Harland & Wolff Group Holdings PLC (AIM:HARL) shares have been suspended after the Belfast dockyard owner failed to publish its results on time.
The company was required to publish its 2023 results by 30 June but, as it had revealed previously, these had been delayed by talks with its auditors about revenue recognition in some of its multi-year contracts.
"The assessment of the split in revenues between current year's revenues and deferred revenues has caused a delay to the audit process and hence delays to the publication of the 2023 annual report," it said in a statement on Monday, after missing the deadline.
An agreement has now been made with auditors on how to treat revenues in the financial statements, so the company said the audit should not be completed quickly and published next week.
Revenues for last year have, under the new arrangement, been totted up to £86.91 million, more than three times higher than the £27.75 million from 2022, with the company "on track" for £200 million in 2024.
Operating losses were also more than halved to £24.71 million from £58.51 million, with total losses of £43.08 million down from £70.80 million.
Key contract wins in the period included a £750 million subcontract for the Ministry of Defence's support ships programme for the Royal Navy, won in February 2023, for which orders for several major machinery items were ordered during the year, as well as construction work to expand the Belfast fabrication halls by 5,000 square metres.