Harland & Wolff (HARL) shares have been suspended on the LSE following reports of the shipbuilder’s annual report being delayed due to accounting problems.
Harland & Wolff Shares Suspended Amid Doubts Over Future
Based in Belfast, HARL is famous for owning the shipyard where the Titanic was built. The company has now confirmed that it has been locked in discussions with auditors as it looks for the right way to account for the revenue generated by some contracts.
This issue has caused the publication of its 2023 annual report to be delayed until 8 July. It’s not yet clear whether the suspension will be ended once the report is finally published. HARL announced in a statement that “trading in the company’s ordinary shares on AIM will therefore be suspended with effect from 7:30 am today pending publication”.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
The statement was accompanied by unaudited financial results covering the year that ended 31 December 2023. In this report, the firm states that revenue climbed from £27.8m the previous year to £86.9m in 2023. Its operating loss fell from £58.5m to £24.7m.
The future of HARL has been put in doubt in recent weeks, as its losses grow and doubts have been expressed over its taxpayer-backed £200m government loan guarantee. The shipbuilder’s hopes for the future lie in a possible £1.6bn contract from the Royal Navy to build its ships.
The company has described claims that the guarantee will be blocked as inaccurate, and chief executive John Wood recently said that its application is a work in progress that hasn’t been rejected.
