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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.

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