There has been a number of significant contract wins at the start of FY16 which has confirmed James Fisher’s growing reputation in a number of different market sectors. Whilst Offshore Oil remains subdued, the other areas of the portfolio are performing extremely well; we retain FY16 forecasts and upgrade both FY17 and FY18 PBT by £0.5m to reflect the contract contribution. We expect the strength of recent contract momentum to continue to drive the re-rating of the shares.