This article is a follow-up to the below:http://theel1tetrader.blogspot.co.uk/2012/08/lamprell-plc-time-to-buy-in.html
A few pieces of news have been released since the last article:
- The completion of a jackup rig project on schedule and within budget.
- The buyer of the rig restored confidence in Lamprell through the following statement:
- The half-year report was released with the following important information:
- FY losses of up to £10.8m
- Secured a temporary waiver on bank loans until the end of the year when a longer term solution will be made
- Revenue up substantially from $383.6m FY 2011 to $528.1m FY 2012
- Swung to an operating loss of $33.8m
- Interim Dividend scrapped
- Cash and Bank balances of $134m as of June 2012
- 'The Group's order book remains at an historically high level of US$ 1.5 billion and bid activity remains positive across all our main businesses'
- On the 6th September Lamprell announced a Joint Venture with a Saudi Arabian firm. This will strengthen Lamprell's brand in the Middle East
- HSBC upped Lamprell's target price to 220p/share, significantly higher than the current price