Inside information, profit warning: Lamor lowers its guidance for adjusted EBIT for 2022

19.12.2022 08:45:01 EET | Lamor Corporation Oyj | Company Announcement

Lamor Corporation Plc    Company release, inside information   19 December 2022 at 08:45 a.m. EET

Inside information, profit warning: Lamor lowers its guidance for adjusted EBIT for 2022

Lamor Corporation Plc lowers its adjusted EBIT guidance for 2022. Lamor now estimates the adjusted EBIT to be in the range of EUR 11-13 million for the full year 2022. The uncertainty related to the progress in large projects, which is typical for Lamor’s business model, affects predictability. Earlier the adjusted EBIT was estimated to be at least EUR 14 million for the full year 2022. Lamor maintains its guidance relating to revenue.

Lowering the guidance of adjusted EBIT is mainly due to the weakening of the US dollar and dollar-linked currencies which are impacting the result negatively through currency fluctuations of receivables, as well as the lower-than-expected result of the Chinese associated company, caused by covid related restrictions.

Lamor will publish its financial statements release on 28 February 2023.

Revised guidance for 2022

Lamor estimates its revenue to be at least 120 million for the full year 2022. Adjusted EBIT is estimated to be in the range of 11-13 million.

Lamor has a strong order backlog for 2022. Since a significant part of the revenue is generated by large service project deliveries, any major, unpredictable delay in the project progress would have a negative impact on revenue and profit for 2022.

Lamor closely follows how the Russian invasion of Ukraine is affecting the company’s operating environment. Due to the war, Lamor has ceased the sales activities of the products and services in Russia. War-related global cost inflation as well as the shortage of raw materials and components are having an effect also on Lamor’s business. Lamor will continue to monitor the situation carefully.

The previous guidance for 2022, issued on 20 May 2022, was as follows:

Lamor estimates its revenue to be at least 120 million for the full year 2022. Adjusted EBIT is estimated to be at least EUR 14 million.

Further enquiries

Mika Pirneskoski, CEO, Lamor Corporation Plc, tel. +358 40 757 2151

Timo Koponen, CFO, Lamor Corporation Plc, tel. +358 40 749 2986

Certified adviser

Danske Bank A/S, Finland Branch, tel. +358 50 590 7667

Lamor in brief

Lamor is one of the leading global providers of environmental solutions. Lamor provides its customers with equipment used for oil recovery, waste management and water treatment as well as versatile environmental solutions and services, such as clean-up and preparedness services related to oil spill response and oil spills, services for the treatment of waste and tailored and adapted water treatment solutions. Lamor operates together with its local partners, offering a wide selection of solutions, which can be tailored according to the needs of each customer, and aiming to clean the world, for which the company has worked since its incorporation. The company's share is listed on the Nasdaq First North Premier Growth Market Finland marketplace maintained by Nasdaq Helsinki under the trading code LAMOR. Further information: www.lamor.com