Company Snapshot: Harland and Wolff Group plc
Steadying their course
The Harland and Wolff Group (H&W) is a diverse engineering business with a number of special capabilities related to marine engineering and design, ship repair, and including off-shore wind-farm fabrication. The group is a wholly owned subsidiary of the Norway-based Fred Olsen Energy Group.
In 2011, H&W traded profitably. This followed a loss in 2010 when trading conditions were described as 'externally challenging.' In contrast to 2010 when the directors reported that the results were unsatisfactory, the recent report on 2011 described the results as satisfactory.
Turnover dropped sharply to £6.3m in 2010 compared to over £21m in 2009. In 2011, turnover of £24.6m was higher than any other recent year.
During 2011 the group provided services to 56 vessels. Also during 2011, the group was engaged on restoration work on the SS Nomadic.
Work for the offshore renewable energy market included logistics and assembly activities for Vattenfall on the Ormonde Offshore Windfarm. In addition, a contract from Siemens for the design and manufacture of two offshore substation platforms is due for completion this month.
The increase in turnover in 2011 helped to generate an operating profit of £2.3m.