21 May 2019 07:00
21 May 2019
GYG plc
("GYG", the "Company" or the "Group")
Trading update
Trading above expectations
GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, today provides the following trading update for the year ending 31 December 2019.
The Board reports that due to a continued improvement in the general Refit market during the first four months of the year and further progress in its New Build Strategy, the Group has seen a positive uplift in trading. Given this strong start to the year, the Board expects that the outcome for the full year will be ahead of current market expectations. The Group continues to strengthen its operational capability and is well positioned to respond to any further market improvement.
As previously announced, the Company's Annual General Meeting is due to take place on 23 May 2019 at 11.30am at the offices of CMS Cameron McKenna Nabarro Olswang LLP, Cannon Place, 78 Cannon Street, London EC4N 6AF.
Remy Millott, CEO of GYG commented:
"I am delighted that the Group has been able to take advantage of the improving market conditions which has enabled us to start the year very positively. We have built a strong order book across both Refit and New Build and we look forward to the future with growing confidence."
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 Laura Saraby | 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.