UAE: Lamprell Marks Positive Performance for 1H 2013

Lamprell has released an 2013 interim financial results for six months to 30 June 2013.

John Kennedy, Non-executive Chairman for Lamprell, said:

“The new management team led by Jim Moffat has achieved a great deal during the first half of 2013, securing longer term financing for the Group and bringing Lamprell back to profitability after the challenges of 2012. The business has been reinvigorated and Lamprell will be looking to take further steps for a positive and sustainable future as the region’s market leader in the buoyant offshore construction market.”

James Moffat, Chief Executive Officer for Lamprell, said:

“The business has performed well in the first half of the year. Our execution has been consistently strong and, in addition to the successful delivery of a number of key projects, our existing contract portfolio is progressing as planned. After the challenges of 2012, I am pleased to be able to report a return to profitability for the Group.

“Lamprell is a well-established business with a long-standing reputation for high build quality, close client relationships and a good safety track record. Our objective is to build on these qualities to ensure that Lamprell remains a competitive force in the industry capable of delivering sustainable growth over the long-term. We have made significant changes to the business, allowing Lamprell to emerge strongly from the issues of 2012 and we intend to build on this positive progress over the coming months and years, with the primary focus being on conversion of our good bid pipeline into contract wins.”

Financial highlights:

• Financial results for the first half of 2013 ahead of our expectations
• Stable revenue performance broadly in line with 1H 2012
• Return to profitability demonstrates the Group’s on-going recovery
• Positive cash flow with net cash of US$151.1 million at 30 June 2013
• Successful refinancing secured with US$181 million debt facility committed to June 2016

To read the full report visit the following link.

[mappress]

Press release, August 29, 2013