8th Aug 2022 10:05
(Alliance News) - Lamprell PLC on Monday reported a widened full-year loss as the firm grappled with lockdowns, travel restrictions and a loss of productivity in the year.
In 2021, the United Arab Emirates-based provider of oil field services reported a pretax loss of USD59.9 million, widening from USD53.3 million the previous year.
"Multiple lockdowns, severe travel restrictions, self-isolation requirements and, more noticeably, the loss of productivity in our supply chain were the main drivers of our USD19.9 million adjusted Ebitda loss," the firm explained.
Revenue, however, rose by 15% year-on-year to USD388.8 million from USD338.6 million on the strength of its Oil & Gas segment, which saw revenue grow 31% against the previous year.
Lamprell said this was its third consecutive year of revenue growth.
Chair John Malcolm said: "Energy market fundamentals have demonstrated significant growth both in renewables and oil & gas in recent months and the board is confident in the increasing opportunity set that lies ahead for Lamprell."
The firm did not declare a dividend, unchanged from the previous year.
Shares in Lamprell were untraded at 9.00 pence on Monday morning in London.
By Heather Rydings; [email protected]
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