Lamprell has posted $300,000 in earnings before interest, tax, depreciation and amortisation (EBITDA) in the first half of 2020, turning around a $29.6m deficit in the same period last year.
The result contributed to a net loss of $27.1m, against $51.9m in the first half of 2019.
Lamprell said its first half results are due to “swift and decisive action taken to respond to the COVID-19 pandemic, with operations continuing with moderate impact on business being effectively managed”.
The steel fabricator recorded 34% revenue growth to $142.5m in the first half of 2020, compared with $106.4m in the same period last year.
Operational highlights for the first half of the year include the award of the Seagreen offshore wind farm contract off the UK and completion of the Moray East offshore wind project contract.
The company said the “addressable market in the renewables industry continues to grow, with new geographies (Asia and US) gaining traction”.
Lamprell CEO Christopher McDonald said: “2020 has been a challenging year for the global energy industry and in this context it is pleasing to have returned to positive EBITDA for the period.
“Like never before, we were able to demonstrate our operational flexibility as we were forced to adapt to new working arrangements without compromising on safety, quality and timely delivery for our clients.
“Our strong operational delivery and focused approach to overhead reduction has enabled us to deliver a much improved financial performance whilst demonstrating further progress in delivering our strategy.
“The strategy we set out for the business three years ago has enabled us to grow our backlog and revenue in challenging environment and we continue to evolve with developments in the energy industry.
“Over this three year period, Lamprell has become established as one of the leading suppliers of foundations for offshore wind and we expect to build on our strong position in renewables.”