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Interim Results

Lamprell revenues up

22 September 2016 08:06

Lamprell reports a resilient underlying performance for the six months to the end of June in a challenging market.

Revenues rose to $451.3m from $351.4m but EBITDA fell to $10,0m from $31.8m and the group posts a loss of $4.4m against a profit of $20.3m a year ago.

The group's financial performance was significantly affected by the delay in delivery of the Ensco 140 rig. Lamprell says this was due to the failure of the Cameron jacking equipment and the group is pursuing Cameron for all costs and damages.

The Ensco settlement reduced revenue by $25 million and net profit by $35m.

Excluding the settlement, EBOTDA rose to $45.0m from $10.0m and there was a profit from continuing operations after income tax and after exceptional items of $30.6m - up from $20.3m.

Executive chairman John Kennedy said: "Lamprell's substantial order intake two years ago meant that the business saw high activity levels and a solid underlying financial performance during the first half of the year although the results were impacted by the delay in delivery of the Ensco 140 rig.

"In addition, the industry downturn has continued to affect the sector and Lamprell's ability to win new contract awards during the period.

"However, the Board has full confidence that Christopher McDonald, the incoming Chief Executive, will lead the business through the short and medium term difficulties ahead by maintaining Lamprell's competitive position, converting our bid pipeline and developing strategic partnerships."

At 8:06am: (LON:LAM) Lamprell PLC share price was +2.13p at 58.13p

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