Lamprell plc (LAM.L) reported a loss before income tax of $20.85 million for the six months ended 30 June compared to profit of $1.16 million, last year. Loss per share in cents was 6.42 compared to profit of 0.30.
First-half revenue decreased to $155.11 million from $159.17 million, a year ago with 53% generated in the oil & gas business stream and 47% in renewables. Revenue contribution from the EPC segment was $74.7 million, largely represented by the contribution from the East Anglia One project.
In the context of the low revenue levels in 2018, the delays in major project awards and the investment for future growth in IMI, the Directors do not recommend the payment of an interim dividend for the period in relation to current financial year ending 31 December 2018.
Christopher McDonald, CEO, said: “The business has performed in line with our expectations over the first six months of this year. Although we are facing very low activity levels at our yards following the completion of our major projects, we are encouraged by the increasing optimism in the industry as evidenced by the improvements in our bid pipeline. We firmly believe that Lamprell will return to growth in 2019.”
Looking forward, the Group has narrowed its 2018 revenue guidance to $225-$250 million, with 100% coverage for the bottom end of the range at present.
by RTTNews Staff Writer
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