Marine engineering firm, James Fisher has revealed its half year results and a drop in revenue for the firm.

Compared to the same period last year, the firm’s overall revenue dropped by £3.8m, from £213.1m to £209.3.

Chairman, CJ Rice put the revenue drop down to a few factors including a reduced activity levels in Offshore Oil, the end of a lucrative contract in the second quarter and revenues from our new contract wins only starting to come through.

Underlying profit before tax at the company only dropped slightly at £17.5m compared with £17.8m last year.

Three of the firm’s divisions made strong profit growth to offset the losses made in offshore oil, including Marine Support (+26 per cent), Specialist Technical (+9 per cent) and Tankships (+15 per cent).

Mr Rice also suggested that June’s EU Referendum result would be unlikely to affect the firm substantially.

He said: “James Fisher is well placed to face the uncertainties created by the 23 June 2016 Brexit referendum result.

“The Group trades relatively little with the European Union being focused, outside the UK, on the growth markets of Asia Pacific, South America, Middle East and Africa.

“A substantial part of the Group's revenues are dollar based bringing at least a short term benefit from any fall in the value of Sterling.”

Nick Henry, chief executive officer said that the firm was looking forward to the next six months and an anticipation of better results.

Mr Henry, said: "Strong performances in Specialist Technical, Marine Support and Tankships, which together increased underlying operating profit by 18 per cent, offset reduced activity levels in Offshore Oil leaving the first half similar to last year.

“With new contracts in renewables, defence and nuclear decommissioning contributing fully in the second half and continued firm demand for ship to ship services, we expect to see a resumption of growth in the second half leading to a good improvement in the result for the full year."