Titanic struggle for Belfast shipyard

Titanic struggle for Belfast shipyard

The enormous gantry cranes in the yards of Harland & Wolff, shipbuilders, Belfast.

Harland and Wolff, the Belfast-based shipbuilder, lost another £43 million (€50.8 million) last year, its latest financial statement revealed.

This follows on from a £28 million (€33 million) turnover in 2022 and losses of approximately £70 million (€82.7 million).

Trading in Harland and Wolff shares was temporarily suspended after the company failed to publish independently-audited accounts on time, although this would be rectified within days, the company said in early July.

A statement explained that the delay was the outcome of discussions with auditors regarding an appropriate way of accounting for revenues resulting from “complex, multi-year contracts.”

The company, forever linked to the Titanic which left the Harland and Wolff shipyard in 1912, was bought out of administration by London-based energy firm, InfraStrata in 2019.  In 2022 it joined a consortium awarded a contract to build three Royal Navy support ships.

It must now refinance an £80 million (€94.5 million) high interest loan and assume further loans as operations are stepped up.

The shipbuilder hopes to borrow from a consortium of UK banks, but needs the government to act as guarantor, meaning that should the loans not be repaid, the government would be called on to repay the debt.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca province and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.

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