23rd Jun 2023 14:31
(Alliance News) - Harland & Wolff Group Holdings PLC on Friday said it expects to report a widened annual loss for 2022, despite a rise in revenue.
Shares in the infrastructure projects operator were down 4.8% to 13.00 pence each in London on Friday afternoon.
Whilst Harland & Wolff is currently completing its group audit, it said that 2022 revenue should be GBP27.96 million and loss for the year should be GBP70.4 million.
In the year ended July 31, 2021, Harland & Wolff reported a pretax loss of GBP16.7 million and revenue of GBP10.2 million. The company then changed its financial year to the calendar year.
In May 2022, the company posted results for the 17-month period ended December 31, 2021. It reported a pretax loss of GBP25.5 million and revenue of GBP18.5 million.
Harland & Wolff plans on issuing full-year results at the end of June.
It added that it has made "significant progress" on its refinancing and it now expects the transaction to close in early autumn of the current financial year. "The company has taken this opportunity to bring down the cost of capital substantially (into single digits) through this proposed transaction," it noted.
Looking ahead, Harland & Wolff said it remains on track to meet its 2023 revenue guidance.
By Sophie Rose, Alliance News reporter
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