Shipbuilder Harland & Wolff faces concerns over future 

Shipbuilder has said it will not be able to finalise its accounts for 2023 on a going concern basis and has suspended work to complete its unpublished accounts, as it seeks out options to stay afloat

The Titanic exhibition in Belfast with Harland & Wolff's cranes — nicknamed Samson and Goliath — in the background. 

Belfast-based shipbuilder Harland & Wolff has said it will not be able to finalise its accounts for 2023 on a going concern basis and has suspended work to complete its unpublished accounts, as it seeks out options to stay afloat.

Shares of the firm, which built the Titanic more than a century ago, were suspended on London's Alternative Investment Market (AIM) in July after it failed to submit audited accounts.

The firm, which survived closure once in 2019, sent its chief executive on immediate leave in July and named restructuring expert Russell Down as interim executive chairman to oversee "a recapitalisation intended to give the company sustainable financial footing”.

The company is working with its financial adviser Rothschild & Co for options to preserve core operations at its delivery centres in Belfast, Appledore in England, as well as Methil and Arnish, both of which are in Scotland.

The firm has struggled in the face of intense competition from shipbuilders in Asia and elsewhere. It employs more than 1,500 people across its heavy engineering facilities and delivery centres as well as the Islandmagee gas storage project in Northern Ireland.

The company said it remained reliant on the support of its existing lender, Riverstone, which at the start of August increased its facility by $25m (€22.9m) to provide short term liquidity.

With resources focused on Rothschild's process, the board currently does not believe it can finalise its 2023 accounts on a going concern basis, it said on Monday.

Harland & Wolff said the present suspension of its shares will remain in place and that it was focused on working with interested parties to find the best options for preserving the firm.

Reuters