31 Jul 2019 07:00
31 July 2019
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. 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")
Trading Update and Board Change
Trading above expectations
Trading Update
GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, today provides the following trading update for the six months ended 30 June 2019.
The Group is pleased to announce that the positive momentum that was reported on 21 May 2019 has continued through Q2 and, as a result, the Board expects that profit performance for the full financial year will be ahead of current market expectations. This performance has been driven by continued improvement across the business.
CFO Change
The Board also announces that, after seven years with the Group and successfully leading the finance function through the IPO in 2017, Gloria Fernandez has informed the Board of her intention not to return to the Group after her maternity leave. The Group's Interim CFO, Kevin McNair, who has been in place during Gloria´s maternity leave will continue in the role for the foreseeable future.
Remy Millott, CEO of GYG commented:
"I am pleased that the momentum we experienced in Q1 continued through Q2 and that the Group performed well across all business units. We are looking forward to a busy Monaco Yacht Show in September and continued market performance through the remainder of 2019.
"I would like to take this opportunity, on behalf of the Board, to thank Gloria for her valuable contribution over the last seven years and we wish her the best of luck on the next stage of her journey."
The Group will report its Interim Results for the six months ended 30 June 2019 on 26 September 2019.
For further information:
GYG plc Remy Millott, Chief Executive Officer Kevin McNair, Interim Chief Financial Officer
| via FTI Consulting Tel: +44 (0) 20 3727 1000 |
Zeus Capital Limited (NOMAD & Broker) John Goold, Dominic King Dan Bate, Nick Cowles, Ben Burnett
| Tel: +44 (0) 20 3829 5000 |
FTI Consulting (Financial PR) Alex Beagley Fiona Walker Sam Macpherson | 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, Rolling Stock, Pinmar Supply, Pinmar USA, Techno Craft and ACA Marine. 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.