Date: Thursday 26 Jul 2012
Shares in energy markets-focused engineer Lamprell plunged over 30 per cent on Thursday after it announced that as a result of additional costs arising from the delayed deliveries of the Windcarrier 1 and 2 projects, the loss at the half year is expected to be around 45m dollars.
In addition, an extension to the timeframe for achieving direct overhead and corporate cost savings that were previously anticipated will affect the full year result. Revenue for 2012 is still anticipated to be around $1.1bn, however, the company now anticipates a loss for the year in the range of $12m to $17m.
As a result of these anticipated first half losses, Lamprell will be seeking waivers from certain of its banks in relation to its banking covenants.
The share price fell 31.03% to 85p by 16:14. It has now lost 310p, or 78%, over the past year.
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