StockMarketWire.com - Lamprell cuts its revenue guidance for the full year blaming delays to a number of awards.

The company cut its revenue guidance for 2019 to a range of $275m to $350m and said that despite 'the improving outlook, we will not see a year on year improvement in the financial performance of the business due to a combination of the previously mentioned delays in contract awards and the retention of capability to execute the expected pipeline of new business.'

In the first six months of 2019, the company completed nine refurbishment projects and received eight rigs in our yards for various refurbishment works, as well as adding two new contracts which were due to arrive in its yards during the second half of the year.

At US$6.3bn, the bid pipeline was 'strong' in our target sectors and in line with previously reported figures, it added. Proposal activity, meanwhile, remained high although the pace of new awards remains slow.

'Bidding in the renewables industry continues to be buoyant where we are targeting a number of opportunities which we expect will come to fruition later in 2019 and 2020,' Lamprell said.

Lamprell will announce its 2019 interim financial results on 19 September 2019.


At 9:03am: [LON:LAM] Lamprell PLC share price was -5.5p at 50.3p



Story provided by StockMarketWire.com