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(Alliance News) - Harland & Wolff Group Holdings PLC on Tuesday said it has won an additional contract with Cory Group for the fabrication of 12 barges.
Harland & Wolff is a Belfast-based offshore construction company operating in commercial, cruise and ferry, defence, energy and renewable markets.
Back in June, it said it had secured a GBP8.5 million contract with Riverside Resource Recovery Ltd for the fabrication of 11 barges.
Riverside Resource Recovery is a part of the Cory Group, a waste management and recycling company operating in London.
On Tuesday, Harland & Wolff said it has secured an additional contract worth around GBP9.6 million with Cory.
As with the first contract, the barges will be used by Cory to transport London's recyclable and non-recyclable waste on the river Thames.
Harland & Wolff added that a production line has been set up at its Belfast facility that will provide "seamless" delivery of the 23 barges in total.
It also said that revenue from the additional contract is expected to be delivered in its financial year 2023, further underpinning the company's contracted revenue for the year, which now sits at around GBP40 million.
Harland & Wolff continues to trade in line with market expectations for its current financial year to July 31, it added.
Chief Executive Officer John Wood said: "Fabrication facilities require a constant stream of work in order to create economies of scale and derive operational efficiencies. We have set up a semi-automated production line for the first Cory contract and with the award of the second contract, we will be able to drive through further efficiencies in the fabrication process."
Shares in Harland & Wolff were down 2.5% to 12.56 pence each in London on Tuesday morning.
By Sophie Rose; sophierose@alliancenews.com
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