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Lamprell (LAM:AIM) – Finals PTP: £35.64m (£17.22m) Divi: 4.4p (n/a)

The UAE-based rig refurbishment specialist beat analysts expectations with its numbers for 2007 and, although management is not expecting the pace of growth going forward to match that of the past three years, it is still bullish about the company's prospects.

The Aim-listed firm has announced an intention to move to the main market, and before the end of the year it should be a FTSE 250 company. A lot of recent attention has been focused on the large options that are currently held by Seajacks and Scorpion respectively but chief operating officer David Moran is keen to stress that the company is not over-reliant on securing these. He says: 'We hope and expect these options to be exercised but even if they are not we could find alternative ways of selling our capacity.'

Increasing capacity is a priority for the company and to that end it is in the process of constructing a facility that will come on stream in the early part of next year.

The new yard at Hamriyah will increase capacity by some 80% and enable the company to secure a presence in the lucrative deep sea rig market. There is particular opportunity for the company offshore India where the state operator ONGC has acknowledged a need to increase investment.

These results were greeted warmly in a market hungry for good news, and in response the share price slicked up nearly 10% to 405p. Citigroup reiterated its 'buy' rating on the stock and set a price target of 480p.

Shares says: Although growth is unlikely to be as stratospheric as it has been there are still plenty of potential catalysts for an increase in the share price.

by: Tom Sieber