Harland & Wolff Group Holdings PLC Trading Statement (2747V)
November 30 2023 - 11:00AM
UK Regulatory
TIDMHARL
RNS Number : 2747V
Harland & Wolff Group Holdings PLC
30 November 2023
This announcement contains inside information.
30 November 2023
Harland & Wolff Group Holdings plc
("Harland & Wolff" or the "Company")
Trading update
Harland & Wolff Group Holdings plc (AIM: HARL), the UK
quoted company focused on strategic infrastructure projects and
physical asset lifecycle management, provides the following comment
on its revenue guidance for FY23.
Given the multi-year and complex nature of some of the contracts
under which the Company is working, the Company has commenced
discussions with its auditors at an early stage to ensure that all
parties are in agreement with the method of accounting for revenues
throughout the duration of a build programme. The Company believes
that it is taking a prudent approach to revenue recognition and
remains comfortable with the market's expectation of GBP100m
revenue for this financial year. However, the Company notes that a
different approach to revenue recognition, whilst not changing the
overall value of the contract, could lead to a range of
GBP80m-GBP100m of revenue for this financial year, with any balance
deferred until 2024. The Company will make a further announcement
when the audited position for revenue recognition has been
settled.
The Company reiterates its estimate of revenues for FY24 at
GBP200 million and has a high degree of visibility over GBP145
million of these revenues at this stage, underpinned by the FSS and
SeaRose contracts. Contract negotiations continue with clients in
all five of the Company's target markets and the Company continues
to see a high level of activity in the energy, defence and
commercial markets with bids being submitted and contracts being
negotiated for large contracts.
For further information, please visit www.harland-wolff.com or contact:
Harland & Wolff Group Holdings plc +44 (0)20 3900
John Wood, Chief Executive Officer 2122
Arun Raman, Chief Finance Officer investor@harland-wolff.com
media@harland-wolff.com
Cavendish Securities plc (Nominated Adviser
& Broker)
Stephen Keys / Callum Davidson / Dan Hodkinson
(Corporate Finance) +44 (0)20 7397
Michael Johnson (Sales) 8900
----------------------------
Liberum Capital Limited (Joint Broker) +44 (0)20 3100
Nicholas How / Edward Mansfield 2000
----------------------------
Radnor Capital Partners (Investor Relations) +44 (0) 20 3897
Neville Harris / Joshua Cryer 1838
----------------------------
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.
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END
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