$LAM.L – Lamprell – market likes results

Oil-rig maker LAM (Lamprell) saw its share price rise 5.7% to close at 142.75p after releasing its half-year results. 

Revenue was down slightly: US$521m compared with US$528m. Net profit after exceptional items came it at US$7.3m, compared with a loss of US$51.1m for 2012H1.

As at 30 June 2013, LAM had a backlog of US$ 1.1 billion (31 December 2012: US$ 1.2 billion), with bid pipeline approximately US$ 4.6 billion (31 December 2012: US$ 4.1 billion).

Performance for the full year is anticipated to be ahead of their expectations, and they note a high demaind for their core services. They expect revenues in 2014 to be slightly down compared to 2013, with measured growth returning in 2015