Harland & Wolff £3.8m Loss, Despite Blip Remains Optimistic

8th July 2014

#H&Wlosses - Harland & Wolff, the shipbuilder-turned renewable energy giant manufacturer, suffered a £3.8m loss in 2013, according to newly-filed results.

Directors have said that the "very unsatisfactory" results were down to escalating project costs, leading to a review of the organisation, its structure and processes.

The group generated an operating loss of £3.8m on a turnover of £32m after two profitable years of trading and a good performance in a number of sectors in 2013.
In its annual report, the company said its flotation tank project with Norwegian firm Kvaerner Verdal AS had incurred "significant cost overruns".

However, the annual report said that the overall financial position of the company remained strong and debt free and that it was taking measures to ensure the losses were "a one-off and will not be repeated".
To read much more on this story, The Belfast Telegraph has a report HERE.

Published in Belfast Lough

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Jehan Ashmore

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Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals.

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