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Lamprell Revenue Jumps, Loss Narrows Despite "Challenging" 2020 So Far

Thu, 1st Oct 2020 11:39

(Alliance News) - Oil rig construction firm Lamprell PLC on Thursday said it shook off tumbling commodity prices to post an improved first half performance.

Revenue in the six months to June 30 jumped 34% to USD142.5 million from USD106.4 million a year earlier. Lamprell's pretax loss narrowed year-on-year to USD27.1 million from USD51.9 million.

The company also posted earnings before interest, tax, depreciation and amortisation of USD300,000, swinging from a USD29.6 million loss.

"2020 has been a challenging year for the global energy industry and in this context it is pleasing to have returned to positive Ebitda for the period," Chief Executive Officer Christopher McDonald said.

"Our strong operational delivery and focused approach to overhead reduction has enabled us to deliver a much improved financial performance whilst demonstrating further progress in delivering our strategy."

Lamprell said it has secured USD182.5 million worth of revenue penned for the second half, which would give it annual revenue of USD325 million, up by a quarter from USD260.4 million in 2019.

Lamprell shares were up 3.2% at 25.80 pence each in London on Thursday morning.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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