REG - Harland & Wolff - Contract Win

Harland & Wolff groupAnnouncement

19/07/2022 07:00

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RNS Number : 8868S  Harland & Wolff Group Holdings PLC  19 July 2022

This announcement contains inside information

 

19 July 2022

 

Harland & Wolff Group Holdings plc

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

£9.6 million additional contract win from Cory Group

 

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 been awarded a second contract
worth approximately £9.6 million by Riverside Energy Park Limited, part of
the Cory Group of companies ("Cory") for the fabrication of twelve barges.
This additional contract follows on from the original Cory contract announced
on 1(st) June.

The barges will be used to transport recyclable and non-recyclable waste on
the River Thames. The contract award is subject to Cory reaching financial
close on its Riverside 2 development, which will include an Energy from Waste
(EfW) facility that will be adjacent to Cory's existing EfW facility and will
be one of the largest and most efficient in the UK.

Fabrication will again take place at Harland & Wolff's Belfast site,
beginning towards the end of the fabrication programme for the first set of
eleven barges (announced on 1(st) June).  A production line has been set up
at the Belfast facility that will provide seamless delivery of the
twenty-three barges in total. Revenues from this additional contract are
expected to be delivered in FY 2023, further underpinning the Group's
contracted revenues for that year, which now sit at c£40 million. The Company
continues to trade in line with market expectations for FY 2022.

Harland & Wolff, group CEO John Wood, commented:

"We are pleased that Cory has once again chosen Harland & Wolff to
fabricate these new barges. Fabrication facilities require a constant stream
of work in order to create economies of scale and derive operational
efficiencies. We have set up a semi-automated production line for the first
Cory contract and with the award of the second contract, we will be able to
drive through further efficiencies in the fabrication process."

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)

 Seena Shah, Head of Marketing & Communications                            media@harland-wolff.com (mailto:media@harland-wolff.com)

 Cenkos Securities plc (Nominated Adviser & Broker)                        +44 (0)20 7397 8900

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

 Michael Johnson (Sales)

 

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.

 

About Cory Group

·     Cory is one of the UK's leading waste management and recycling
companies.

·   Cory operates one of the largest energy from waste facilities in the
United Kingdom, with a unique river-based infrastructure on the Thames for
delivering waste.

·    The company currently works directly with eight London Boroughs,
including Hammersmith and Fulham, Lambeth, Wandsworth, Bexley, Tower Hamlets,
the Royal Borough of Kensington and Chelsea, Barking and Dagenham, and the
City of London.

·      Key statistics from 2021 include:

o  782,000 tonnes of non-recyclable waste were diverted from landfill, saving
170,000 tonnes of CO(2) from being released into the atmosphere.

o  532 GWh of baseload electricity generated.

o  170,000 tonnes of ash were turned into aggregate for construction.

o  71,000 tonnes of recyclable waste were sorted.

o  £141.4m underlying revenue was made in 2021, with £73.6m in EBITDA.

·      Cory is planning to invest more than £800 million in its
operations and river infrastructure over the coming years. This includes the
planned Riverside 2 energy from waste facility next to the company's existing
energy from waste facility in Belvedere.

 

For further information, please visit http://www.corygroup.co.uk/
(http://www.corygroup.co.uk/)

 

 

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