Lamprell revenues double on high oil price

The oil and gas-focused engineering firm Lamprell says revenues doubled in 2011 as a record oil price boosted demand.

Revenues for the year came in at $1,148m, a rise of 127.8% on 2010 and significantly above market expectations of $907m.

Adjusted operating profit was $90.2m, a rse of 29.8% on the prior year while earnings per share came in at 30.88 cents, just below the consensus forecast of 31.54 cents.

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The proposed final dividend is eight cents per share, down from the 9.5 cents paid in 2010.

Debt by the end of 2011 was $101.7m, less than half the $210.2m figure seen at the conclusion of 2010.

The current order book stands at $1.2bn.

Lamprell's Chief Executive, Nigel McCue described 2011 as "very positive" and said 2012 had seen high levels of enquiries.

Lamprell's stock had gained 1% by 08:21, since the beginning of this year the shares have risen 25.5%.