J+S releases a strong set of trading results for the year ended September 30 2009

The Barnstaple and Aberdeen based Defence, Oil and Gas and Marine Renewables engineering services provider, J+S Ltd has today released a strong set of trading results for the year ended September 30 2009.

The full Report and Financial Statements can be downloaded in PDF format by following the link to the Investors page of the company web-site www.jands.co.uk

The highlights of the trading performance were: -

• Order input  across the business was up 36.9% overall from £15.5m in 2007/8 to a record level of just under £21.3m in 2008/9.
• The company’s order book at the year-end stood at a record level of just over £23.5m an increase of £10.5m in the year.
• Sales increased to just under £10.9m from £8.9m in the previous year – a growth of just over 20%. Both the Defence and Oil and Gas businesses reported sales increases of over 17% and the first sales were made into the Marine Renewables marketplace.
• The company reported a profit before interest and tax of £815k – last year £87k. This was the strongest profit performance for five years.
• Borrowings were reduced by £953k in the year leaving the company with net debt of £590k – a gearing of 44%.

Commenting on the financial performance Managing Director, David Jeffries, said:

“This is a strong set of trading results achieved against the backdrop of a very difficult environment with the deepest economic recession for the last forty years. The teams at J+S both in Barnstaple and Aberdeen have worked incredibly hard to achieve these results.

I am sure the next twelve months will be equally challenging particularly given the continuing uncertainty over Defence spending levels that always exists prior to a General Election. On this occasion a full Strategic Defence Review – the first since 1995, will follow the election and this will inevitably add to the uncertainty. However I am sure the Defence team based at Barnstaple will rise to whatever challenges come their way.”

J+S Ltd operates from sites at Barnstaple and Aberdeen, employing 120 people engaged on a range of engineering and production activities, primarily in naval support and sub-sea asset management for the North Sea oil and gas exploration markets.  The Company has this year entered the wave and tidal sectors of the Marine Renewable Energy market.

For further information please contact David Jeffries – Managing Director – 01271 337508