Harland & Wolff Group Holdings PLC Accounts Update & Suspension

RNS Number : 4813U

Harland & Wolff Group Holdings PLC

01 July 2024

 

This announcement contains inside information

1 July 2024

 

Harland & Wolff Group Holdings plc

("Harland & Wolff" or the "Company")

Suspension of trading

Harland & Wolff Group Holdings plc (AIM: HARL), the UK quoted company focused on strategic infrastructure projects and physical asset lifecycle management, provides the following update in relation to its Annual Report and Financial Statements for its financial year ended 31 December 2023 (the "2023 Annual Report").

As stipulated by Rule 19 of the AIM Rules for Companies (the "AIM Rules"), the Company was required to publish its 2023 Annual Report by 30 June 2024. As previously announced, the Company has been in ongoing discussions with its auditors regarding revenue recognition relating to the multi-year and complex nature of some of the contracts under which the Company is working, to ensure that all parties agree with the method of accounting for revenues throughout the duration of a build programme. The assessment of the split in revenues between current year's revenues and deferred revenues has caused a delay to the audit process and hence delays to the publication of the 2023 Annual Report. The Company and its auditors have recently agreed the treatment of revenues in the financial statements and, accordingly, the Company announced its unaudited preliminary results for 2023 today. The Company will now progress to complete the audit quickly and expects to publish its 2023 Annual Report during the week commencing 8 July 2024.

Trading in the Company's ordinary shares on AIM will therefore be suspended with effect from 7.30 a.m. today pending publication of the 2023 Annual Report. Suspension from trading is expected to be lifted with the publication of the 2023 Annual Report in due course.

Notwithstanding the anticipated temporary suspension of trading in the Company's ordinary shares, the Company will continue to make announcements as and when there are any developments that require announcement in accordance with its obligations under the AIM Rules.

For further information, please visit  www.harland-wolff.com  or contact:

 

Harland & Wolff Group Holdings plc John Wood, Chief Executive Officer Arun Raman, Chief Finance Officer	[phone] [e-mail]   [e-mail]
h2Radnor (Investor Relations) Neville Harris	[phone]
Cavendish Capital Markets Limited (Nominated Adviser & Broker) Stephen Keys / Callum Davidson / Dan Hodkinson (Corporate Finance) Michael Johnson (Sales)	[phone]
Liberum Capital Limited (Joint Broker) Nicholas How / Edward Mansfield	[phone]

 

 

 

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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