GYG PLC Full Year Trading Update and Notice of Results (2208B)
29 January 2020 - 6:00PM
UK Regulatory
TIDMGYG
RNS Number : 2208B
GYG PLC
29 January 2020
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.
29 January 2020
GYG plc
("GYG", the "Company" or the "Group")
Full Year Trading Update and Notice of Results
GYG (AIM: GYG), the market leading superyacht painting, supply
and maintenance company, today provides the following trading
update for the year ended 31 December 2019.
The Board is pleased to report that the Group's trading
performance has improved and as a result, now expects its results
for the year ended 31 December 2019 to be comfortably ahead of the
board's previous expectations.
2019 was a transformational year for the Group in which
excellent progress has been made in further strengthening the Order
Book and improving forward visibility. The Group has continued to
gain market share in the New Build sector, with 6 New Builds signed
in the year and more recently an 80m yacht scheduled to start in Q4
2020, further reducing the impact of the Refit seasonality. The
Refit market continues to improve, with the new facilities in
Barcelona and Savannah in the US, contributing to a record number
of projects signed.
The Total Order Book in January 2020 stands at EUR44.4m which is
31% ahead of the same point in the prior year (January 2019:
EUR33.9m). The Order Book for 2020 is currently EUR32.8m which is a
30% increase when compared to an Order Book for 2019 at the same
point in the year of EUR25.3m.
Order Book at: Total Order Book Current Year Current Year
+1
January 2017 EUR23.1m EUR21.1m EUR1.9m
----------------- ------------- -------------
January 2018 EUR21.0m EUR16.4m EUR0
----------------- ------------- -------------
January 2019 EUR33.9m EUR25.3m EUR8.6m
----------------- ------------- -------------
January 2020 EUR44.4m EUR32.8m EUR11.6m
----------------- ------------- -------------
Further details will be provided on the Order Book in the
Group's Final Results for the year ended 31 December 2019, which
will be released on 6 April 2020.
Remy Millott, CEO of GYG commented:
"2019 was a transformational year for the Group and I am
delighted that we have such a strong, record Order Book going into
2020, providing more visibility than ever before. Aside from being
busy winning contracts, we have also made significant changes in
all areas of the organisation, improving our operational
efficiencies. The team is fully focused on further enhancing
margins and the quality of earnings for the year ahead. I believe
we are in a strong position to continue our growth in this segment
as the market leader and I look forward to fully updating
shareholders at the Group's Final Results in April 2020."
For further information:
GYG plc via FTI Consulting
Remy Millott, Chief Executive Tel: +44 (0) 20 3727 1000
Officer
Kevin McNair, Chief Financial
Officer
Zeus Capital Limited (NOMAD & Tel: +44 (0) 20 3829 5000
Broker)
John Goold, Dominic King
Dan Bate, Nick Cowles, Ben Burnett
FTI Consulting (Financial PR) Tel: +44 (0) 20 3727 1000
Alex Beagley
Fiona Walker
Sam Macpherson
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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