4)
(1.0)
(0.7)
(5.1)
(3.4)
(2.2)
(0.3)
(5.9)
At 31 December
42.1
12.1
5.1
59.3
46.6
28.6
4.5
79.7
12.4. Changes in the effect of the asset ceiling
2024
2023
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
At 1 January
–
(1.1)
–
(1.1)
–
(2.6)
(0.6)
(3.2)
Change in Company share of liabilities
–
0.6
–
0.6
–
–
–
–
Interest
–
–
–
–
–
(0.1)
–
(0.1)
Change in adjustment in excess of 
interest
–
0.4
–
0.4
–
1.6
0.6
2.2
At 31 December
–
(0.1)
–
(0.1)
–
(1.1)
–
(1.1)
12.5. Changes in the fair value of the plan assets
2024
2023
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
Shore 
staff
£m
MNOPF
£m
MNRPF
£m
Total
£m
At 1 January
54.0
29.7
4.0
87.7
52.3
33.0
7.2
92.5
Change in Company share of assets
–
(16.1)
0.9
(15.2)
–
–
–
–
Expenses
(0.4)
–
(0.1)
(0.5)
(0.1)
(0.1)
–
(0.2)
Return on scheme assets recorded in 
interest 
2.4
0.6
0.2
3.2
2.4
1.5
0.3
4.2
Re-measurement (gain)/loss:
Return on plan assets excluding 
interest income
(3.0)
(1.0)
–
(4.0)
1.7
(2.7)
(3.2)
(4.2)
Contributions by employer
1.6
–
0.1
1.7
1.1
0.2
–
1.3
Net benefits paid out
(3.4)
(1.0)
(0.7)
(5.1)
(3.4)
(2.2)
(0.3)
(5.9)
At 31 December
51.2
12.2
4.4
67.8
54.0
29.7
4.0
87.7
Notes to the Company financial statements continued
212
James Fisher and Sons plc Annual Report and Accounts 2024

12. Retirement benefit obligations continued
12.6. History of experience gains and losses
Shore staff
2024
£m
2023
£m
2022
£m
2021
£m
2020
£m
Fair value of scheme assets
51.2
54.0
52.3
65.8
62.9
Defined benefit obligation
(42.1)
(46.6)
(46.8)
(66.8)
(71.7)
Surplus/(deficit) in scheme
9.1
7.4
5.5
(1.0)
(8.8)
Re-measurement gain/(loss):
Return on plan assets excluding interest income
(3.0)
1.7
(13.1)
3.7
5.7
Re-measurement (loss)/gain on scheme liabilities
(3.2)
1.0
(18.1)
(2.7)
14.7
MNOPF
2024
£m
2023
£m
2022
£m
2021
£m
2020
£m
Fair value of scheme assets
12.1
29.7
33.0
48.6
49.7
Defined benefit obligation
(12.0)
(28.6)
(30.6)
(49.0)
(50.3)
Asset ceiling
(0.1)
(1.1)
(2.6)
–
–
Deficit in scheme
-
–
(0.2)
(0.4)
(0.6)
MNRPF
2024
£m
2023
£m
2022
£m
2021
£m
2020
£m
Fair value of scheme assets
4.4
4.0
7.2
10.4
10.6
Defined benefit obligation
(5.1)
(4.5)
(6.6)
(10.4)
(10.7)
Asset ceiling
–
–
(0.6)
–
–
Deficit in scheme
(0.7)
(0.5)
–
–
(0.1)
12.7. Defined contribution schemes
During the year, the Company contributed £0.4m (2023: £0.4m) into defined contribution schemes.
13. Share capital and other reserves
Refer to Note 31 to the Consolidated financial statements.
14. Contingent liabilities
Refer to Note 34 to the Consolidated financial statements.
213
Strategic Report
Overview
Governance
Financial Statements

Subsidiaries and associated undertakings
Subsidiary undertakings
Name of company
Address
Group 
percentage 
of equity 
capital
Energy
Buchan Technical 
Services Limited
Barrow-in-Furness1
100%
Deep Sea Operation & 
Maintenance Co. Ltd
Al Khobar City, PO Box 
2716, Al Olaya, 34447, 
Saudi Arabia
100%
EDS HV Group Limited Barrow-in-Furness1
100%
EDS HV Management 
Limited
Barrow-in-Furness1
100%
Electricity Distribution 
Services Limited
Barrow-in-Furness1
100%
Hughes Marine 
Engineering Limited 
Barrow-in-Furness1
100%
Hughes Sub Surface 
Engineering Limited
Barrow-in-Furness1
100%
James Fisher 
(Guyana) Inc
Lot 62 Hadfield & Cross 
Street, Werk-en-Rust, 
Georgetown, Demerara, 
Guyana
100%
James Fisher Asset 
Information Services 
Limited
Barrow-in-Furness1
100%
James Fisher Japan 
Limited
Nihonbashi 1-chome 
Mitsui Building 7F, 1-4-1 
Nihonbashi, chuo-ku, 
Tokyo, Japan
100%
James Fisher Marine 
Services Limited
Barrow-in-Furness1
100%
James Fisher Marine 
Services Limited – 
Taiwan branch
Taiwan14
100%
James Fisher Marine 
Services Malaysia Ltd
Level 1, Lot 7, Block F, 
Sanguking Commercial 
Building Jalan Patau-
Patau, 87000 Labuan FT, 
Malaysia
100%
James Fisher Marine 
Services Middle East 
Limited FZCO
PO Box 371072, Dubai, 
United Arab Emirates
100%
James Fisher Marine 
Services Limited 
FZCO – Dubai branch
Office 9, Floor 2,
Mubarak Group Building, 
Dubai Maritime City,
Dubai-UAE
100%
James Fisher 
Maritime Deutschland 
GmbH
Stadthausbrucke 
8, 20355 Hamburg, 
Germany
100%
Name of company
Address
Group 
percentage 
of equity 
capital
James Fisher MFE 
Limited
Barrow-in-Furness1
100%
James Fisher 
Offshore Limited
Oldmeldrum2
100%*
James Fisher 
Offshore Malaysia 
Sdn Bhd
Room A, Ground Floor,  
Lot 7, Block F,  
Saguking Commercial 
Building Jalan Patau-
Patau, 87000 Labuan FT, 
Malaysia
100%
James Fisher  
Personnel S.A. de C.V.
Ciudad de Mexico, D.F., 
Mexico13
100%
James Fisher 
Renouvelables
3 rue de France Comte, 
CS50311, Hauts de 
Quimpcanpoix, 50103, 
Cherbourg-en-Contentin, 
Cherbourg-Octeville, 
France
100%
James Fisher Rumic 
Limited
Barrow-in-Furness1
100%*
James Fisher 
Subsea Excavation 
Incorporated
Suite No.715, 11767 Katy 
Freeway, Houston, Texas, 
77079, United States
100%
James Fisher Subsea 
Excavation Mexico 
S.A. de C.V.
Ciudad de Mexico, D.F., 
Mexico13
100%
James Fisher Subsea 
Excavation Pte 
Limited 
133 Cecil Street, #16-
01, Keck Seng Tower, 
Singapore, 069535
100%
James Fisher Taiwan 
Co., Ltd
Taiwan14
100%
JCM Scotload Ltd
Barrow-in-Furness1
100%
JF Denmark –  
Denmark branch
Jenny Kammersgaards, 
Vei 5, 2.3 Horsens 8700, 
Demark
100%
Namibia Subtech  
Diving and Marine 
(Proprietary) Limited
Unit 6, Gold Street 
Business Park, Gold 
Street, Prosperita, 
Windhoek
100%
Rotos 360 Limited
Barrow-in-Furness1
100%
Scan Tech AS
Stavanger5
100%
Scan Tech Personell 
AS
Stavanger5
100%
Scan Tech Produkt 
Personell AS 
Stavanger5
100%
214
James Fisher and Sons plc Annual Report and Accounts 2024

Name of company
Address
Group 
percentage 
of equity 
capital
Scantech Offshore 
do Brasil Comercio E 
Servicos Ltda
R 01 223, Lote 146 
Quadra 02, Balneario das 
Garcas, Rio das Ostras, 
28.898-268, Brazil
100%
Scantech Offshore 
Limited
Barrow-in-Furness1
100%*
Scantech Offshore  
Pty Ltd
Henderson, Australia10
100%
Servicos Maritimos 
Continental S.A.
Rio de Janeiro, Brazil9
90%
Strainstall 
International for 
Project Engineering 
LLC
Blg 3141, Street Anas Bin 
Malik, 8292, Al Malqa 
Dist. Riyadh, Saudi 
Arabia
100%
Strainstall Malaysia 
Sdn Bhd
Ground Floor, 8, Lorong 
Universiti B, Section 16, 
46200 Petaling Jaya 
Selangor Darul Ehsan, 
Malaysia
100%
Strainstall Singapore 
Pte Ltd
25 North Bridge Road, 
Level 7, Singapore, 
179104
100%
Subsea Engenuity 
Limited
Oldmeldrum2
100%
Subtech (Pty) Ltd
Briardene, South Africa8
100%
Subtech (Pty) Ltd – 
Mozambique branch
Rua da Educacao, No.38, 
Matola, Mozambique
100%
Subtech Diving & 
Marine Tanzania 
Limited
The Slipway Road, 
Msasani Peninsula, 
Dar Es Salaam, United 
Republic of Tanzania
100%
Subtech Marine (Pty) 
Limited
PO Box 90757, Shop 
48, Old Power Station 
Complex, Armstrong 
Street, Windhoek
70%
Subtech Marine R2S 
Offshore LLC
Floor 1, Building 81, 
Zone 36, Street 362, Al 
Jazira Al Arabiya Street, 
Al Messila Area, Doha, 
Qatar
49%
Subtech Middle East 
Saudi Company
Office 102, Al Jazira 
Building, Al Khobar, 
Saudi Arabia
100%
Subtech Norte Lda
Rua de Se no 114, 
Distrito Urbano 1, Bairro 
Central, Maputo City, 
Mozambique
100%
Name of company
Address
Group 
percentage 
of equity 
capital
Subtech Offshore 
(GBL II)
Ocra (Mauritius) 
Limited, Level 2, Max 
City Building, Remy 
Ollier Street, Port Louis, 
Mauritius
100%
Maritime Transport
Cattedown Wharves 
Limited
Barrow-in-Furness1
100%
Fender Care Limited
Barrow-in-Furness1
100%
Fender Care Marine 
(Asia Pacific) Pte Ltd
Singapore6
100%
Fender Care Marine 
(Gibraltar) Limited
28 Irish Town, Gibraltar
100%
Fender Care Marine 
Ltd
Barrow-in-Furness1
100%
Fender Care Marine 
Ltd, Agencia Chile – 
Chile branch
El Trovador 4280, Apt 
1205, Las Condes, 
Santiago, 253-389, Chile
100%
Fender Care Marine 
Products (Asia 
Pacific) Pte Limited
Singapore6
100%
Fender Care Marine 
Sohar LLC
Al Batinah Region, PO 
Box 37, Sohar, 327
70%
Fendercare Australia 
Pty Ltd 
8D Sparks Road, 
Henderson WA 6166, 
Australia
100%
Fendercare Servicos 
Marinhos do Brasil 
Ltda
Avenida Feliciano Sodre 
325, Centro, Niteroi, Rio 
De Janeiro, CEP: 24030-
012, Brazil
100%
F.T.Everard Shipping 
Limited
Barrow-in-Furness1
100%
F.T.Everard & Sons 
Limited
Barrow-in-Furness1
100%*
James Fisher 
(Crewing Services) 
Limited
Barrow-in-Furness1
100%*
James Fisher 
(Shipping Services) 
Limited
Barrow-in-Furness1
100%*
James Fisher Crewing 
(CY) Limited
115 Griva Digeni, Trident 
Centre, Limassol, 3101, 
Cyprus
100%
215
Strategic Report
Overview
Governance
Financial Statements

Defence
Cowan Manufacturing 
Pty Limited
BDO Tax (WA) Pty Ltd, 
‘BDO’, 38 Station Street, 
Subiaco, WA6008, 
Australia
100%
Divex Asia Pacific 
Pty Ltd
Bibra Lake, Australia12
100%
Divex FZE
PO Box 261749, Jebel Ali 
Free Zone, Dubai, United 
Arab Emirates
100%
Divex Limited
Westhill3
100%
James Fisher Defence 
Limited
Barrow-in-Furness1
100%
James Fisher Defence 
North America 
Limited
Suite 808, 1220 
North Market Street, 
Wilmington DE 19801, 
United States
100%
James Fisher 
Singapore Pte Ltd
Singapore, 50892911
100%
JFD Australia Pty Ltd
c/o BDO, Mia Yellagonga, 
Tower 22, Level 9, 5 
Spring Street, Perth, WA, 
6000
100%
JFD Limited
Westhill3
100%
JFD Ortega B.V.
Vliegveldstraat 100, 
B515, Technology Base, 
Enschede, Netherlands
100%
JFD Singapore Pte Ltd Singapore, 50892911
100%
JFD South Africa (Pty) 
Limited
c/o Mazars, Mazars 
House, Rialto Road, 
Grand Moorings Precinct, 
Century City, Cape Town, 
SA 7441, South Africa
100%
JFD Sweden AB
Rindovagen, Rindo 
Vastra, 185 41 Vaxholm, 
Sweden
100%
Maritime Engineers 
Pty Ltd
Henderson, Australia10
100%
Name of company
Address
Group 
percentage 
of equity 
capital
Holding Companies
Fender Care Marine 
Solutions Limited
Barrow-in-Furness1
100%
James Fisher 
(Aberdeen) Limited
Barrow-in-Furness1
100%*
James Fisher and 
Sons Nigeria Limited
Lagos, Nigeria15
99%*
James Fisher 
Holdings Limited
Barrow-in-Furness¹
100%*
James Fisher 
Holdings UK Limited
Barrow-in-Furness1
100%*
James Fisher Hong 
Kong Limited
Room 1001-2, Wilson 
House, 19 Wyndham 
Street, Central, Hong 
Kong
100%
James Fisher 
Properties Limited
Oldmeldrum2
100%
James Fisher 
Properties Two 
Limited
Barrow-in-Furness1
100%*
James Fisher 
Servicos Empresariais 
Ltda
Rua 01 No 223, Quadra 
02, Lote 146-part, 
Balneario das Garcas, 
Brazil
100%
James Fisher Subtech 
Group Limited
Barrow-in-Furness1
100%
James Fisher 
Tankships Holdings 
Limited
Barrow-in-Furness1
100%
James Fisher USA 
Holdings Incorporated
Corporation Trust Center, 
120, Orange Street, 
Wilmington, County of 
New Castle DE 19801, 
United States
JF Australia Holding 
Pty Ltd
Bibra Lake, Australia12
100%
JF Overseas Ghana 
Limited
The Octogon Building, 
7th Floor, Suite B701, 
Accra Central, Accra, 
Ghana
100%
JF Overseas Limited
Barrow-in-Furness1
100%*
JF Singapore 
Holdings PTE Ltd
137 Telok Ayer Street, 
#05-02, Singapore 
068602
100%
Onesimus Dorey 
(Shipowners) Ltd
St Peter Port4
100%*
Name of company
Address
Group 
percentage 
of equity 
capital
James Fisher Everard 
Limited
Barrow-in-Furness1
100%
James Fisher 
Maritime Limited
Karaiskaki, 13, 3032, 
Limassol, Cyprus
100%
Scottish Navigation 
Company Limited
Oldmeldrum2
100%
Subsidiaries and associated undertakings continued
216
James Fisher and Sons plc Annual Report and Accounts 2024

Associated undertakings and significant holdings in undertakings other  
than subsidiary undertakings
Name of company
Address
Group 
percentage 
of equity 
capital
Subtech Group 
Holdings (Pty) Ltd
Briardene, South Africa8
100%
Energy
Eurotestconsult 
Limited
County Laois, Ireland7
50%
Eurotestconsult UK 
Limited
Barrow-in-Furness1
50%
James Fisher Angola 
UK Limited
Barrow-in-Furness1
50%
Pleat MUD Coolers AS Stavanger5
50.1%
Strainstall 
Laboratories WLL
PO Box 2255, 
Office No.70, Barwa 
Commercial Avenue, 
Doha, Qatar
49%**
Strainstall Middle East 
LLC
PO Box 111007Jebel Ali 
Industrial Area 1, Dubai, 
United Arab Emirates
49%**
Strainstall Testing Lab 
LLC
PO Box 62579, Abu 
Dhabi, United Arab 
Emirates
49%**
Subtech Offshore 
Services Nigeria 
Limited
Lagos, Nigeria15
100%
Subtech South Africa 
(Pty) Ltd
Briardene, South Africa8
49%
Maritime Transport
FC Viking Sdn.Bhd
Unit 30-01, Level 30, 
Tower A, Vertical 
Business Suite, Avenue 
3, Bangsar South, 
No.8 Jalan Kerinchi, 
Kuala Lumpur, Wilayah 
Perseketuan, 59200, 
Kuala Lumpur 
49%
Fender Care Marine 
LLC
Fujairah Port, PO Box 
5198, Fujairah, United 
Arab Emirates
49%**
Fender Care Marine 
SA (Pty) Ltd
Unit 4, Thembani 
House, 41 Brand Road, 
Glenwood, Durban, 4001, 
South Africa
49%
Name of company
Address
Group 
percentage 
of equity 
capital
Fender Care Marine 
Services LLC
G013, GH-1, Industrial 
City of Abu Dhabi 
(ICAD-1), Mussafeh, PO 
Box 45628, Abu Dhabi, 
United Arab Emirates
49%**
Fender Care Middle 
East LLC 
Plot 146/16, Emirates 
Industrial City, Sajja 
Industrial Area, PO Box 
25896, Sharjah, United 
Arab Emirates
49%**
Fender Care Omega 
(Middle East) FZC
E-LOB Office No. 
E-69G-20, PO Box 51602, 
Hamriyah Free Zone – 
Sharjah, United Arab 
Emirates16
50%
Fendercare Marine 
Ghana Limited
11 Aduemi Close, North 
Kaneshie, Accra, Ghana
50%
Fendercare Marine 
Omega India Private 
Limited
JA 1104 – 1106, DLF 
Tower – A, Jasole District 
Centre, New Delhi, 
11044, India17
50%
James Fisher Ghana 
Limited
HNO No.1, East Legon, 
Telley, Tesa Link, 
Otsokrikri Street, East 
Legon, Accra, Ghana
49%
James Fisher Nigeria 
Limited
Architects Place, 2 Idowu 
Taylor Street, Victoria 
Island, Lagos, Nigeria
100%
Defence
First Response 
Marine Pte Ltd
16 Benoi Road, 629889, 
Singapore
50%
James Fisher 
Technologies LLC
5821 Langley Avenue, 
Loveland, Colorado, 
80538, USA
49%
JFD Domeyer GmbH
Konsul-Smidt-Str. 15, 
28217, Bremen, Germany
50%
JFDMIL Technologies 
Private Limited
1517, Devika Tower, 6 
Nehru Place, New Delhi, 
South Delhi, India, 110019
49%
Wuhu Divex Diving 
System Limited
No.58 Yongchang Road, 
Jiujiang District, Wuhu 
City, Anhui Province, PR 
China
49%
1.	 Fisher House, Michaelson Road, Barrow-in-Furness, Cumbria, LA14 1HR.
2.	 North Meadows, Oldmeldrum, Aberdeenshire, AB51 0GQ.
3.	 JFD, Westhill Industrial Estate, Enterprise Drive, Westhill, Aberdeen, AB32 6TQ.
4.	 4th Floor, West Wing, Trafalgar Court, Admiral Park, St Peter Port, Guernsey, GY1.
5.	 Finnestadsvingen 23, 4029 Stavanger, Norway.
6.	 39 Tuas West Avenue, Peck Tiong Choon Building, Singapore 638442.
7.	 Unit D, Zone 5, Clonminam Business Park, Portlaoise, County Laois, Ireland.
8.	 Unit 3, 11 Travertine Crescent, Briardene, Durban North, KwaZulu-Natal, 4051, South Africa.
9.	 Rua Tenente Celio, No.150, Bairro Granja Caveleiros, Macae, State of Rio de Janeiro, 
27.930-120, Brazil.
10.	8A Sparks Road, Henderson, WA 6166, Australia.
11.	19 Loyang Lane, Singapore 508929.
12.	54 Bushland Ridge, Bibra Lake WA 6163, Australia.
13.	Gabriel Mancera 1041 Del Valle, Benito Juarez, 03100, Ciudad de Mexico, D.F., Mexico.
14.	8F, No.367 Fuxing N.Rd, Songshan District, Taipei City, 105401, Taiwan.
15.	Architects Place, 2 Idowu Taylor Street, Victoria Island, Lagos, Nigeria.
16. A sale of the 49% shareholding was agreed on 27 February 2025 but has not yet  
	
completed.
17. A sale of the 49% shareholding was agreed on 28 February 2025 but has not yet 
	
completed.
*  	Held by the Parent Company (all other subsidiaries are held by an intermediate 
subsidiary).
** Consolidated as subsidiary undertakings.
217
Strategic Report
Overview
Governance
Financial Statements

Group financial record  
for the five years ended 31 December
2024
£m
2023
£m
2022
£m
2021
£m
2020
£m
Revenue
Energy
207.5
266.5
242.6
222.9
222.9
Defence
80.1
72.5
68.2
81.5
83.2
Maritime Transport
150.1
157.2
167.3
138.0
164.9
Continuing operations
437.7
496.2
478.1
442.4
471.0
Underlying operating profit
Energy
24.8
15.7
13.9
7.7
(1.8)
Defence
1.9
1.5
(0.3)
9.7
13.2
Maritime Transport
15.1
23.3
18.7
13.5
31.4
Corporate costs
(12.3)
(10.9)
(5.9)
(2.8)
(2.8)
Continuing operations
29.5
29.6
26.4
28.1
40.0
Notes: 
Revenue and underlying operating profit relating to divestments (Martek, RMSpumptools, Mimic, Prolec, Strainstall, Testing Services, 
NDT) included above are: 
2024
£m
2023
£m
2022
£m
2021
£m
2020
£m
Energy
24.2
42.5
47.5
39.5
40.8
Maritime Transport
7.5
11.6
11.0
11.5
10.4
Revenue
31.7
54.1
58.5
51.0
51.2
Energy
6.8
11.3
8.6
6.2
4.4
Maritime Transport
0.7
1.4
1.7
1.8
2.2
Underlying operating profit
7.5
12.7
10.3
8.0
6.6
218
James Fisher and Sons plc Annual Report and Accounts 2024

Registered office
James Fisher and Sons plc
Fisher House
Michaelson Road
Barrow-in-Furness
Cumbria LA14 1HR
Incorporated in England under
Company no. 211475
james-fisher.com
Registrar
Link Group
Central Square
29 Wellington Street
Leeds LS1 4DL
Auditor
KPMG LLP
1 St Peters Square
Manchester M2 3AE
Brokers
Investec Bank (UK) Limited
30 Gresham Street
London EC2V 7QP
Peel Hunt LLP
100 Liverpool Street 
London EC2M 2AT
Investor information
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219
Strategic Report
Overview
Governance
Financial Statements

James Fisher and Sons plc 
T: +44 (0) 1229 615 400 
F: +44 (0) 1229 836 761 
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