29 Jan 2020 07:00
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
29 January 2020
GYG plc
("GYG", the "Company" or the "Group")
Full Year Trading Update and Notice of Results
GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, today provides the following trading update for the year ended 31 December 2019.
The Board is pleased to report that the Group's trading performance has improved and as a result, now expects its results for the year ended 31 December 2019 to be comfortably ahead of the board's previous expectations.
2019 was a transformational year for the Group in which excellent progress has been made in further strengthening the Order Book and improving forward visibility. The Group has continued to gain market share in the New Build sector, with 6 New Builds signed in the year and more recently an 80m yacht scheduled to start in Q4 2020, further reducing the impact of the Refit seasonality. The Refit market continues to improve, with the new facilities in Barcelona and Savannah in the US, contributing to a record number of projects signed.
The Total Order Book in January 2020 stands at €44.4m which is 31% ahead of the same point in the prior year (January 2019: €33.9m). The Order Book for 2020 is currently €32.8m which is a 30% increase when compared to an Order Book for 2019 at the same point in the year of €25.3m.
Order Book at: | Total Order Book | Current Year | Current Year +1 |
January 2017 | €23.1m | €21.1m | €1.9m |
January 2018 | €21.0m | €16.4m | €0 |
January 2019 | €33.9m | €25.3m | €8.6m |
January 2020 | €44.4m | €32.8m | €11.6m |
Further details will be provided on the Order Book in the Group's Final Results for the year ended 31 December 2019, which will be released on 6 April 2020.
Remy Millott, CEO of GYG commented:
"2019 was a transformational year for the Group and I am delighted that we have such a strong, record Order Book going into 2020, providing more visibility than ever before. Aside from being busy winning contracts, we have also made significant changes in all areas of the organisation, improving our operational efficiencies. The team is fully focused on further enhancing margins and the quality of earnings for the year ahead. I believe we are in a strong position to continue our growth in this segment as the market leader and I look forward to fully updating shareholders at the Group's Final Results in April 2020."
For further information:
GYG plc Remy Millott, Chief Executive Officer Kevin McNair, Chief Financial Officer
| via FTI Consulting Tel: +44 (0) 20 3727 1000 |
Zeus Capital Limited (NOMAD & Broker) John Goold, Dominic King Dan Bate, Nick Cowles, Ben Burnett
| Tel: +44 (0) 20 3829 5000 |
FTI Consulting (Financial PR) Alex Beagley Fiona Walker Sam Macpherson | Tel: +44 (0) 20 3727 1000
|
Notes to Editors:
GYG is the market leading superyacht painting, supply and maintenance company, offering services globally through operations in the Mediterranean, Northern Europe and the United States. The Company's brands include Pinmar, Rolling Stock, Pinmar Supply, Pinmar USA, Techno Craft and ACA Marine. GYG's operations can be divided into three key sales channels:
·; Refit: repainting and finishing of superyachts, normally as part of a refit programme. Revenues also include scaffolding and containment work;
·; New Build: fairing and painting of new vessels as part of the build process; and
·; Supply: selling and delivery of maintenance materials, consumables, spare parts and equipment primarily to trade customers.