Lamprell (LAM) – another shocking announcement….time to BUY?
There was another shocking announcement from the provider of engineering services to oil & gas markets after the close last night which has resulted in another huge fall in the share price.
Having only announced a few weeks ago that delays in revenue generation together with the additional costs would result in the Group incurring a small loss in the first half of the year further analysis and has resulted in a revision to forecasts! The anticipated loss at the half year will now be in the range of US$15 million to US$ 20 million. They are still anticipating full year revenue for 2012 of approximately US$1,100 million but with revised net profit margin of approximately 2.5% substantially lower than previously revised estimates of approximately 3.5%. They reassured by commenting that deliveries…