The suspension of shares in Titanic shipbuilder Harland & Wolff will roll into a third week, with its accounts still to be filed.
The firm – which has recently launched a new business in Aberdeen - announced on July 1st that it was unable to file its accounts on time due to “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.”
And despite saying its annual report would be published on July 8th, the firm still hasn't lodged its paperwork.
In a brief market update this morning, the firm said: "Further to its announcement on 1 July 2024, the Company continues work to finalise the audit process and publish its 2023 Annual Report and Accounts as soon as possible.
"The audit is now undergoing final audit partner reviews. The company will make an announcement as soon as the audit is complete and the Accounts are published, following which suspension of trading in its shares is expected to be lifted."
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.
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.