Index Investing News
Friday, May 30, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Owner of historic Belfast shipyard slashes full-year revenue guidance

by Index Investing News
December 31, 2022
in Economy
Reading Time: 2 mins read
A A
0
Home Economy
Share on FacebookShare on Twitter


Harland & Wolff, the owner of the historic Belfast shipyard, has warned that its revenues for the full year will be “materially below” previous expectations after supply chain constraints and inflationary pressures led to the deferral of work on a number of contracts.

The company said in a trading update on Friday that it expected to generate revenues of between £29mn and £31mn for the full year to the end of December 2022 — significantly below expectations of between £65mn and £75mn. 

Shares in the Aim-listed group plunged 23 per cent on Friday morning, before recovering to 16p by midday.

H&W said material shortages had affected its ability to complete “certain key workstreams” of a £55mn contract to regenerate a former Royal Navy minehunting vessel for the Lithuanian navy. As a result, about £20mn in revenues would be deferred.

“Whilst it is unfortunate that the company could not advance these workstreams to book revenues in 2022, the overall project is still on track and in line with the base redelivery schedule for the vessel,” H&W said.

H&W also said geopolitical uncertainties and global inflation had caused “certain other clients” within the cruise and ferry market to either defer contracts into 2023 or reduce the scope of works. The estimated loss of revenues for the fourth quarter from these contracts was between £8mn and £10mn. 

The company stressed, however, that it remained confident that the bulk of the revenues that had been expected would be booked during the course of the first six months of 2023.

H&W also said that it had mutually agreed with Italian contractor Saipem to terminate a wind turbine generator jacket contract after being unable to agree on a “mutually acceptable methodology” on how to split additional costs.

John Wood, H&W chief executive, conceded that it was “disappointing” that the company had not met its “aspirations for FY 2022 due to timing issues”, while adding that it had “made significant progress over the last 12 months”.

“Despite the external challenges that we face, I believe that we are now at the cusp of a major transformation of the entire group and the team is working hard to convert bids into contracts,” he added.

The company is finalising negotiations in relation to a £1.6bn contract with the UK Ministry of Defence to build three support vessels for the Royal Navy.

The ships will be built by a consortium led by Spain’s Navantia and which includes naval architect BMT. Navantia UK, the British subsidiary of the Spanish shipbuilder, is the official prime contractor of the consortium. The involvement of the Spanish company has sparked concerns among unions and opposition politicians that work will migrate to Spain.

H&W said on Friday that as a result of the contract award, as well as a review of the “potential contracted order book for 2023 and 2024”, it was in talks to increase an existing debt facility with Astra Asset Management to between £150mn and £200mn.

“As the company executes larger contracts, it believes that it is crucial to maintain a significant quantum of liquidity with a larger committed facility that can be drawn down as and when needed,” it added.



Source link

Tags: BelfastfullyearguidanceHistoricownerRevenueshipyardSlashes
ShareTweetShareShare
Previous Post

Which Hardware Wallet is Best to Keep Your Crypto Safe? | by Crypto With Lorenzo | The Capital | Dec, 2022

Next Post

Shaw Communications, Li Auto, Southwest and others

Related Posts

Life is Fabricated from Commerce

Life is Fabricated from Commerce

by Index Investing News
May 30, 2025
0

With out commerce, life extra advanced than micro organism couldn't exist. We are actually fabricated from free commerce. It's in...

MiB: Tom Barkin, Richmond Federal Reserve President & CEO

MiB: Tom Barkin, Richmond Federal Reserve President & CEO

by Index Investing News
May 30, 2025
0

    This week, I communicate with Tom Barkin, Richmond Federal Reserve President & CEO. He beforehand spent 30 years...

US items imports tumble 20% in April as Trump’s tariffs disrupt commerce

US items imports tumble 20% in April as Trump’s tariffs disrupt commerce

by Index Investing News
May 30, 2025
0

Keep knowledgeable with free updatesMerely signal as much as the US commerce myFT Digest -- delivered on to your inbox.US...

US-China commerce talks ‘stalled’, says Scott Bessent

US-China commerce talks ‘stalled’, says Scott Bessent

by Index Investing News
May 30, 2025
0

Unlock the White Home Watch publication without costYour information to what Trump’s second time period means for Washington, enterprise and...

US appeals courtroom provides short-term reprieve to Donald Trump’s tariffs

US appeals courtroom provides short-term reprieve to Donald Trump’s tariffs

by Index Investing News
May 30, 2025
0

Unlock the White Home Watch publication without spending a dimeYour information to what Trump’s second time period means for Washington,...

Next Post
Shaw Communications, Li Auto, Southwest and others

Shaw Communications, Li Auto, Southwest and others

A look at the top 10 hacks of 2022 | by Daniel Jensen | The Capital | Dec, 2022

A look at the top 10 hacks of 2022 | by Daniel Jensen | The Capital | Dec, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Ready or Not 2 will be an “absolute f***ing banger”

Ready or Not 2 will be an “absolute f***ing banger”

April 16, 2024
Fearing Leviathans With Feet of Clay

Fearing Leviathans With Feet of Clay

November 29, 2022
All the things We Know On 2026 Present

All the things We Know On 2026 Present

November 21, 2024
Activist Ancora may turn to a reliable tactic to enhance value at Norfolk Southern

Activist Ancora may turn to a reliable tactic to enhance value at Norfolk Southern

February 11, 2024
India must shake up its new political-economy consensus

India must shake up its new political-economy consensus

December 2, 2024
Stocks making the biggest moves midday: CART, DIS, PLNT, RXT

Stocks making the biggest moves midday: CART, DIS, PLNT, RXT

September 19, 2023
New MLB jerseys made by Fanatics are already causing complaints

New MLB jerseys made by Fanatics are already causing complaints

February 14, 2024
Extraordinarily Profitable? Extraordinarily Fortunate! | CFA Institute Enterprising Investor

Extraordinarily Profitable? Extraordinarily Fortunate! | CFA Institute Enterprising Investor

June 3, 2022
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In