LONDON (dpa-AFX) - Oil rig construction company Lamprell plc. (LAM.L) on Tuesday posted narrower loss for the full year 2020, while the company recorded 30 percent growth in revenues and reduced its expenses during the year.
For the year, the Group's net loss narrowed to $53.4 million from $183.5 million, and loss per share reduced to 15.63 cents from 53.71 cents last year. The group said the results also reflect impact of ongoing low/zero margin projects and JV loss of $18 million.
EBITDA for the year was a positive $3.9 million, compared to last year's negative $64.6 million, the Group reported. This represented an EBITDA margin of 1.2 percent versus -24.8 percent a year ago.
Lamprell's revenue for the full year rose 30 percent to $338.6 million from $260.4 million in the last year 2019.
In addition, the Group revealed that the Directors do not recommend a dividend for the year ended 31 December 2020.
Looking into 2021, the Group said, it is trading in line with current expectations as at May 31, with EBITDA broadly breakeven.
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