Harland & Wolff Group Holdings PLC - London-based fabrication company, which serves the maritime and offshore industries from yards in England, Northern Ireland and Scotland - Provides update on strategy to establish its own marine operations once it has a critical mass of marine activity to service. As part of this push, it has identified a new tug to acquire, which will be added to two announced earlier this year. The new tug will be used internally and also hired out when not needed. Harland & Wolff also continues to pursue its proposal for fast ferry and freight services to and between the Isles of Scilly. The vessels would be built in the UK and therefore could be eligible for levelling up funding from the UK government.
Chief Executive Officer John Wood says: "As part of our continued growth and the route to the GBP500 million turnover strategy, we are excited about launching our marine operations to reduce internal costs and to provide a better service at an affordable cost externally. Whilst there is no guarantee that we will win the bid to build and operate the new vessels, we are excited about the revenue generating capacity of the fast ferry and freight services offering."
Current stock price: 11.55 pence, up 2.7%
12-month change: up 71%
By Sabrina Penty, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Harland & Wolff (HARL)