(Alliance News) - Spanish super-yacht maintenance firm GYG PLC said Wednesday it expects profit for 2019 to be ahead of current market expectations following a strong first half.
In May, GYG - also known as Global Yachting Group - said due to improvement in the general refit market since the beginning of 2019, and further progress in its New Build Strategy, it has seen a "positive uplift in trading".
The company is now saying that same "positive momentum" has carried through the second quarter, which ended June 30, and will result in profit coming in ahead of forecasts.
In 2018, GYG swung to a pretax loss of EUR4.6 million compared to the EUR524,000 profit reported a year earlier, as revenue dropped by 28% to EUR45.0 million.
"I am pleased the momentum we experienced in the first quarter continued through the second quarter and that the group performed well across all business units. We are looking forward to a busy Monaco Yacht Show in September and continued market performance through the remainder of 2019," said Chief Executive Remy Millott.
GYG also said Chief Finance Officer Gloria Fernandez will not be returning from her maternity leave. Fernandez was with GYG for seven years, including the company's IPO in 2017.
Interim CFO Kevin McNair, who has been in place during the maternity leave, will continue in the role for the "foreseeable future".
Shares in GYG were up 4.8% in London on Wednesday at 55.00 pence each.
