13 Apr 2021 07:00
The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Article 7 of Regulation (EU) 596/2014, as it forms part of domestic 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.
13 April 2021
GYG plc
("GYG", the "Company" or the "Group")
Statement re: Nobiskrug Shipyard & delay to Final Results
The Company was made aware late in the afternoon on 12 April 2021 that administrators have been appointed at the Nobiskrug Shipyard in Germany. The Company has three active contracts in the shipyard, with invoices outstanding (all of which relate to 2021) totalling approximately 2.8m Euros (excluding VAT). The Company is in discussions with the various parties involved with a view to agreeing a programme of works and payment schedule for completion of the contracts which both minimises GYG's financial exposure and achieves a satisfactory outcome for the end clients.
As a result, the Company is delaying release of its results for the financial year ended 31 December 2020, previously due to be released on 14 April 2021, and will notify a revised date for release as appropriate. Further announcements will be made in due course.
For further information:
GYG plc Remy Millott, Chief Executive Officer Kevin McNair, Chief Financial Officer
| via FTI Consulting Tel: +44 (0) 20 3727 1000 |
N+1 Singer Tom Salvesen Peter Steel, Sebastian Burke
| Tel: +44 (0) 20 7496 3054 |
FTI Consulting Alex Beagley Fiona Walker Rafaella de Freitas
| Tel: +44 (0) 20 3727 1000
|
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.