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Lamprell PLC on Monday reported a widened full-year loss as the firm grappled with lockdowns, travel restrictions and a loss of productivity in the year.
In 2021, the United Arab Emirates-based provider of oil field services reported a pretax loss of $59.9 million, widening from $53.3 million the previous year.
‘Multiple lockdowns, severe travel restrictions, self-isolation requirements and, more noticeably, the loss of productivity in our supply chain were the main drivers of our $19.9 million adjusted Ebitda loss,’ the firm explained.
Revenue, however, rose by 15% year-on-year to $388.8 million from $338.6 million on the strength of its Oil & Gas segment, which saw revenue grow 31% against the previous year.
Lamprell said this was its third consecutive year of revenue growth.
Chair John Malcolm said: ‘Energy market fundamentals have demonstrated significant growth both in renewables and oil & gas in recent months and the board is confident in the increasing opportunity set that lies ahead for Lamprell.’
The firm did not declare a dividend, unchanged from the previous year.
Shares in Lamprell were untraded at 9.00 pence on Monday morning in London.
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