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Lamprell makes 'solid progress' in H1, FY EBITDA seen at 'broadly breakeven'
3rd Aug 2021 07:33
(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.
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.