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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.

By Jeremy Cutler, Alliance News reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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19 Jul 2024 17:51

Harland & Wolff denied UK funding, chief executive Wood steps down

(Alliance News) - Harland & Wolff Group Holdings PLC announced Friday the UK government has denied its GBP200.0 million funding request.

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19 Jul 2024 15:11

CEO of Titanic shipbuilder Harland & Wolff steps aside as debt crisis deepens

BELFAST, July 19 (Reuters) - The head of Belfast-based shipbuilder Harland & Wolff stepped aside on Friday as the firm said it was in urgent talks with its main lender to meet near-term financing needs while strategic options for its future are explored.

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1 Jul 2024 10:26

TRADING UPDATES: Harland & Wolff expects to post 2023 revenue climb

(Alliance News) - The following is a round-up of updates by London-listed companies, not separately reported by Alliance News:

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1 Jul 2024 07:49


(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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18 Jun 2024 11:15

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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7 Jun 2024 20:12

IN BRIEF: Harland & Wolff expects Islandmagee judgement shortly

Harland & Wolff Group Holdings PLC - London-based fabrication company which serves the maritime and offshore industries - Reports that the appeal in relation to the Islandmagee Gas Storage Project has been listed for judgement on June 17. Plans to make further announcement once the judgement has been delivered and analysed in detail.

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6 Mar 2024 14:12

Harland & Wolff enters five-year deal with global oil company

(Sharecast News) - Harland & Wolff Group announced a major new partnership on Wednesday, having signed a five-year master services agreement with an unnamed global oil services company.

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6 Mar 2024 13:57

Harland & Wolff inks GBP3 million subsea contract with oil firm

(Alliance News) - Harland & Wolff Group Holdings PLC on Wednesday said that it has signed a master services agreement with a global oil services company for the fabrication of large structures.

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5 Mar 2024 17:09

EARNINGS AND TRADING: Harland & Wolff wins major Falklands contract

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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29 Dec 2023 13:15

Harland & Wolff gets go-ahead to negotiate £200m loan facility

(Sharecast News) - Harland & Wolff Group has received permission from ministers to proceed with negotiations for a proposed £200m guaranteed loan facility with UK Export Finance (UKEF) under the Export Development Guarantee Scheme, it announced on Friday.

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29 Dec 2023 12:45

London close: Stocks mixed after short New Year session

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

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29 Dec 2023 10:45

AIM WINNERS & LOSERS: Harland & Wolff rises as loan talks progress

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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29 Dec 2023 10:14

Harland & Wolff gets approval for UKEF GBP200 million credit facility

(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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