StockMarketWire.com - Lamprell pulled guidance and raised concerns about its future after reporting wider losses as asset writedowns offset an uptick in revenue.

The company withdrew its revenue guidance for 2020 and warned of an uncertain future, stressing that it would need a major renewables contract win in the first half of the year and reach a refinancing agreement within the next 12 months, to continue as a going concern.

'In these uncertain times and given that the company's financial position remains very challenging , our immediate goal is to protect our net cash position and improve liquidity for the group , to ensure the future of the business,' it added.

For 2019, pre-tax losses widened to $183.5m from $70.7m on-year even as revenue rose $260.1 from $234.1m.

The company reported a non-cash impairment of $79.3m.

'The continuing lack of project awards, as well as the impact of a significant impairment of our assets and the close-out of the EA1 project, resulted in a disappointing set of financial results,' the company said.



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