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James Fisher First-Half Profit Rises 12% on Asian Growth

Aug. 23 (Bloomberg) -- James Fisher & Sons Plc, a British shipping and services company, said first-half profit rose 12 percent as it built its marine services business in Asia.

Net income for the six months to June 30 rose to 11.3 million pounds ($19 million) from 10.1 million pounds a year earlier, the Barrow-in-Furness, England-based company said in a statement. Revenue climbed 12 percent to 148 million pounds.

“We’re focused on the markets in Asia Pacific and parts of Africa and South America,” Chairman Tim Harris said today in a telephone interview. “If you go round the world and say where are the regions that are growing fastest, those are the ones. The reason for our growth is because we are focused on those areas.”

The company said revenue from its defense unit rose 29 percent to 13 million pounds. In May, James Fisher won an 11 million-pound contract to modernize the Swedish Navy’s submarine rescue vehicle.

James Fisher shares advanced 4 percent to 510 pence at the 4:30 p.m. close in London.

To contact the reporter on this story: Ben Edwards in London at bedwards35@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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