Harland & Wolff has temporarily suspended trading on London’s AIM market, after it was not able to publish its independently audited accounts on time.

The Belfast-based shipbuilder added in its unaudited preliminary results that it had recorded a £43m loss in its 2023 financial year, compared to a loss of £70.8m in 2022.

The firm, which was bought out of administration in 2019, said the delay in its accounts was due to discussions with its auditors about how to account for revenues from complex, multi-year contracts.

Although it said it expects to publish its accounts next week, the firm added that it is still in need of a £200m Government loan guarantee to help stabilise its finances.

In the year to 31 December 2023, the firm recorded revenues of just over £86.9m, compared to £27.75m in the previous financial year, and added that it had won key contracts with Fleet Solid Support Programme and the SeaRose Midlife Extension for £750m and £61m respectively.

The company said it now has an agreed position on its treatment of revenue from long-term contracts, with majority of revenues from the SeaRose contract expected to be realised by the end of the current financial year.

It added that given the momentum of its order book and its revenues to date, it expects to meet revenues of £200m in the 2024 financial year.

Chief executive officer at Harland & Wolff, Arun Raman, said: "I am highly encouraged by the growth in revenues from FY22 to FY23 as we seek to achieve the critical mass required to get to cash break-even at EBITDA levels.

"Our financing costs are high, exacerbated by the rises in the base rate in FY23 and it is crucial to close the UKEF facility as soon as possible in order to provide the stable long-term working capital needed for securing large, multi-year contracts. Our engagement with UK Government continues in order to bring this deal to closure."

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