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
|
+44 (0)20 3900 2122
investor@harland-wolff.com
media@harland-wolff.com
|
|
h2Radnor (Investor Relations)
Neville Harris
|
+44 (0) 20 3897 1838
|
|
Cavendish Capital Markets Limited (Nominated Adviser &
Broker)
Stephen Keys / Callum
Davidson / Dan Hodkinson (Corporate
Finance)
Michael
Johnson (Sales)
|
+44 (0)20 7397 8900
|
|
Liberum Capital Limited (Joint Broker)
Nicholas How / Edward
Mansfield
|
+44 (0)20 3100 2000
|
|
|
|
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.