Lamprell Plc (lon:lam)
Lamprell – A Long Term Downward Share Price

Lamprell Plc Financials

ItemCurrent PeriodPrevious Period
Period12 Months12 Months
Adjusted Earnings
Adjusted EBITDA
Statutory Profit(£183m)(£71m)
Adjusted Profit
Total Debt(£43m)(£80m)
Net Debt

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Lamprell Plc Share Price
Grade:No grade has been assigned to this company
Title: Lamprell – A Long Term Downward Share Price
Company: LAM - Lamprell Plc
Share Price Then: 24.7p
Author: Ian Smith
Date: Tue 09 Jun 2020
Comments: Lamprell are based in the UAE and specialise in construction for the Oil & Gas industry whilst moving to the renewables sector as well.

The last set of full year results reported a company with no debt and around £40m of cash but also a statement that the going concern assumptions include that both a major contract win and refinancing will be secured by the Group.

The question for me is are Lamprell part of the Oil and Gas industry and at risk of collapsing as that industry contracts in favour of renewables or can they profitably transfer to the construction of wind, solar and whatever comes along sites.

They are winning contracts in the new energy market but currently they are too few and too low in value.

Despite being UAE located this has included 30 wind turbine foundations for the Seagreen wind farm in Scotland but it appears that the majority are being made by a Chinese company.

Of the $183m loss, $80m was impairments and the company has cash in the bank and no debt. Whether working capital can be provided by debt or a share issue is unknown but a share issue can’t be ruled out.

For me Lamprell are one of the difficult to understand companies as the projects are so large and the revenue sources so few and so concentrated that I can’t put a real meaning the numbers in the accounts.
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