RE: Belfast news...15 May 2024 13:21
Today 13:18
RNS Number : 5847O
Harland & Wolff Group Holdings PLC
15 May 2024
15 May 2024
Harland & Wolff Group Holdings plc
("Harland & Wolff" or the "Company")
Times Article & Recent Speculation Regarding the Export Development Guarantee ("EDG") Application
Harland & Wolff Group Holdings plc (AIM: HARL), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, seeks to provide clarity on, what it considers to be, a misleading and inaccurate article published in the Times today, and to reassure shareholders.
The Company confirms that discussions continue to progress at pace on the EDG with all relevant Government departments and financial institutions; management remain comfortable with progress on what is a complex and large transaction for all parties involved. A further update will be provided in the next few weeks.
Having won a large proportion of the prestigious Fleet Solid Support Programme in FY23 followed by the Searose mid-life extension project and, finally, preferred bidder status for the Falkland Islands Port Replacement Project, the Company has demonstrated its capability and capacity within the shipbuilding, maritime and heavy engineering sectors, both nationally and globally.
The Company has been working through its five-year plan, which has seen four shipyards and fabrication facilities rebuilt or refurbished, a pipeline of contracted work secured and increasing amounts of work delivered. The Company's five-year plan was to reach forecasted revenues of £200m by the close of FY24, of which circa 90% has already been contracted. The business currently employs in excess of 1,500 people who are all engaged on active projects. The next goal for the Company is to increase contracted revenues for FY25 and beyond as well as to achieve the milestone of annualised EBITDA break-even in FY24.
The Company is busy across its five markets, with substantial growth on its key energy and cruise contracts. Work on FSS continues, with the framework for the extension to the new fabrication hall taking shape in Belfast. The Company remains on track to start production as planned. The strategy for the "Route to £500m" revenue per annum is now firmly established and the Company remains focused on delivering this.
The Company continues to have highly supportive financial partners and shareholders who are aware of the long-term plan. The Company made an application for the EDG product in order to help facilitate its future growth and achieve its vision of £500m of revenues annually. The Company remains comfortable with the progress of this application.
With the facilities that the Company has in is portfolio, it has substantial capacity, not only to undertake the FSS Programme and Falkland Islands Port Replacement Project in tandem, but also to build multiple vessels and structures at the same time. The Company's physical capacity is complemented by its
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