Lamprell plc (LAM.L) provided its trading update on the expected financial performance of the Group for the current year. For the year to date, the Group said its financial performance has been adversely affected mainly by progressive delays in key specialised vendor equipment deliveries for new build jackup projects together with the progressive slippage in the timing of expected new project awards and delayed client deliverables.
The company said the delayed equipment deliveries are representative of the current tightening in the global supply chain for specialised jackup rig components which is expected to ease during 2013 when new capacity comes onstream, thereby causing a delay in revenue generation and led to the significant underutilisation of resources including personnel.
Following the rescheduling of construction work, it is anticipated that the final delivery dates of the projects affected by delayed equipment deliveries would remain on track.
The delay in revenue generation along with the additional costs is expected to result in the Group incurring a small loss in the first half of the year with a recovery expected in the second half of the year. Following a review of project schedules and considering the substantial order book cover, Lamprell now sees full-year 2012 revenue to be broadly in line with last year at around $1.10 billion with a net profit margin of some 3.5%, considerably below the board's original expectation for the year.
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