‘Increasingly exciting times’ at Harland & Wolff with Belfast set to become one of the world's 'most modern shipyards'

John Wood was speaking after revenues at the Belfast-headquartered firm, which is one of Northern Ireland's most recognisable businesses, increased by 65 per cent to £25.53m for the six months ended 30 June 2023, up from from £15.41m the prior period.

The maritime engineering firm reported a surge in interim revenues - although investment in headcount in preparation for delivery of major contracts led to EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) losses widening.

Preparations for the delivery of the Royal Fleet Auxiliary’s Fleet Solid Support (FSS) contract and other deals meant the business made an EBITDA loss of £15.92m in its unaudited interim results compared to £12.71m losses the previous year.

The multi-year FSS Manufacture Subcontract executed with Navantia in February 2023 is expected to generate total revenues of between £700m and £800m for the company.

Mr Wood said: "These are increasingly exciting times at Harland and Wolff - not just from a broad company perspective - but for each of our yards, the communities that they serve and of course, our workforce.

"The award this year of the FSS contract provides a substantial baseload over the next five years and will result in a transformation at Belfast which will become one the most modern shipyards from both a national and global perspective. Its facilities - as well as the group's skill base - are already attracting global clients especially with large and complex vessels dry docking in the Belfast Dock, demonstrated by both orders won and those in the pipeline.

"The opportunities within the energy and renewables markets are also substantial and will benefit all of the group's yards with their strategic locations and their ability to flex and scale production. The group's workforce has scaled rapidly and now totals some 780 employees and the group is proud to be putting British shipbuilding back on the map."

Looking ahead, he added: "We have our foot hard on the pedal and are intent on delivering the goals we have laid out. It is full steam ahead at Harland and Wolff."