Lamprell maintains revenue guidance, still sees no revenue growth until 2019

In a trading update on its performance in the year to date, the group said there have been good levels of walk-in work which has resulted in 95% coverage for the bottom of the $225-300m range. As a result, it expects to deliver an outturn for the year in line with this guidance, although the numbers will be "significantly" weighted to the first half of the year due to the rescheduling of current projects and timing of new awards.

Lamprell said that while market environment remains highly competitive, tendering activity has increased significantly during the period as it is currently bidding a number of major opportunities in both of its targeted end markets of oil & gas and renewables. The group is also actively engaged in discussions with different potential clients for new projects in its key markets.

The company said its investment in new people with extensive experience and skills has supported its ability to access new potential customers in those markets. While this is indicative of an improved outlook for the energy industry, Lamprell does not expect to see any revenue growth until next year.

Chief executive officer Christopher McDonald said: "I am pleased with the way that we have been confronting and addressing the challenges of 2018. We are heavily focused on rebuilding the backlog and delivering a successful outcome for our client on the East Anglia One project.

"With the good bidding activity levels and our ability to nurture key relationships with our partners, I remain confident that Lamprell is well positioned for growth as the wider energy market recovers."

At 1100 BST, the shares were up 1.1% to 85.70p.