(Alliance News) - GYG PLC on Wednesday reported a revenue rise in 2019 and followed it up with an "encouraging" start to the new year.
Revenue in 2019 climbed 42% to EUR63.8 million from EUR45.0 million and yacht painting firm swung to a pretax profit of EUR828,000 from a EUR4.6 million loss.
"2019 was a transformational year for GYG and I am pleased that we ended the year with a record Order Book that provides both consistency and sustainability of earnings. Having signed six New Build contracts in the year and further wins in 2020, there is no doubt that management's focus on the Northern European shipyards has delivered results and helped to offset the seasonality of the Refit market," Chief Executive Remy Millott said.
"The group has had an encouraging first half of 2020 and GYG's outlook is healthy. Our brands are well positioned to exploit further opportunities both in Europe and the USA to deliver sustainable growth and increasing shareholder value. The board looks to the future with confidence."
The company added that projects that were initially suspended due to the Covid-19 pandemic have kicked off again.
Shares in the company closed 0.3% higher at 78.75 pence each in London on Wednesday.
By Eric Cunha; ericcunha@alliancenews.com
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