GYG PLC - Mallorca, Spain-based super-yacht painting, service and supply company - Reports it was trading "strongly" and in line with its forecasts during the first quarter of 2022. The positive momentum continued in the second quarter and GYG expects overall revenue growth for the first half to be in line with first-half revenue last year. Expects a robust performance and in line with its forecasts for the second half. Continues to trade in line with market expectations for 2022. Believes consensus market expectations for annual revenue are EUR59 million and EUR5.0 million for adjusted earnings before interest, tax, depreciation, and amortisation. Plans to focus on improving profit levels and margins through "operational and strategic efficiencies."
Proposes delisting from AIM, citing "valuation volatility" and listing costs. Should the delisting be backed, it will consider using a matched bargain facility with a third-party provider to allow shareholders to buy and sell shares after cancellation.
Current stock price: 19.67 pence, down 38% on Tuesday
12-month change: down 73%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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