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Shipyard Group Harland & Wolff Reports £25.5m Loss As Expenses from Growth Swell

17th August 2022
The parent company of shipbuilder of Harland&Wolff plc bought the Appledore shipyard, north Devon in August 2020 in a £7m deal.
The parent company of shipbuilder of Harland&Wolff plc bought the Appledore shipyard, north Devon in August 2020 in a £7m deal. Credit: BusinessLive-twitter

Shipbuilder group Harland and Wolff has reported a widened pre-tax loss of £25.5m as expenses swelled during its Covid-19 recovery.

The maritime engineering company is known for the famous Belfast shipyard where the Titanic was built, and its parent company InfraStrata plc bought Devon’s Appledore shipyard in August 2020 in a £7m deal.

The group published detailed accounts of its financial performance for the 17 months to December 31, 2021, in its latest annual report.

Revenue swung to £18.5m by the end of last year - up from £1.4m for the 12 months ending July 31, 2020.

During this time, in addition to its purchase of Appledore, the group also took over two steel fabrication sites in Scotland and secured a major contract to build foundations for offshore wind turbines for Italian firm Saipem.

The group said between the middle of 2020 and the end of 2021 its workforce had grown from 105 people to 410.

It added that it had £20m in future contracted revenue. More recently, outside of the reported period, Harland and Wolff has struck two deals - worth £8.5m and £10m - with waste management company Cory Group and its subsidiary Riverside Energy Park to build barges for transporting waste on the River Thames.

More from BusinessLive on the group which secured a £55m contract to refit a former Royal Navy mine-hunting vessel HMS Quorn. 

Published in Shipyards
Jehan Ashmore

About The Author

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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Shipyards

Afloat will be focusing on news and developments of shipyards with newbuilds taking shape on either slipways and building halls.

The common practice of shipbuilding using modular construction, requires several yards make specific block sections that are towed to a single designated yard and joined together to complete the ship before been launched or floated out.

In addition, outfitting quays is where internal work on electrical and passenger facilities is installed (or upgraded if the ship is already in service). This work may involve newbuilds towed to another specialist yard, before the newbuild is completed as a new ship or of the same class, designed from the shipyard 'in-house' or from a naval architect consultancy. Shipyards also carry out repair and maintenance, overhaul, refit, survey, and conversion, for example, the addition or removal of cabins within a superstructure. All this requires ships to enter graving /dry-docks or floating drydocks, to enable access to the entire vessel out of the water.

Asides from shipbuilding, marine engineering projects such as offshore installations take place and others have diversified in the construction of offshore renewable projects, from wind-turbines and related tower structures. When ships are decommissioned and need to be disposed of, some yards have recycling facilities to segregate materials, though other vessels are run ashore, i.e. 'beached' and broken up there on site. The scrapped metal can be sold and made into other items.

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