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Don't have an account? Click here to register.Lamprell lamped after warning oil slump will hit 2015 profits
Mon, 12th Jan 2015 17:19
Despite hailing a strong finish to the year that will push 2014 results higher than forecasts, shares in Lamprell slid lower after the oil engineer warned that hitting its targets for 2015 will be difficult in the new lower oil price environment.The FTSE Small Cap group said management now expected revenue for 2015 to be "around 10%" below current expectations, with profits similarly affected, due to projects being at different stages in their construction cycles and the weaker market environment and a heavy weighting towards the second half of the year due to the phasing in construction cycle for oil rigs."The company will undertake mitigating actions to preserve margins and to offset the impact on our financial performance in the event of a further downturn in the market. We will provide an update on this outlook with the full year results announcement on 19 March 2015."Shares in the company fell 15% on the news, in spite of the company's strong words about an exceptionally strong year in 2014 and a normal seasonal level of successful contract tendering in 2014.Chief Executive Jim Moffat said: "With the recent slump in the oil price, winning work in 2015 is going to be a challenge as the industry adjusts to the new realities. We are entering this period in a position of relative strength with a strong balance sheet and a high backlog. We will continue to focus on maintaining our competitive position in the sector."
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