Blog
Lamprell - drop in order book doesn’t look good
Posted 30/08/11
The manufacturer of offshore rigs issued interim results in line with expectations but the big fall in the order book is surely a concern
Top line revenue was up just over 100% resulting in a 45% increase in operating profit and 40% increase in adjusted earnings per share to 12.41 cents. The proposed interim dividend was 4 cents (equating to a yield of 0.88%) up from 3.50 cents previously. The above results are after stripping out exceptional income and costs. The order book stood at US$ 869m which represented a steep fall from US$1,090m at 31st March 2011. More encouragingly the bid pipeline was US$ 4.7bn.but prospects and firm orders are surely very different beasts.
The second half of the year will incorporate a full contribution from the MIS acquisition which will help
The modest valuation based on 2012 estimates (9.76x multiple) suggests some are starting to question whether the 2012 numbers are achievable.
This entry was posted 8 months, 3 weeks ago and was filed under Lamprell.
