Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Sponsored Content

Pin to quick picksHarland & Wolff Regulatory News (HARL)

  • This share is currently suspended. It was suspended at a price of 8.375

Share Price Information for Harland & Wolff (HARL)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 8.375
Bid: 0.00
Ask: 0.00
Change: 0.00 (0.00%)
Spread: 0.00 (0.00%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 8.375

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Times Article & Recent Speculation

15 May 2024 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 highly skilled and growing workforce, underpinned by its unprecedented investment in apprenticeships and workforce development.

John Wood, Group Chief Executive Officer, Harland & Wolff comments: "We were disappointed to read this article and the reaction it has caused, given that we have grown the business to become a major player in the UK shipbuilding sector, whilst spreading our risk over multiple markets. Our EDG application has not been rejected and continues to be work in progress. I expect to be providing a fuller update on our refinancing plans in the next few weeks".

 

Harland & Wolff Group Holdings plc

John Wood, Chief Executive Officer

Seena Shah, Head of Marketing & Communications

 

+44 (0)20 3900 2122

investor@harland-wolff.com 

media@harland-wolff.com

Cenkos Securities plc (Nominated Adviser & Broker)

Stephen Keys / Callum Davidson / Dan Hodkinson (Corporate Finance)

Michael Johnson (Sales)

 

+44 (0)20 7397 8900

Liberum Capital Limited (Joint Broker)

Nicholas How / Edward Mansfield / Lucas Bamber / Antonia Brown

 

+44 (0)20 3100 2000

 

About Harland & Wolff

 

Harland & Wolff is a multisite fabrication company, operating in the maritime and offshore industry through five markets: commercial, cruise and ferry, defence, energy and renewables and six services: technical services, fabrication and construction, decommissioning, repair and maintenance, in-service support and conversion.

 

Its Belfast yard is one of Europe's largest heavy engineering facilities, with deep water access, two of Europe's largest drydocks, ample quayside and vast fabrication halls. As a result of the acquisition of Harland & Wolff (Appledore) in August 2020, the company has been able to capitalise on opportunities at both ends of the ship-repair and shipbuilding markets where there will be significant demand.

 

In February 2021, the company acquired the assets of two Scottish-based yards along the east and west coasts. Now known as Harland & Wolff (Methil) and Harland & Wolff (Arnish), these facilities will focus on fabrication work within the renewables, energy and defence sectors.

 

In addition to Harland & Wolff, it owns the Islandmagee gas storage project, which is expected to provide 25% of the UK's natural gas storage capacity and to benefit the Northern Irish economy as a whole when completed.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
SPCEAASSFFFLEFA
Date   Source Headline
28th Oct 20247:00 amRNSCancellation - Harland & Wolff Group Holdings PLC
27th Sep 20243:03 pmRNSAppointment of Administrators
16th Sep 202411:00 amRNSBusiness Update
11th Sep 202412:39 pmRNSDirectorate Change
13th Aug 20243:41 pmRNSDirectorate Changes
12th Aug 202412:57 pmRNSBoard appointments & other updates
6th Aug 20248:45 amRNSFalkland Islands Port Replacement Project Update
1st Aug 20247:00 amRNSNew Facility, Board Change & Scilly Ferries Update
19th Jul 20241:07 pmRNSUKEF EDG Facility Update and Board Changes
17th Jul 202410:30 amRNSManagement Response to Financial Times Article
15th Jul 20247:00 amRNSAccounts Update
1st Jul 20247:30 amRNSSuspension - Harland & Wolff Group Holdings plc
1st Jul 20247:00 amRNSUnaudited Preliminary Results
1st Jul 20247:00 amRNSAccounts Update & Suspension
17th Jun 20244:01 pmRNSIslandmagee Energy Update
7th Jun 20243:00 pmRNSIslandmagee Judicial Update
3rd Jun 20248:53 amRNSHolding(s) in Company
15th May 20241:18 pmRNSTimes Article & Recent Speculation
6th Mar 20247:00 amRNSNew Contract Win - Arnish
5th Mar 20247:00 amRNSPreferred Bidder Award
25th Jan 202411:15 amRNSChange of Nominated Adviser and Broker
29th Dec 20237:00 amRNSUpdate re. New Credit Facility
21st Dec 20239:50 amRNSUpdate re. Possible Offer
30th Nov 20234:00 pmRNSTrading Statement
30th Nov 20238:45 amRNSForm 8.5 (EPT/NON-RI)
28th Nov 20238:47 amRNSForm 8.5 (EPT/NON-RI)
27th Nov 20238:16 amRNSForm 8.5 (EPT/NON-RI)
24th Nov 20231:13 pmRNSMello Conference
24th Nov 20237:00 amRNSStatement re Possible Offer
15th Nov 20231:30 pmRNSFurther re: Islandmagee Legal Update
8th Nov 20239:19 amRNSMoU - New Aluminium Vessel Build
7th Nov 20237:00 amRNSFirst Contract Win by Harland & Wolff (USA)
6th Nov 20237:00 amRNSContract Award
20th Oct 202312:17 pmRNSIslandmagee Legal Update
20th Oct 20237:00 amRNSContract Win - SeaRose Upgrade
9th Oct 20237:00 amRNSMaritime Operations Commencement & Isles of Scilly
15th Sep 20234:38 pmRNSPartnership with Echandia
8th Sep 20237:01 amRNSInvestor Meet Company Presentation
8th Sep 20237:00 amRNSHalf-year Report
31st Aug 202310:38 amRNSIslandmagee Judicial Review Update
30th Aug 20237:00 amRNSProposed Ferry Build & Operate Programme
21st Aug 20237:00 amRNSIslandmagee Judicial Review Update
3rd Aug 20237:00 amRNSNew Aberdeen Subsidiary
1st Aug 20237:00 amRNSContract Win - Heavy Lift Vessel
31st Jul 20237:00 amRNSLetter of Intent – Major Vessel Refurbishment
28th Jul 20231:37 pmRNSAGM Voting Results
26th Jul 20238:53 amRNSResult of AGM
19th Jul 20237:00 amRNSVirtual Investor Event
30th Jun 20235:56 pmRNSAnnual Financial Report
23rd Jun 20232:00 pmRNSAnnual Results Update

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Free Investment Tools

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.