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I have a quick read of the trading update and my initial views are:
1 I have a concern over one statement in it. It says 'he Company has been making steady progress since the beginning of the new financial year and the Company's management accounts show revenues in the eight-month period to 31 March 2021 stood at c£6.50 million.' This seems inconsistent with the statement in the annual accounts that monthly revenues are in the line with the revenues for the whole of the year.
2 I note it states that it says that regular updates will be made in the future. This is something that I myself have asked for.
3. I also note that Methil is operational but nothing is said about income from fabrication contracts. In fact we have only ever been given information about the cruise and ferry market.
4. Discussions on defence contracts seem to be progressing I would hope to see some contracts soon either direct or sub contracts.
On the whole this update gives me confidence on the future and I will remain invested and as funds allow wold look to increase my holding.
Recommendations delivered to government on time which in itself a positive which suggests to me some urgency to get the gas storage caverns underway.Infa will have any negatives in the recommendations covered and I suspect it won't be too long a wait for final approval.I find it hard to believe that infa aren't aware of the final outcome.
Whoever wrote that RNS has a good sense of humour, using “buoyancy” to describe the cruise industry and “ramp-up” alongside words about the slipway is very subtle but clearly
the author has a sense of humour.
-……… and a good RNS as well!
https://polaris.brighterir.com/public/infrastrata/news/rns_widget/story/xo4l12r
Further to my earlier "The proof is in the pudding" post, I draw your attention to the second last sentence below, from the Chief Executive Officer's Strategic Report (26 Jan RNS).
"We have further been advised by DAERA of their intention to make a formal recommendation to the Minister for Environment on or before the end of the first quarter of 2021."
if no news is released by either RNS or from DAERA by end of tomorrow, I will be writing to both asking for a detailed explanation why that is so. I would suggest we all do so too. As shareholders and members of the public, the company and DAERA have an obligation to account for their actions or lack of!
Clive Richardson
Chairman, 26 January 2021
Chief Executive Officer's Strategic Report
Much time has been spent working in consultation with DAERA to get the Marine License issued but despite our best efforts, we have had significant delays which have been exacerbated by COVID-19 and the department effectively being shut down throughout 2020. We carried out the first formal consultation back in December 2019, having it pre-approved by the department. In order to be thorough, we agreed to a second (additional) consultation to cover a small error in DAERA's process in relation to an advertisement (which had been pre-approved by the department in advance). That second consultation was duly completed in March 2020. We currently await the outcome of the recommendation to be made by DAERA to the Minister for Environment. In addition, we have sought a legal opinion and shared this with DAERA in order to try and expedite the process, particularly around the other licenses within the family i.e., the Abstraction and Discharge Licences. For the avoidance of doubt, the Company is currently in possession of a valid Extraction and Discharge license and it is their review, due to the passage of time that has been brought into question. I am pleased to report that after months of discussion, we agreed with DAERA that a consultation period would commence in December 2020 and formally complete on 13 January 2021, which marks the end of all such consultations. We have further been advised by DAERA of their intention to make a formal recommendation to the Minister for Environment on or before the end of the first quarter of 2021. The fact that we now have a formal date on which such recommendation will be made is vitally important for our Final Investment Decision (FID) and we can now look at planning for the next stage of the project with a higher degree of certainty.
Perhaps a zoo, too?
I can remember a while back, JW talking about a possible working museum, following in the footsteps of Titanic. Looking at the numbers, it’s not such a bad idea. Titanic museums footfall is 830,000 a year at £19 for an adult.
Definitely one for the future .
Loosegoose In relation to your 17.48 post I would agree with your estimate on likely income for the six months to January. This is assuming that INFA did not get anything for the two TV series that were filmed around Belfast Harbour.
......and European Causeway may be with us for most of May .. again for a full service and bottom scrape .. not just an oil change .. fantastic news really today overriding the non news (so far ) re “the other matter”!! The team at the Yard are working well and that includes the contract estimators.
Thanks ThisTimeNextYear, indeed a decent stay with a sister vessel following immediately afterwards? I am very interested to see the revenue in the interims in the coming weeks. My guess >8m for the 6 months. Not earth shattering but moving in the right direction: solid business, building credibility, building capability, some new customers coming in, good foundation, basic capex done with more to come for bigger contracts which are sure to come. Now for that ML RNS tomorrow morning?
A bit more info on European Highlander. It's now showing on the Belfast Harbour page that it's scheduled to be in dry dock until 23rd April.
It must be getting more than a wee lick of paint and a freshen up if it's in for 3 weeks.
Hope so Stokey
Just seen this article from the UK Defence Journal. I note the reference to Northern Ireland. I wonder if there will be any sub contracting work coming INFAs way.
Roll out the barrel today !!:)
Mr Teletubby needs to grow a pair and get an RNS out one way or other tomorrow...
The open day is at Methil but seems to be restricted to an online presentation starting at 4pm. Is anyone attending who can feedback?
"(JW) has said many things".
Ain't that the truth...
Avyererdowt, yes I think he did say that. He has said many things. I was just commenting on what I thought was happening / about to happen within the normal processes. Anyway, we will know more tomorrow whether DEARA have delivered on their commitment.
Patience needed
The link for my 11.02 post is https://twitter.com/Harland_Wolff1/status/1377194419858857984. Unless the barge is still at Appledore this means that there are no vessels in any of the H&W berths
Just seen this on twitter does anyone know if the barge is still there. I do not recall anything being said about it since it arrived.
Shucks.... nearly right Mr. “This time In About Three Year’s Time “ which is about the time span for finalising a certain licence .. I was April fooled as I was expecting the Highlander to berth tomorrow from my source in the sector but there has been a short logistical delay . Will eat half my hat but, hey, this is fabulous news as we enter the harbour on our long voyage and will overshadow other issues for a while .Securing P&O is a real coup for the H&W team .. and well done indeed....just hoping that the contract is not too tight .
E Causeway is scheduled for work soon possibly and if correct and she comes to us , that is an added bonus . So enjoy this bit of good news today whilst you can !!
TTNY,yes good news and dawski did mention it ,there maybe more new customers yet these around British isle cruises are getting taken up fast ,we trying to get booked on Msc cruises atm
ThisTimeNextYeer In relation to your 09.33 post I checked the Belfast Harbour page earlier and that information was not on so was updated within the last 2 hours. Interestingly that means there will be only one day with the dry dock being empty. Hope you are right about P&O. I note that the Building Dock has been empty for a while hopefully that will come back into use soon.
I see on the Belfast Harbour page that the P & O ferry European Highlander is due to dry dock in Belfast on 2nd April.
It's great to see a new customer and particularly a new customer like P & O. Could this be the start of more P & O ships starting to utilise H & W ? Hopefully it could be !
I think it was maybe Dawski that mentioned here last week about a potential new customer at the start of April. Well done that man, your crystal ball is a good one (if this is the new customer you were thinking about), lol.