Lamprell alert but shares leap

Lamprell warned that its full-year loss would be seven times greater than previously forecast as it unleashed its fifth profits warning since the spring yesterday.

But the shares soared 17 per cent as the group removed the uncertainty which had been dragging them down for months.

The Gulf-based, London-listed oil and gas engineering services company forecast a $105m (£66m) loss for the year, as opposed to its previous estimate of $12m to $17m, after PricewaterhouseCoopers conducted a review of its books.

The shares, which have lost nearly three quarters of their value this year, jumped 12p to 81.25p.

Lamprell ousted its chief executive Nigel McCue and brought back its former boss Peter Whitbread last month.

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