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Lamprell FY18 Loss Narrows, Revenues Down; Sees Higher Revenues In FY19

Oil rig construction company Lamprell plc. (LAM.L) Thursday reported that its fiscal 2018 net loss was $70.7 million, narrower than prior year's loss of $98.1 million. The company said lower revenues and loss from East Anglia One project impacted results.

Loss per share was 20.7 US cents, compared to loss of 28.7 US cents a year ago.

EBITDA loss was $35.1 million, compared to loss of $70.5 million last year. EBITDA margin was negative 15 percent, compared to negative 19 percent a year ago.

Annual revenue fell to $234.1 million from last year's $370.4 million, in line with guidance.

In the context of ongoing market challenges, the low revenue levels in 2018, the investment for future growth in the IMI, the Directors do not recommend the payment of a dividend for the period in relation to financial year ending 31 December 2018.

Looking ahead, for fiscal 2019, revenue is expected to be in the range of $250 million to $400 million. Financial results will remain under pressure at the current revenue levels and cost base requirements for the Group.

The company said it is in advanced negotiations with lenders for new debt facilities which are expected to be signed in Q2 2019.

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