31 Mar 2022 07:00
31 March 2022
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under retained EU law version of the Market Abuse Regulations (EU No. 596/2014) (the "UK MAR"), which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
GYG plc
("GYG", the "Company" or the "Group")
Nobiskrug New Builds update and Group Geopolitical Exposure
GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, is pleased to announce that terms have been agreed on both of the Nobiskrug New Build projects that were suspended in 2021. One of these projects will re-commence at the Nobiskrug shipyard (under new ownership), and the second will be completed in another Northern European Shipyard representing a new opportunity for the Group. The works are scheduled to recommence on both projects in Q2 2022.
Geopolitical Exposure
Current industry estimates place the wider Russian superyacht ownership at 7-10% of the global market and the Directors believe the Group's current exposure is in line with these figures. To counter any possible disruption, the team are focused on leveraging GYG global capabilities with operations across the Mediterranean, Northern Europe and the USA and have built a solid pipeline of prospective work, spanning over 185 projects amounting to approximately €200 million potential revenue.
As announced on 2 March 2022 at the Group's Full Year Trading Update, the Total Order Book as of February 2022 stood at €55.4m and remains stable at this level today.
The Group will announce its Final Results for the year ended 31 December 2021 on Wednesday 27 April 2022.
Remy Millott, CEO of GYG commented:
"No international industry is immune from current geopolitical events. GYG is a global business with a diversified international client base and as a result of our leading industry position and premium brands, we are continuing to take market share and build a strong pipeline of opportunities in the short and medium term. Trading in Q1 remains in line with our forecasts and I would like to thank the entire team for their dedication to deliver a superior service across our Pinmar and Technocraft brands and their continued pursuit to convert our robust international pipeline to the Order Book."
For further information:
GYG plc Remy Millott, Chief Executive Officer Kevin McNair, Chief Financial Officer
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via FTI Consulting
Tel: +44 (0) 20 3727 1000 |
Singer Capital Markets Tom Salvesen Peter Steel, Amanda Gray
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Tel: +44 (0) 20 7496 3000 |
FTI Consulting Alex Beagley Fiona Walker Rafaella de Freitas
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Tel: +44 (0) 20 3727 1000
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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 and containment work;
· New Build: fairing and painting of new vessels as part of the build process; and
· Supply: selling and delivery of maintenance materials, consumables, spare parts and equipment primarily to trade customers.