June 8, 2012 / 8:16 AM / 7 years ago

STOCKS NEWS EUROPE-Lamprell slumps on second profit downgrade

Shares in Lamprell slump 31 percent, topping the London fallers list, after the oil rig maker cut its 2012 profit forecasts for the second time in a month.

Lamprell guided towards a first-half loss of between $15 million and $20 million after the market closed on Thursday, following a May update when it warned of a small loss due to a shortage of key components for building rigs. It did not cite a specific reason for Thursday’s surprise downgrade.

“This announcement is very disappointing, particularly given it comes so soon after the previous announcement,” say JP Morgan analysts, slashing their price target to 156 pence from 266 pence.

Analysts at Liberum say: “Management will have to re-build confidence in delivery and other issues before the shares are likely to perform,” .

To read more, please click on

Reuters messaging rm://sarah.young.thomsonreuters.com@reuters.net

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below