GYG PLC Refit Contract Signed
10 December 2020 - 6:00PM
RNS Non-Regulatory
TIDMGYG
GYG PLC
10 December 2020
10 December 2020
GYG plc
("GYG" or the "Group")
Refit Contract Signed
GYG (AIM: GYG), the market leading superyacht painting, supply
and maintenance company, is pleased to announce the signing of a
Refit contract for a 100+ metre yacht.
The work is scheduled to commence in Europe in 2022, further
improving the forward visibility of the Order Book, which remains
at record levels, including eight New Build projects for delivery
in the next two years. This is another significant turnkey project
for the Group, utilising the Refit services including bespoke
scaffolding, containment, hardware removal, caulking and complete
repainting. It follows the recently announced signing of a 115+
metre yacht in Germany which is due to complete in H121.
This contract highlights our increasing average order value as a
result of our market leading position in the premium 70m+ yacht
market, as well as the turnkey range of global services we are able
deploy at scale on vessels which are increasingly complex in
nature.
Remy Millott, CEO of GYG, commented:
"I am pleased to have ended this calendar year with another
substantial Refit contract in Europe. Despite the wider challenges
faced internationally throughout 2020, the superyacht industry
remains robust and resilient and our sales team, headed up by our
Group Commercial Director, Rupert Savage, has worked hard to
deliver numerous Refit and New Build contracts. Not only does this
repeat business demonstrate our client's satisfaction for the level
of service we provide, including the efficient deployment of our
unique turnkey solution, but also by signing contracts for work
commencing in 2022 it highlights their confidence in the outlook
for the industry and market. The advanced bookings strengthen our
Order Book and provides further stability and visibility over
forward revenues for the years ahead."
For further information:
GYG plc via FTI Consulting
Remy Millott, Chief Executive Tel: +44 (0) 20 3727 1000
Officer
Kevin McNair, Chief Financial
Officer
N+1 Singer Tel: +44 (0) 20 7496 3054
Tom Salvesen
Peter Steel, Sebastian Burke
FTI Consulting Tel: +44 (0) 20 3727 1000
Alex Beagley
Fiona Walker
Rafaella de Freitas
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.
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