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Let's look at the facts.
a) the company is on target to achieve revenue growth in excess of 100% vs previous year, which in itself was in excess of 100% vs previous year.
b) £200m of revenue brings the company close to eliminating cash burn.
c) the four production facilities have been(being) refurbished with new state of the art machinery...with a value(cost) in excess of £125m
c) Appledore purchase of freehold completed.
d) order book of £1bn
e) defence spending undoubtedly has to rise and the navy, according to numerous knowledgeable opinions, is way below conflict fighting strength
f) other major shipyards have significant order backlogs
h) the government are committed to peace and prosperity in NI
i) the government have championed shipbuilding as part of levelling up as it directly impacts high unemployment communities
j) the company has an existing, if expensive debt facility until end 2024
k) the government cannot be happy with ISSG for awarding a contract to France
l) significant advanced work on the FSS ships build has been made
Sometimes, it good to see the wood for the trees. Clear the air.
Whilst the BoD have not covered themselves in glory on this. Have not updated shareholders on the business model for a ferry business...For the life of me, I cannot see why so called balanced journalism did not paint a full picture about the rebirth of this once great shipbuilder in a once great industry. It suggests to me a specific intent to focus on a particular negative, all be it an important one, ignoring the ramifications for so many young people who have finally found a future...and a damn good one at that.
If you want peace, as the saying goes, prepare for war! On that alone, we need HW and we need these young people to be able to build ships.
Certainly number 1
Probably number 2
I disagree L . Without doubt it is the responsibilty of the CFO to have contingency plans in place for every possoble scenario. Inclusive of, but not limited to, alternative finance options , possible objections and from what quarter and why.
The IOSSG would perhaps have been high on any such contingency list.
Just because they were aware it might happen , is not the same as being offically informed.
The Steamship group conversing with the papers is the first time this has reared its head , very late in the day. The questions asked by Kevan were a precursor to the news yesterday and it was pretty clear what was coming next imo.
The fact that Harl again outpaced them , took legal advice and ringfenced any spend is super.
As the UKEF loan is not yet granted, they have plenty of time to ensure no comingling of funds.
With regards to informing us more about the financial loan , we can clearly see that all responses to questions asked in Parliament basically say , can't answer commercially sensitive. Harl cannot comment on it.
In light of yesterdays news , i'm pleased they have said nothing pertaining to their business plans for Scilly , less said the better.
Bottom line, Harl don't need the Scilly route to survive, Scilly group need Harl to fail for them to survive longterm. 'Much ado about nothing'
Stokey get your pen out , next one has to be about Shipbuilding , main protagonists very colourful charachters , you have the enemies within and the rowdy bunch at the back.
I hope to have official news soon, current state of play is farcical .
Fab post Lottie !
Most stupid posts
Consuela
Posts: 1,179
Price: 9.60
No Opinion
RE: JW to IOS Air & Sea FB18 May 2024 23:22
Nope.... I'm most certainly not the daft one here... by a god given mile... 😂😂
Hi Folks - The issue of forming companies that would allow ring fencing of funding is not new.Although the company will have an ultimate holding company i.e. Harland & Wolff Group Holdings PLC it can have separate funding ring fenced to that specific company.The only complications would be if the ultimate holding company had to guarantee the loan but provided funds were not passed down by the parent company I do not see any conflict with the £200m loan.
I am expecting news next week as the current saga cannot continue.
June I was thinking but after JW stated a couple of weeks it could come sooner your right
Bubble2021 ref 06.06 post I am sure he said a few weeks. I am expecting something to time with the accounts being published at the end of June.