StockMarketWire.com - Lamprell guided full-year revenue lower Thursday after swinging to a first-half loss as revenues fell, but this was in-line with the company's expectations.

The company said that despite an uptick in bidding activity in the last six months across all of its market segments, any new awards would have minimal impact on 2018. This prompted the company to narrow its 2018 revenue guidance to a range of $225 to £250m.

For the six months ended 30 June, pre-tax losses came in at $20.85m, compared with a profit of $1.16m a year earlier and revenues fell to $155.1m from 159.2m.

Gross profit fell to $7.2m from $20.6m during the half-year, driven by the zero margin on the East Anglia One project.

General and Administrative expenses increased to $22.7m in line with the previous guidance.

The bid pipeline stood at $4.1bn, and the company said it expected to revenue growth in 2019 with a projected range of $250 to $400m.

'The business has performed in line with our expectations over the first six months of this year. Although we are facing very low activity levels at our yards following the completion of our major projects, we are encouraged by the increasing optimism in the industry as evidenced by the improvements in our bid pipeline,' said Christopher McDonald, Chief Executive Officer.

'During this period, we have taken further steps to build our capabilities, to underpin future bids and project execution. Progress with our strategic initiatives has allowed us to reach preferred bidder status on opportunities of approximately USD 500 million, subject to client final investment decisions, and we firmly believe that Lamprell will return to growth in 2019.'


At 10:12am: [LON:LAM] Lamprell PLC share price was +3.8p at 68.1p



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