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Pin to quick picksHarland & Wolff Share News (HARL)

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Harland & Wolff moves to reassure investors after "misleading" article

Wed, 15th May 2024 20:26

(Alliance News) - Harland & Wolff Group Holdings PLC on Wednesday moved to reassure investors as it responded to what it considers to be a "misleading and inaccurate article published in the Times" on Wednesday.

Shares in Harland & Wolff fell 15% to 10.02 pence in London on Wednesday.

The London-based fabrication company which serves the maritime and offshore industries said that discussions continue to progress at pace on the Export Development Guarantee with all relevant Government departments and financial institutions.

It said management remain comfortable with progress on what is a complex and large transaction for all parties involved, adding a further update will be provided in the next few weeks.

Chief Executive John Wood said: "We were disappointed to read this article and the reaction it has caused, given that we have grown the business to become a major player in the UK shipbuilding sector, whilst spreading our risk over multiple markets. Our EDG application has not been rejected and continues to be work in progress. I expect to be providing a fuller update on our refinancing plans in the next few weeks".

Harland & Wolff said having won a large proportion of the prestigious Fleet Solid Support Programme in financial 2023 followed by the Searose mid-life extension project and, finally, preferred bidder status for the Falkland Islands Port Replacement Project, it has demonstrated its capability and capacity within the shipbuilding, maritime and heavy engineering sectors, both nationally and globally.

Harland & Wolff said it has been working through its five-year plan, which has seen four shipyards and fabrication facilities rebuilt or refurbished, a pipeline of contracted work secured and increasing amounts of work delivered.

The five-year plan was to reach forecasted revenues of GBP200 million by the close of financial 2024, of which circa 90% has already been contracted.

The next goal is to increase contracted revenues for financial 2025 and beyond as well as to achieve the milestone of annualised earnings before interest, taxes, depreciation and amortisation break-even in financial 2024.

On Wednesday, The Times reported that Chancellor Jeremy Hunt is expected to block a financial support package designed to keep the Harland & Wolff shipbuilding company in Belfast afloat.

It said government insiders have voiced serious fears that the 162-year-old firm could collapse as a result, marking the end of centuries of shipbuilding in the city.

https://www.thetimes.co.uk/article/titanic-shipyard-could-face-closure-after-160-years-0kmk00q2p

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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1 Jul 2024 10:26

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Harland

(Sharecast News) - Shares in Harland & Wolff are to be suspended temporarily after the shipbuilder failed to publish its annual results on time.

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IN BRIEF: Harland & Wolff suffers legal setback to gas storage project

Harland & Wolff Group Holdings PLC - London-based operator of shipyards in Belfast and Scotland and developer of Islandmagee gas storage project - Notes on Monday that the Appeals Court of Northern Ireland has decided against the UK Department of Agriculture, Environment & Rural Affairs in the judicial review of the government's approval of a marine licence for Harland & Wolff's Islandmagee gas storage project. The licence grant in 2021 was challenged in 2022 by a group called No Gas Caverns Ltd. Harland & Wolff said of the latest court decision it "understands that matters including environmental studies, impacts in which the company has been directly involved, has faced up successfully to legal challenge".

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IN BRIEF: Harland & Wolff expects Islandmagee judgement shortly

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(Sharecast News) - London markets had a mixed performance in a shortened pre-holiday trading session on Friday.

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(Alliance News) - Harland & Wolff Group Holdings PLC on Friday said it had received ministerial approval for a new credit facility with UK Export Finance.

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