31 May 2022 07:00
31 May 2022
GYG plc
("GYG", the "Company" or the "Group")
AGM Trading Update
GYG (AIM: GYG), the market leading global superyacht service and supply group, provides the following update ahead of its Annual General Meeting to be held later today.
Trading in the first quarter of 2022 was strong and in line with Group forecasts. Attention remains on improving profitability levels and margins through both operational and strategic efficiencies. The restarted turnkey project on the large Refit contract in Nobiskrug is progressing well and is on track for completion during June 2022. The Group continues to manage a growing pipeline in both Refit and New Build.
Whilst the Group continues to make good operational progress, we are closely monitoring external pressures which could potentially impact the Group and the wider industry, such as the conflict in Ukraine, its subsequent global economic effects and supply chain challenges. Despite many of these factors remaining outside of the Group's control, GYG has a clear plan supported by its core fundamentals which are in place to continue to serve clients to the highest standard, delivering superior products and services, and ultimately navigating through the current global challenges.
As a result of the Group's strong Order Book and commitment to improving efficiencies, the Board remains confident of achieving the Group´s core performance objectives for 2022.
Remy Millott, CEO of GYG said:
"We have made a solid start to the new financial year where the Board remains confident that the Group's margins will revert to 2020 levels.
"Whilst we continue to face external pressures, GYG is well placed to gain market share with its strong brand reputation, exceptional customer service and experienced management team with vast industry expertise. The Group will continue to build on its record level Order Book and strong pipeline of potential projects."
Ends
For further information, please contact:
GYG plc Remy Millott, Chief Executive Officer Kevin McNair, Chief Financial Officer
| via FTI Consulting Tel: +44 (0) 20 3727 1000 |
Singer Capital Markets Tom Salvesen Peter Steel, Amanda Gray
| Tel: +44 (0) 20 7496 3000 |
FTI Consulting Alex Beagley Fiona Walker Rafaella de Freitas | Tel: +44 (0) 20 3727 1000 gyg@fticonsulting.com |
Notes to Editors:
GYG is the market leading superyacht painting, supply and maintenance company, offering services globally through operations in the Mediterranean, Northern Europe and the United States. The Company's brands include Pinmar, Pinmar Yacht Supply, and Technocraft. GYG's operations can be divided into three key sales channels:
· Refit: repainting and finishing of superyachts, normally as part of a refit programme. Revenues also include scaffolding, containment and the removal and repair of fittings
· New Build: fairing and painting of new vessels as part of the build process
· Supply: the sale and delivery of maintenance materials, consumables, spare parts and equipment primarily to superyachts and trade customers