REG - Harland & Wolff - Accounts Update & Suspension

Harland & Wolff groupAnnouncement

01/07/2024 07:00

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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
(http://www.harland-wolff.com/)   or contact:

 

 Harland & Wolff Group Holdings plc                                        +44 (0)20 3900 2122

 John Wood, Chief Executive Officer                                        investor@harland-wolff.com (mailto:investor@harland-wolff.com)

 Arun Raman, Chief Finance Officer                                         media@harland-wolff.com (mailto:media@harland-wolff.com)

 h2Radnor (Investor Relations)                                             +44 (0) 20 3897 1838

 Neville Harris
 Cavendish Capital Markets Limited (Nominated Adviser & Broker)            +44 (0)20 7397 8900

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

 Michael Johnson (Sales)

 Liberum Capital Limited (Joint Broker)                                    +44 (0)20 3100 2000

 Nicholas How / Edward Mansfield

 

 

 

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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