By Joe Hoppe
Harland & Wolff Group Holdings PLC said Thursday that it expects to recognize a material portion of 2021 revenue in 2022 due to global supply chain issues.
The U.K. strategic-infrastructure projects company said it experienced delays when carrying out a 26 million-pound ($34.2 million) contract to manufacture eight wind turbine jacket structures for Saipem Ltd., meaning proceeds will be largely delayed until 2022.
The company said it now has sufficient materials to scale up Saipem project, and expects the first phase to be largely completed in the second half.
For the 17 months ended Dec. 31, 2021, the company expects gross revenue to be in the range of GBP18 million-GBP20 million.
The company said the first quarter of 2022 has been busy, with a number of repair works and contracts underway at its sites. It added that it is involved in a number of advanced negotiations for contracts which it expects to succeed in the short-term, and that it is confident in meeting its 2022 guidance.
Shares at 0922 GMT were down 0.63 pence, or 3.3%, at 18.38 pence.
Write to Joe Hoppe at [email protected]
