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Harland & Wolff cranes | AccountingWEB | Harland & Wolff suspends trading after accounts delay
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Harland & Wolff suspends trading after accounts delay

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The company behind the Titanic shipyard has failed to file its annual report on time amid discussions with its auditors around revenue recognition.

3rd Jul 2024
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Harland & Wolff, which owns the shipyard that built the Titanic, has temporarily suspended trading in its shares after accounting issues meant it could not file its audited results on time.

The Belfast-headquartered company was required to publish its 2023 annual report by 30 June 2024 against the backdrop of ongoing discussions with its auditors regarding revenue recognition relating to the “multi-year and complex nature” of some of the contracts it’s working under.

This is to ensure that all parties agree with the method of accounting for revenues throughout the duration of a build programme.

Pushing back the date

However, the assessment of the split in revenues between the current year’s total and the deferred amount has caused a delay to the audit process, which in turn has pushed back the publication of the annual report.

With Harland & Wolff and its auditors having recently agreed to the treatment of revenues, its unaudited preliminary results for 2023 have been posted.

It will now progress to “complete the audit quickly” and expects to publish its annual report during the week commencing 8 July 2024.

As such, trading in the company’s ordinary shares on the Alternative Investment Market (AIM) will be suspended pending that publication.

£200m facility

The move comes at a difficult time for Harland & Wolff, having been in discussions with UK Export Finance since Q3 2022 for a proposed £200m facility.

During FY23, a “significant amount of work” was done before an announcement was made on 29 December 2023 stating that the facility was approved subject to a commercial rate review and ministerial consents.

“Further work continues on this facility and the company expects the UK government to reach a decision after the general election,” it said. “Should there be any material delays to securing the facility post the general election, the company’s ability to execute new and large contracts would be adversely affected.”

Replies (3)

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JD Portrait
By John Downes
04th Jul 2024 10:35

Do you mean it's closed for business, or just that it has suspended trasding in its shares?

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Replying to John Downes:
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By ibblackberry
21st Jul 2024 11:56

Share trading suspended

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By ibblackberry
21st Jul 2024 11:57

Government protection rejected with regard to proposed borrowing

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