*VIDEO* Harland & Wolff: looking back over a transformational year

14:25, 24th November 2022
Vox Markets
Vox Markets
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2022 has been a transformational year for  () which has seen three years of investment in its facilities result in a steady stream of contract wins across its four dockyards and five key business sectors. Chief executive John Wood talks Vox through the company’s strategy, the details behind the recent success as part of the Team Resolute consortium to build three fleet support vessels for the Royal Navy, and the opportunities that lie ahead both in the UK and overseas.

Timestamps

0:30 How three years of investment in its facilities has resulted in success as part of the Team Resolute consortium to become preferred bidder on a £1.6bn contract to provide three support vessels to the Royal Navy

3:49 Plans for investment in its facilities, including extensions to fabrication halls at Belfast, and the rollout of robotics, automation, and digital capabilities to improve cost competitiveness

5:50 Opportunities in the defence sector, and tailwinds for the sector including increases in global naval spending and the UK’s levelling up ambitions

8:55 Activities in the renewable and energy space as a result of increasing concerns over energy security, including progress on the Islandmagee gas storage project, and opportunities in floating wind and nuclear through international collaborations

14:13 The outlook for the cruise ship market as the holiday market recovers, and how Harland & Wolff is set to capitalise

15:03 How recent contract success affects financial guidance and the timescale for shareholder returns, and the possibility of future capacity expansion and vertical integration

17:23 The importance of reinforcing the management team, and investment in workforce recruitment and retention

Key RNS highlights:

11 April: Contract win from P&O Cruises and Cunard for dry docking two cruise vessels in Harland & Wolff (Belfast)

1 June: £8.5m contract win from Cory Group for Harland & Wolff (Belfast)

1 June: Acquisition of the Former HMS Atherstone

13 July: First Defence Sector Award for c£55m - M55 Regeneration Programme

19 July: £9.6 million additional contract win from Cory Group

23 August: Largest Export Contract Award to Date for Harland & Wolff (Arnish)

7 November: Update re. Islandmagee Judicial Review

17 November: £1.6bn leet Solid Support Preferred Bidder Status Award (Belfast)

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Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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