LONDON (Alliance News) - GYG PLC on Tuesday said it expects to report its 2018 results ahead of market expectations as it said it made excellent progress through the final quarter.
The stock was trading 19% higher on Tuesday at 42.10 pence a share.
The super-yacht painting and maintenance company said it now expects to report revenue for the year to the end of December 2018 marginally ahead of market expectations. It expects revenue to come in no less that EUR44.7 million, resulting in an adjusted loss before interest, taxes, depreciation, and amortization on no more than EUR950,000.
In 2017, GYG generated revenue of EUR62.6 million and delivered positive adjusted Ebitda of EUR7.2 million.
In the six months ended June 2018, Mallorca-headquartered GYG reported a pretax loss of EUR1.7 million on revenue of EUR25.2 million.
"Despite 2018 being a very difficult year for the group and the wider market, we have made significant progress internally through the fourth quarter of 2018 to improve the business and how we operate," said Chief Executive Remy Millott.
More positively, the company said it has made excellent progress through the final quarter of 2018, winning work from both new and existing clients.
The total order book on Monday stood at EUR33.9 million and was 61% ahead of EUR21.0 million reported the same date in 2017. The order book for 2019 is currently EUR25.3 million, GYG said, which represents a 54% increase when compared to an order book for 2018, which was EUR16.4 million.
"I am pleased with the order book position at this stage in the year and the team is busy engaging with clients across the industry," added Millott.
GYG intends to report its 2018 results on April 4.