Marine rescue star James Fisher reports rise in profits

The company, which operates submarine rescue service Rumic from Renfrew and Inverurie-based Buchan Technical Services, said trading so far in 2010 was in line with management expectations. Pre-tax profits for the year ending 31 December were 24.7 million, up 5 per cent on 2008 on turnover of 249.6m, a 7 per cent rise.

The Barrow-in-Furness-based company said an "excellent" performance from its specialist technical division helped offset disappointing results in the marine oil distribution arm.

Chairman Tim Harris told investors: "James Fisher produced a robust performance in 2009 despite an economic environment which was significantly more challenging than for many years."

He said it was difficult to predict the timing of an improvement in the marine oil division's results but that its core marine services division "continued to be well placed to provide further growth and value".

Rumic provides a standby service for the Royal Navy to rescue crews from stricken vessels. It hit the headlines in 2005 when it rescued seven trapped Russian submariners. Buchan Technical Services, which designs and supplies pumps and power packs for oil and gas companies, was acquired by Fisher in a 4.9m deal in 2007.