Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHarland & Wolff Share News (HARL)

Share Price Information for Harland & Wolff (HARL)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 9.50
Bid: 9.00
Ask: 10.00
Change: 0.25 (2.70%)
Spread: 1.00 (11.111%)
Open: 9.25
High: 9.50
Low: 9.25
Prev. Close: 9.25
HARL Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Harland & Wolff "remains comfortable" with financial 2022 guidance

Tue, 16th Aug 2022 10:42

(Alliance News) - Harland & Wolff Group Holdings PLC on Tuesday said it "remains comfortable" with market guidance for financial year 2022 and outlined its plans for the next two years.

Harland & Wolff is a London-based offshore construction company operating in commercial, cruise and ferry, defence, energy and renewable markets.

This year, the firm changed its financial year to be in line with the calendar year. It previously ended on July 31.

So far in 2022, the company has secured three "material" contracts. These are Cory phase 1, Cory phase 2 and the M55 Regeneration Programme, worth GBP8.5 million, GBP9.6 million and GBP55 million, respectively.

Based on this, the company maintains that it "remains comfortable" with financial year market guidance of revenue between GBP65 million and GBP75 million.

Looking ahead, Harland & Wolff has also outlined its management's aspirations for financial year 2023 and financial year 2024. "Given the many variables which need to be considered, these aspirations should not be construed as forecasts but as management's framework for the direction of the business," the company explained.

Harland & Wolff said that it has built a strong backlog of GBP40 million for financial year 2023 due to recent multi-year contract wins. However, more broadly, management has identified opportunities amounting to around GBP1.2 billion across the company's key markets.

It noted that it has recently secured its first contract from the Ministry of Defence as a 'prime contractor' and has also submitted its bid in relation to the Fleet Solid Support programme.

Also, following the recent Scotwind auction results announcement, Belfast, Methil and Arnish have been identified as three "highly strategic fabrication sites" given their respective coastal positions. Harland & Wolff said it is "confident" that it will be a beneficiary in this programme, for which it expects to reach 'preferred bidder' status in the fourth quarter of 2022.

"With significant levels of revenue contracted, the relative stability of the cruise & ferry and ship repair markets and confidence around potential orders within the defence and renewables markets, management has an aspiration of generating revenues of between GBP100 million and GBP115 million for financial year 2023," the company said.

Harland & Wolff explained that it is more difficult to project financial year 2024 revenue, given the "lumpiness and scale" of certain contracts. However, it aspires to generate between GBP200 million and GBP230 million revenue.

"Whilst this is a significant step-change from the financial year 2023 aspiration, it reflects the trajectory of major defence and renewable programmes commencing from 2024 onwards and beyond," the company explained.

It added that when turnover levels reach GBP200 million, the company expects to be in a position to generate sufficient cashflow to initiate returns to shareholders.

Harland & Wolff shares were down 4.0% to 11.16 pence each in London on Tuesday morning.

By Sophie Rose; sophierose@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

More News
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".

Read more
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.

Read more
15 May 2024 20:26

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

(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.

Read more
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.

Read more
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.

Read more
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:

Read more
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.

Read more
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.

Read more
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.

Read more
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.

Read more
21 Dec 2023 16:34

Harland & Wollf rules out move for Isles of Scilly shipping operator

(Alliance News) - Harland & Wolff Group Holdings PLC on Thursday said it would not bid for Isles of Scilly Steamship Company Ltd.

Read more
30 Nov 2023 16:45

Harland & Wolff says accounting change could see some revenue deferred

(Alliance News) - Shares in Harland & Wolff Group Holdings PLC on Thursday fell after it warned a different approach to revenue recognition could see some revenue being deferred to a later financial period.

Read more
24 Nov 2023 11:38

Harland & Wolff confirms approach to buy Isles of Scilly Steamship

(Alliance News) - Harland & Wolff Group Holdings PLC on Friday confirmed it made an indicative and preliminary takeover approach for Isles of Scilly Steamship Co Ltd, which the latter rejected on Thursday.

Read more
24 Nov 2023 07:50

LONDON BRIEFING: L&G agrees GBP4.8b buy-in for Boots Pension Scheme

(Alliance News) - Stocks in London are expected to open in the red on Friday, with trading volumes likely to be lighter given the Thanksgiving holiday period in the US.

Read more
23 Nov 2023 18:10

Isles of Scilly Steamship rejects takeover approach by Harland & Wolff

(Alliance News) - Isles of Scilly Steamship Co Ltd on Friday announced that it unequivocally rejected a preliminary approach from Harland & Wolff Group Holdings PLC.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.