LAM.L Share News (LAM)

Oil rig services group Lamprell reported a 40% rise in half year net profit, more than doubled revenue and is confident of continued progress.Adjusted net profit rose to $27m for the six-month period ended 30 June 2011 from $19.3m the year before. Revenue more than doubled to $383.6m from $189.3m in 2010.Chief executive officer Nigel McCue commented, "Market conditions remain encouraging and the group enjoys both a healthy order book, at $869m, and a strong bid pipeline at $4.7bn." "As such the Board is confident of the prospects for the business, whilst remaining vigilant with regard to the risks posed by the volatile global economic climate."The group, which bought Maritme Industrial Services in May, has proposed an interim dividend of 4 cents per ordinary share up from 3.50 cents in the same half in 2010.Cash and bank balances, including its rights issue proceeds of $226m, rose to $357m at 30 June 2011 from $210m at 31 December 2010.---CJ