A month after results in March, shares in marine engineer James Fisher broke above 600p for the first time since summer 2008, handing investors who followed our buy tip a gain of almost 50 per cent. Some bailed out and the price suffered. We didn't, and now a bullish update reveals why.
IC TIP:
Buy
at
585p
Turnover rose over 20 per cent in the first four months of 2012 – way ahead of management's expectations. Its specialist technical and offshore oil divisions are doing well in Asia and other fast-growing markets, and the busy subsea defence unit is in the hunt for a number of big new contracts. That forced upgrades from analysts like N+1 Brewin. It now expects an extra 2.4p of adjusted earnings in 2012, making a total of 53.8p (48.4p in 2011).
