GYG PLC Full Year Trading Update (6311N)
02 February 2021 - 6:00PM
UK Regulatory
TIDMGYG
RNS Number : 6311N
GYG PLC
02 February 2021
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.
2 February 2021
GYG plc
("GYG", the "Company" or the "Group")
Full Year Trading Update
GYG (AIM: GYG), the market leading superyacht painting, supply
and maintenance company, today provides the following trading
update for the year ended 31 December 2020.
Financial and Operational Overview:
Overall the Group delivered a robust performance and effectively
managed the considerable disruption caused by the pandemic, albeit
some Q4 projects were delayed into Q1 2021 with associated deferral
in revenues. As a result, the Board expects to report revenue of
EUR58.5m with Adjusted EBITDA also marginally below current market
expectations, and additional COVID-related exceptional costs
incurred during Q4. The Group has focused on delivering further
operational improvements and has started the new financial year
well positioned to deliver an improved level of profitable
growth.
This represents a commendable performance which has been
delivered in the most extraordinary trading environment that the
Group has ever experienced, with its operations impacted by
differing lockdown and travel restrictions across Europe and the US
throughout the year. The Board remains confident that the Group's
strategy will continue to deliver efficiencies underpinning further
margin improvement in the current year and beyond.
Record Order Book:
The Total Order Book in January 2021 stands at EUR53.8m which is
21% ahead of the same point in the prior year (January 2020:
EUR44.4m). The Order Book for 2021 is currently EUR40.6m which is a
24% increase when compared to a January 2020 Order Book of
EUR32.8m.
Order Book at: Total Order Book Current Year Forward Order
Book*
January 2019 EUR33.9m EUR25.3m EUR8.6m
----------------- ------------- --------------
January 2020 EUR44.4m EUR32.8m EUR11.6m
----------------- ------------- --------------
January 2021 EUR53.8m EUR40.6m EUR13.2m
----------------- ------------- --------------
* Forward Order Book represents orders scheduled for completion
in 2022 onwards
The Group has experienced a strong start to the year with Q1
revenues expected to be well ahead of Q1 2020. On the back of this
record current year Order Book, the outlook for 2021 remains very
positive at this early stage in the year, albeit future changes in
lockdowns and travel restrictions may affect the full year
performance.
Looking ahead, as previously reported, we have seen a
significant uplift in the volume of New Build contracts won by the
Group, in addition to the expected flow of Refit projects. These
larger, higher value New Build contracts further evidence the
Group's growing market share and will bring a greater degree of
revenue visibility as well as being a driver for further profitable
growth in the medium term.
Remy Millott, CEO of GYG commented:
"I am delighted that the Group has delivered such a commendable
2020 performance in the most extraordinary trading environment that
GYG has ever experienced. The team has worked tirelessly across our
operations, contending with changing restrictions, quarantines and
lockdowns in different jurisdictions. During 2020, we continued to
grow the Order Book and are currently working on a number of
significant turnkey Refit jobs alongside a record six New Build
projects, of which two are using AkzoNobel's new Awlgrip Awlfair SF
spray filler application. We continue to tender for exciting
opportunities both with existing and new shipyards.
"We remain focused on driving further operational efficiencies
and margin improvements across the Group. Despite the challenges we
have faced, the market fundamentals remain strong and our record
Order Book provides better visibility, facilitates efficient
planning and gives us confidence for further market share gains in
the year ahead. I look forward to providing further details at the
Group's final results in April."
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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