Lamprell makes 'solid progress' in H1, FY EBITDA seen at 'broadly breakeven'

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.