Chairman to step down as Lamprell warns on profits

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Energy markets-focused engineer Lamprell was battered on Friday morning after sneaking out a profit warning on Wednesday after the London market closed.

The group has revised its sums and updated its earnings guidance, and the news is not good. The group now anticipates it will make a half-year loss of between $15m and $20m. In its trading update on May 16th, the group indicated it expected to make "a small loss" at the half-year stage, with a recovery expected in the second half of the year.

It is sticking with its projection of full year revenue of around $1.1bn, but with a revised net profit margin of 2.5% or thereabouts, versus the 3.5% previously indicated as recently as May 16th.

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The group has experienced problems this year with progressive delays in key specialised vendor equipment for new build jack-up projects, as well as slippage in the award of new project contracts.

The group said deliveries of equipment for the jack-up drilling rigs that the company is constructing are currently being received in accordance with the revised delivery schedules.

The Seajacks Zaratan was delivered on 24th May 2012 and $75m of the Maritime Industrial Services (MIS) acquisition facility was subsequently repaid, leaving net debt, as at June 6th 2012, of $91m.

Group Chairman Jonathan Silver has decided he is too busy to carry on in the role and will move to the position of Deputy Chairman as soon as a new Chairman can be found. Lamprell said that an external search for a new Chairman is at an advanced stage.

JH