THE Harland & Wolff Group is expected to post a loss of £70 million for its latest financial year.
The London-listed infrastructure group, which owns the famous Belfast shipyard, is due to publish its annual report at the end of June for the year ending December 31 2022.
But in an update delivered to the markets on Friday afternoon, Harland & Wolff announced that while its revenues for the year were up, its losses have increased.
“Whilst the Company is currently completing its group audit, unaudited revenues for the FY (financial year) 2022 were £27.96 million and a loss for the year at £70.35 million.
“Further details on the audited group financial statements will be made available in the annual report.”
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Shares in Harland & Wolff Group Holdings PLC were down by more than 5 per cent on Friday afternoon, before a slight rebound.
The last accounts published by the company, covering the 17 months ending December 31 2021, contained a pre-tax loss of £25.5m on revenues of £18.5m.
In the market update, the group said “significant progress” had been made on its group refinancing, adding that it now envisages the transaction will close in early autumn of the current financial year.
Harland & Wolff said it “remains on track” to meet its FY 2023 revenue guidance.
The group has signed a number of major deals in recent months, none bigger than the sub-contract with Spain’s state-owned shipbuilder Navantia to deliver three naval support ships to the UK’s Ministry of Defence (MOD).
Harland & Wolff expect the fleet solid support deal to generate between £700m and £800m in revenue by the time the final vessel is delivered.
But production for the seven-year programme is not due to start until 2025.
Earlier this year, Harland & Wolff said its revenue expectations for the 2023 financial year would be int he region of £100m-£115m in, rising to £200m-£230m the following year.
