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HARL Harland & Wolff Group Holdings Plc

0.50 (4.00%)
16 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Harland & Wolff Group Holdings Plc LSE:HARL London Ordinary Share GB00BLPJ1272 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.50 4.00% 13.00 2,535,561 15:52:52
Bid Price Offer Price High Price Low Price Open Price
12.50 13.50 13.35 12.25 12.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Natural Gas Transmis & Distr 27.97M -70.36M -0.4066 -0.32 22.5M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:27:33 O 250,000 13.00 GBX

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Harland & Wolff (HARL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-04-16 15:32:2413.00250,00032,500.00O
2024-04-16 15:27:3413.1540,0005,260.00O
2024-04-16 15:27:2212.53394.89O
2024-04-16 14:58:3112.822,500320.55O
2024-04-16 14:57:0912.53749.27O

Harland & Wolff (HARL) Top Chat Posts

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Posted at 16/4/2024 09:20 by Harland & Wolff Daily Update
Harland & Wolff Group Holdings Plc is listed in the Natural Gas Transmis & Distr sector of the London Stock Exchange with ticker HARL. The last closing price for Harland & Wolff was 12.50p.
Harland & Wolff currently has 173,047,211 shares in issue. The market capitalisation of Harland & Wolff is £22,496,137.
Harland & Wolff has a price to earnings ratio (PE ratio) of -0.32.
This morning HARL shares opened at 12.50p
Posted at 09/4/2024 00:15 by john mcinnes wood
The banks will be taking charge of HARL when the finance deal is announced, existing shareholders will be leaping for the lifeboats when they are diluted into oblivion.

I was checking on last year's REACH RNS's not a single update since, just a JW share pumping exercise - No great surprise there.

Navantia are offering more updates on the FSS contract than HARL, I wonder why that might be?

IM, the old shovel ready project, not worth tuppence now, the future is with renewable energy not the storage of fossil fuels, doubt very much bankers with an ounce of ESG would be getting involved in such projects. Not helped by the price of gas tumbling over the last year. The whole project is 10 years too late.

Riverstone look like a better investment, charging HARL 19% on $100m, cracking deal that turned out to be. Barclays also having a charge on assets deepens the gloom over this once mighty company.
Posted at 12/3/2024 09:57 by jaknife

"JakNife would you say the financial situation here is similar to that of Cineworld?"

It's certainly on a par with Cineworld. Cineworld needed a material debt for equity swap in order to free itself from the burden of the excessive debt that it had. There was no sensible scenario under which Cineworld could ever have repaid its debt. But CINE completely wiped out existing shareholders to achieve that and a "New Cineworld" was created where only the former lenders were shareholders.

HARL needs a debt for equity swap as well. There's no hope that it might generate the profits/cash to repay the debt and instead management intend to replace the debt burden with an even greater debt burden that HARL still won't be able to repay. That doesn't make sense, what HARL really needs is a debt for equity swap to remove the burden of its excessive debt.

However, I can't imagine a scenario where Riverstone would want to completely eliminate existing shareholders and remove HARL from the UK market in the same manner that CINE did.

Posted at 06/3/2024 07:06 by skinny
Harland & Wolff Group Holdings plc (AIM: HARL), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, is pleased to announce that it has signed a five-year Master Services Agreement for the fabrication of large structures with a global oil services company supplying subsea infrastructure across the major hydrocarbon basins around the globe.

The Company has now received its first purchase order under that agreement to fabricate six subsea structures with a contract value of approximately £3 million. These highly specialised structures are used in oil and gas platforms and the surrounding infrastructure, capable of withstanding pressures of 430 bar (6,235 psi) and as such are mission critical parts.

These structures will be built over the next 18 months at the Company's Arnish site in a staged delivery programme with an expected completion date in H1 2025.

John Wood, CEO of Harland & Wolff Group Holdings commented:

"I am delighted that Arnish is recognised as a centre of excellence to deliver critical subsea infrastructure. This contract marks a significant step for the Company and builds on the highly technical work the yard has already undertaken on suction anchors, piles and the work it is currently performing for the Sea Rose FPSO Contract. These specialised subsea structures are a new product area for Harland & Wolff and we expect that successful delivery of this contract will open up significant opportunities for additional contracts in subsea infrastructure going forward."
Posted at 05/3/2024 12:08 by jaknife

"BEN did me proud then the price of coal colapsed no position"

And yet you defended BEN and attacked me here:

When the BEN share price was a mere 15p.

Are you now saying that our BEN debate has finished? That you've changed your mind from what you (rudely) wrote on 1 October?

"HZM I had £100 worth and bailed after the last RNS"

Let us remove HZM from the scoreboard, I don't like even numbers, this leaves just the three.

"The other two are similar in that they have excellent order books and it should not be beyond the bankers to come up with a solution to provide liquidity they are fundamentally good businesses that need tight cost control.

In return in all seriousness why are they both winning mega contracts of size if there was a real posibility of them struggling to make ends meet ...just does not make sense to me.

I would have thought the risk reward lies with the patient small long position where as if either provides they have liquidity solutions you could lose a packet

You seem to be basing a lot of your judgement that the CEO's are not honest and/or the clients are stupid and have not done their DD."

What is it about Petrofac's $1bn of losses accumulated over the last nine years and the losses that are forecast for 2024 that makes you think that its order book is "excellent"?

What is it about the negative tangible book value, looming April bank debt repayment and the company's admission (this am) that it is in negotiations with its banks and bondholders that makes you think that their balance sheet is anything other than a disaster zone?

What is it about HARL's track record of losses every year that it's been listed AND the expected losses for 2023 AND the forecast losses for 2024 that makes you think that its order book is "excellent"?

What is it about the huge gaping blackhole in HARL's balance sheet, and the fact that it has been in discussions with various banks since November 2022 about refinancing its debt and still hasn't been able to achieve that, which makes you think that HARL's balance sheet is anything other than a nuclear disaster area?

I sometimes find it quite incredible that shareholders can't see what is plainly right in front of their eyes!

For the moment I will accept that you have conceded defeat on BEN and mark the scorecard at 1-0 with the Petrofac and HARL games yet to finish.

Posted at 15/1/2024 10:44 by jaknife
The issue with the banks was that they were too big to fail so they couldn't be left to descend into insolvency. But did the government really "bail out" shareholders? Government put fresh money in at super low share prices, which recapitalised the businesses but shareholders were still sat on thumping losses (and still are to this day).

*IF* the government did the same here then the equivalent would be to put fresh equity in at say 10p a share. But HARL is technically insolvent as at 31 Dec 2023 by about £95m (it was c. £80m at 30 June 2023 and they were forecast to lose £15m in H2). To repair the balance sheet the government would need to subscribe for at least 950m shares at 10p each! And that would make the Government an 85% shareholder!

But the day after that money arrived HARL are proposing to send all of it to Riverstone to pay them off! So it would be Riverstone that would be getting bailed out! And then where's the cash that HARL would need for working capital?

If the best case scenario for shareholders is a 10p bail out by the Government then that's not exactly a compelling investment story!

Posted at 11/1/2024 16:43 by xenor
I think it's hilarious that people like JakNife accused JW of lying. If we want to talk about integrity then let's look at the integrity of ShareProphets.It was only recently his blog was posting articles that open with:"Shorter Tim Kempster says that by his sums Harland & Wolff (HARL) runs out of money either in December or early January."I can't even find the one from "Evil Banksta" from a month or two earlier stating the company is imminently running out of cash by the end of 2023. I suspect it got deleted. Interestingly a lot of their older articles on HARL seem to have vanished.Looked at their Twitter account and filtered by the #HARL hashtag and it appears they have a history of deleting tweets (and probably articles) that they get wrong. There's only two posts about HARL between July and today. Expect the one by Tim to be removed soon.
Posted at 03/1/2024 14:59 by linesal2
In 2017 we only had Islandmagee which as we all know had the protestor issues, but now in the coming weeks/months having passed the appeal process from the tree huggers the value may be realised circa £50-£200m?.

We purchased Harland & Wolffe in October 2019
we then purchased Appledore in August 2020
and purchased Arnish and Methel in February 2021

So since acquiring the assets, we have had to improve the facilities and win contracts.
so 2 years to get the sites up to spec and win substantial contracts worth over £1BILLION is quite a good achievement and a great basis on which to grow, Belfast is going through expansion as we stand today, one of the biggest shipbuilders in the world is passing its knowledge onto our workers. £70million has also been granted for state-of-the-art improvements for Belfast via the FSS contract win.

So taking the above into account HARL is very new and moving quite fast.
The share price will eventually catch up without a doubt IMHO
Posted at 31/12/2023 11:57 by xenor
Those two had more red flags than a Chinese military parade, they were basket cases even two years ago with clear indications that the CEOs didn't care about their shareholders. People get too attached to shares. I have always maintained the view that if HARL did a placing at this level or took out CLN debt I would sell the lot.In the current market it is certainly easier to predict shares that will fall than those that will rise. Most companies on my watch list since early 2021 are significantly down with several gone bust or about to. It's a difficult market and picking winners is hard. Share Prophets have had an easy time in a brutal bear market but they aren't going to be right every time. Their followers can't accept that.Once the finance deal here is signed with zero dilution the bear case here can be put to bed and shareholders can enjoy the ride to profitability and growth. It's not risk free right now, hence why the share price is 13p and not 23p. Those who believe the latest RNS will be rewarded. In the meantime we look forward to a positive judicial review outcome in early February for IM.Last post of the year from me. Good luck all and let's hope AIM enters a bull market in 2024.
Posted at 24/10/2023 09:02 by ramlamb
wiltowin 08.31 - 'Put your money in a savings account for your poultry returns' I am saving for a Christmas turkey is that my poultry return?

Considering HARL share price has plummeted 26% this year it is better to have a PALTRY return than none at all.
Posted at 24/10/2023 00:26 by jaknife

"Total contracted revenue for the next seven years sits at £1 billion in total, up £100 million since March."

That revenue is going to be earned over that 7 years so basically what you're highlighting is that there's expected revenue of about £143m a year for 7 years.

People have been suggesting a gross margin of 20% on that revenue so (notwithstanding that historically the company has never achieved anywhere close to a 20% gross margin) let's run with that and assume a gross profit of £28.6m (20% of £143m).

From that you need to deduct administration costs. If you look at the last results:

admin costs last year were £53.4m and the year before that they were £24.7m.

let's make a miraculous assumption and assume that they can get the admin costs back down to £25m as they were in 2021. That leaves a profit of £3m.

Then you need to factor in the finance costs (interest). Last year they were £12.3m and HARL is proposing to double its debt so we need to pencil in something like £25m per annum. That leaves forecast losses of £22m a year.

Can you see the problem yet?

Wise investors remember the phrase: revenue is vanity, profit is sanity but cash is king.

HARL may have lots of revenue on its way but historically it's had pathetic margins. Even if heroic assumptions are made about margins then the admin costs and interest are going to wipe out the gross profits and leave HARL loss-making. You could fiddle with the numbers and try to make some even more heroic assumptions but, more importantly, where are the profits going to come from that are needed to repay the debt?

This is as simple as I can break it down for you. The business cannot support $200m of debt and, if we're realistic, it can't actually support the existing $100m of debt either. That's why a massive equity fund raise is needed and, why the existing debt needs converting to equity. And when that happens it's going to happen at a huge discount to the current share price such that existing shareholders are going to essentially be wiped out.

That's why HARL is a massive sell.

Harland & Wolff share price data is direct from the London Stock Exchange

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