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Harland & Wolff braced for tough year ahead after profits slump

By John Mulgrew

Published 28/05/2016

Harland & Wolff
Harland & Wolff

Harland & Wolff is facing a tough year ahead having failed to secure a "sufficient workload" as the latest accounts shows a big drop in profits for 2015.

The firm generated operating profit of £1m for the year ending December 2015, according to the latest accounts for Harland & Wolff Heavy Industries Ltd.

That was down from £8.6m a year earlier, however, turnover rose to £66.7m from £55.2m.

It says the directors consider the "results for the year are reflective of the difficult market conditions".

The company said it worked on a total of 21 vessels during the last year.

That included a host of big contracts, such as the continual work on oil rigs, such as the Byford Dolphin.

A company spokesman said: "Harland & Wolff Heavy Industries Ltd is pleased to have posted a profit given that market conditions were and remain tough due to the extremely low oil prices and consequent reduction in market activity."

It's also reduced the size of its workforce, from 193 to 170 staff.

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