Shares in shipbuilding business Harland & Wolff are to be suspended after the company failed to publish its annual results on time.
The firm – which has recently launched a new business in Aberdeen - said delays to its results were caused by “ongoing discussions with its auditors regarding revenue recognition relating to the multi-year and complex nature of some of the contracts under which the company is working.”
It said its annual report was set to be published during the week beginning 8th July, more than a week past the deadline according to AIM rules, and that shares would be suspended until that time.
However, the firm has published unaudited accounts which show an operating loss of £24.7million for 2023, despite a huge jump in revenues, from £27.7million in 2022 to £86.9million.
The company says it is battling high finances costs and has been in discussions with UK Export Finance since 2022 for a proposed £200million facility.
That facility was approved, subject to ministerial consents, in December last year, and Harland & Wolff expects a verdict after the General Election.
However, it warned that 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”.
Arun Raman, Group Chief Finance Officer, Harland & Wolff said: "I am highly encouraged by the growth in revenues from FY22 to FY23 as we seek to achieve the critical mass required to get to cash break-even at EBITDA levels.
“Our financing costs are high, exacerbated by the rises in the base rate in FY23 and. it is crucial to close the UKEF facility as soon as possible in order to provide the stable long-term working capital needed for securing large, multi-year contracts. Our engagement with UK Government continues in order to bring this deal to closure."
Harland & Wolff opened a new company in August last year to service the energy sector in Aberdeen.
Harland & Wolff Technologies focuses on fuels of the future, batteries, propulsion and system integration, whilst servicing operational assets in the North Sea.
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