Latest Share Chat

LAM.L Share News (LAM)

LAM.L Information

There is currently no data for LAM

Underperforming contracts underpin revenue decline at Lamprell

Thu, 21st Mar 2013 08:22

Revenue contracted by nine per cent in the year ended December 31st at diversified engineering and contracting services provider Lamprell, financial results have shown. Revenue declined to $1,045m from $1,147.9m in the preceding year as the group said it faced an "exceptional year of challenges" including underperforming key contracts.An operating loss of $84.5m was reported compared to an operating profit of $90.2m in the previous year.A loss before income tax and before exceptional items of $105m was reported compared to a profit of $74m a year earlier and a loss after income tax of $110.5m was posted compared to a profit after income tax of $63.3m in 2011.The diluted loss per share was 42.4 cents compared to earnings per share of 26.5 cents one year earlier. However, the group's net cash as of December 31st had improved substantially to $104.1m from a debt of $101.7m one year earlier.Challenges: Underperforming key contractsUnderpinning the results were a number of challenges, including underperforming key contracts, a deteriorating financial position and an investigation by the Financial Services Authority (FSA), the group said.Changes were made at the board level and within the management structure to address the issues and Lamprell said that challenges had been successfully overcome or were being addressed.Since January 1st 2012 to date, the group reported that it had delivered multiple projects including four new build jackup rigs, two prototype wind farm installation vessels and one non-prototype wind farm installation vessel. In addition, it said that it had two new build land rigs and numerous upgrade and refurbishment projects, relating both to jackup and land rigs.Contracts secured since the start of 2012 included four new build jackups, with an option for a further one, a Seajacks "Hydra" windfarm vessel, North Sea process modules, multiple jackup and land rig refurbishment projects.Non-Executive Chairman: 2013 will be "recovery year"John Kennedy, Non-executive Chairman for Lamprell, said: "2012 was unquestionably the most challenging year in Lamprell's history. After years of sustained growth and profitability, the company experienced a number of significant, unexpected operational issues, which resulted in substantial financial losses and a refreshment of the management team." He added: "We were forced to re-evaluate the projects that we wanted to pursue and we have made many significant changes to the business structure with a view to focus on our core capabilities." Overall, he said that outlook was positive with the board expecting 2013 to be a "recovery year", with stable revenues as compared to 2012 and a gradual return to profitability during the year.Lamprell's share price was down 1.06% to 139.75p at 08:32 on Thursday.MF

More News

14 Jun 2018 15:18

Blofeld Investment Management Lifts Stake In Lamprell To 10% (ALLISS)

LONDON (Alliance News) - Lamprell PLC on Thursday said Blofeld Investment Management Ltd increased its interest in the oil rig construction company by approximately 5%.Blofeld upped its to

23 May 2018 14:58

Lamprell Appoints Debra Valentine As Senior Independent Director

LONDON (Alliance News) - Lamprell PLC said Wednesday it has promoted independent Non-Executive Director Debra Valentine to senior independent director.Valentine, who has been on the board

22 Mar 2018 15:44

LIVE MARKETS-A question of trust

* European stocks extend losses * Tech, banks hit by trade fears * Euro zone growth slows again in March * U.S. to sign tariffs on China at 1630 GMT * 22

22 Mar 2018 14:42

LIVE MARKETS-View from the buyside: stick with Europe and banks

* European stocks extend losses * Tech, banks hit by trade fears * Euro zone growth slows again in March * U.S. to sign tariffs on China at 1630 GMT * 22

22 Mar 2018 13:51

LIVE MARKETS-Is it all doom and gloom for Ted Baker after all?

* European stocks extend losses * Tech, banks hit by trade fears * Euro zone growth slows again in March * U.S. to sign tariffs on China at 1630 GMT * 22

22 Mar 2018 11:41

Lamprell Enters "Critical" Year After Wind Farm Project Struggles

LONDON (Alliance News) - Oil rig constructor Lamprell PLC's shares fell on Thursday as it reported revenue more than halving in 2017 on the year before as it counted the a

22 Mar 2018 08:20

UPDATE 1-Lamprell forecasts bigger drop in 2018 revenue, shares down

March 22 (Reuters) - British oil rig builder Lamprell forecast a bigger drop in full-year revenue on Thursday, partly due to delays in major project awards, sending its shares down 9 Arab company

22 Mar 2018 07:43

UPDATE 1-UK Stocks-Factors to watch on March 22

March 22 (Reuters) - Britain's FTSE 100 index is seen opening 22 points lower on Thursday, according to financial bookmakers, with futures down 0.4 pct ahead of the cash a

22 Mar 2018 07:27

Lamprell expects lower revenue in 2018, posts loss in 2017

March 22 (Reuters) - British oil rig builder Lamprell said on Wednesday it expects lower revenue this year and posted a core loss for 2017, hurt by lower spending by oil explorers and losses at a

15 Mar 2018 15:48

UK Earnings, Trading Statements Calendar - Next 7 Days

Friday 16 March MITIE GroupTrading Statement JD WetherspoonHalf Year 19 Technologies

23 Jan 2017 09:06

Lamprell tanks as it says FY revenue will be at lower end of guidance

(ShareCast News) - Engineering services group Lamprell tanked on Monday after it said revenue for 2017 is likely to be at the lower end of its guidance amid challenging market conditions. The company said the current market was pointing towards the lower half of its revenue guidance range of $400m t

27 Nov 2016 18:22

Saudi Arabia's maritime complex seen costing over $5 bln- minister

DHAHRAN, Saudi Arabia, Nov 27 (Reuters) - Saudi Arabia expects a huge ship repair and shipbuilding complex that its national oil company Saudi Aramco is developing at Ras al-Khair on the kingdom's east coast to cost over 20 billion riyals ($5.33 billion), energy minister Khalid al-Falih said on S

25 Nov 2016 10:37

WINNERS & LOSERS SUMMARY: AstraZeneca Up As Liberum Says Undervalued

25 Nov 2016 08:25

BUZZ-Lamprell: hits 6-mth high on contract win

** Oil-rig builder Lamprell's shares up 9 pct, highest in more than 6 months, as co wins ScottishPower Renewables contract ** Co says gets $225 mln offshore wind farm contract ** More than 1/5 th 30-day avg vols gone through in first 10 minutes; best day in nearly two months **

25 Nov 2016 07:36

Lamprell wins North Sea wind farm project

(ShareCast News) - Lamprell has been awarded a new contract from ScottishPower Renewables for the fabrication of multiple jackets and piles for the East Anglia One offshore wind farm in the southern North Sea. The large-scale project, which is aiming to be the best value offshore wind farm to go int

Latest Share Chat

LAM.L Share News (LAM)

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Underperforming contracts underpin revenue decline at Lamprell

Login to your account

Quickpicks are a member only feature

Login to your account