BP - There are no accounts that cannot be signed provided the basis of the signing is made clear i.e. not being given a clean bill of health which moves us onto 'Going Concern Qualifications' etc etc.What also concerns me is that H&W have not made clear why there has been a delay although this was touched on by Arun at the Appledore open day i.e. Audit logistic problems caused by covid etc.It is the naivety of senior management that has allowed this situation to occur & created a SP open goal that concerns me more than the results.My experiences were is 'Offshore' & print finishing' with owners in USA & Canada/Switzerland. PS For what it is worth as I have indicated above I would 'Hold' the show is not over yet.
Hebridean9 - Having read your post this morning I just hope we are not heading towards a car crash.I am disappointed to see a further drop in the SP today I thought yesterday was bad enough.As a retired accountant I am frustrated that H&W have not been able to have signed accounts this month.I have worked for companies where I had to meet very tight year end deadlines sometimes in difficult circumstances & reporting into Canada & Switzerland.For H&W to be in this position is a disgrace & I wonder if it is deliberate as they wait in hope of announcing a new contract.
Hi Pokerchips - With time it is possible to dig deeper into the figures & having looked at two reviews I received by e-mail this afternoon it is clear that they have indeed needed to be cautious with their Saipem contract because of the delays in production due to the steel not being at first fit for purpose.Working on the basis of no sales booked up to 31st December 2021 for the Saipem contract & based on the contract value being £25.6 m then their sales for new work amounts to at best £50m for the current year.Either way there may be hidden profit in these figures because of the Saipem contract completion delay.Lets hope so.
Hi All - Some good positive posts this week good to see.Moving on I was just wondering when we can expect the issuing of the H&W Report & Accounts due this month which leaves just next week & a couple of days the week after.I am guessing the end of next week at worse an update on the 31st May saying further delay expect June.Just curious as to peoples thoughts. Apologies for what may seem a trivial thought but just for fun.
Hi Lottie123 - Thank you for the time you took out for the visit & the time taken to write your thoughts on your visit. I found you comments reassuring & confirmed what I was trying to convey in an earlier post that there is work going on at all the sites & which hopefully covers overheads at least.In addition you concluded that based on your visit you would be prepared to invest further.You certainly have cheered me up as the current SP is very challenging.Thanks again.
H&W LinkedIn post this afternoon.18 May 2022 16:39
Harland & WolffHarland & Wolff 21,317 followers 1h • 1 hour ago 'Last Wednesday, we welcomed the Fife Chamber of Commerce to our Methil site as part of their ‘Behind the Scenes’ event series. During the day, attendees had the chance to learn more about Harland & Wolff, our work on site and across the Group and participate in a tour of the yard. ' #MadeInMethil
RE: Missed out on carrier contract...16 May 2022 10:53
Si_Derman - I think your post hits it on the nail in saying 'If they can't get a maintenance contract' etc & not having 'the up-to-date infrastructure'.H&W have not had any MOD work yet of any size & I believe they are not ready yet. Once again I would add it is very frustrating & I can only see a further decline in the SP as we wait for some positive news.
Hi stokey12 - I agree with your comments the circa £18m reflects last years activity which would have been depressed due to the slow start to the Saipem contract as you have just posted.The following extract from the recent RNS clearly indicates it relates to last year - 'As previously announced the Company expects revenue to be between £18 million and £20 million for FY 21.' Based on the activity we have seen this year & now seeing the likely turnover will much exceed the £18m. Lastly I expect that one of the issues that was holding up the audit was valuing WIP across all sites complicated by the Saipem delays furthermore it looks to me that the accounts this month will be the full printed accounts in colour etc which takes a while to put together.Either way after this week we have a further 2 weeks in which we will know the final results but just hope they do not take it to the wire again i.e. 31st May.
The JR is a legal matter & any concessions by DAERA would result in a JR taken out by H&W against DAERA & lead to another case in the High Court.What works for one side of the argument must also work for the other.With regards storage of Hydrogen it would require seeking another license but not an impossible path to take.The SP today is dire but all is not lost.Once again the shares being on AIM are being hit by lack of news & I would guess that many if they ever get to break even will be getting out but I will be holding to next year.
I have been following the comments on this board this last week or two some positive some negative.However trying to post a positive note I would say that based on the various LinkedIn posts there is clearly activity at all four sites.The question is is it enough to cover all overheads & give rise to a positive cash flow.With regards IM well that is in the hands of the 'Gods' & we currently need to discount any future benefits for now. Conclusion : We are all annoyed by what we see as the lack of positive news in terms of new contracts of value but maybe things are not as bad as some people think.For me I have no choice but to hang on & hope the SP will improve by the end of Qtr 2. & hope H&W are at least creating a positive cash flow for now.
Harland & Wolff 20,620 followers 16h • Edited • 16 hours ago 'We are incredibly excited to meet you all at Seatrade Cruise! Come see us at stand 4045 to hear about our extensive cruise industry capability and capacity, as well as the arrival of the Queen Victoria at our Belfast #shiprepair! ' #STCglobal #cruiseindustry #wearecruise https://www.linkedin.com/feed/update/urn:li:activity:6924502100752146432/