LAM.L Share News (LAM)

(Sharecast News) - Construction and fabrication specialist Lamprell said on Tuesday that it had continued to make "solid progress" on all projects despite the ongoing Covid-19 pandemic and related supply chain bottlenecks.
Lamprell said interim revenues were expected to be $175.0m, with the group also having secured $295.0m for the second half of 2021.

Full-year underlying earnings expectations were at "broadly breakeven levels".

Elsewhere, Lamprell stated it expects to raise between $30.0m-60.0m through equity in the fourth quarter, later than previously announced, and was also looking to secure $90.0m of working capital facilities for the completion of two IMI rigs.

Chief executive Christopher McDonald said: "Our strategy is now fully aligned with the broader energy transition.

"The work in recent years to reposition the business, reduce overheads and develop a strong track record in renewables has transformed Lamprell and provides us with an improving outlook."

As of 0925 BST, Lamprell shares were down 4.03% at 40.26p.