GYG plc (LON: GYG), the market leading superyacht painting, supply and maintenance company, today provided 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.
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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 plc 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.”