GYG PLC - Mallorca, Spain-based super-yacht painting, service and supply company - Shares fall as it turns to an annual pretax loss in 2021. Pretax loss at EUR7.2 million versus a profit of EUR183,000 in 2020. Revenue rises to EUR62.8 million from EUR58.9 million. Operating costs climb to EUR68.9 million from EUR57.7 million, mainly due to Covid-related costs and the insolvency of its shipyard Nobiskrug in April 2021.
"2021 saw another year of exceptional operating challenges as the world came to understand and adapt to the enormity of the Covid-19 pandemic and, consequently, we experienced industry circumstances beyond our control," the firm explains.
Total order book increases by 3% to EUR55.4 million from EUR53.8 million.
"2021 was the most challenging trading environment the group has experienced as a result of the continued pandemic-related restrictions, ongoing supply chain shortages and the disruption from the administration of the Nobiskrug shipyard, which we are pleased to have now resolved with the new owner," Chief Executive Remy Millott comments.
Throughout 2022, the company aims to reduce operational risks by, among others, launching "an SAP provided enterprise resource planning system integrating all global business areas" and " providing a powerful analytics tool for management," the company says.
Current stock price: 34.90 pence, down 18% on Wednesday
12-month change: down 60%
By Tom Budszus; tombudszus@alliancenews.com
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