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GYG PLC (GYG)

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Tuesday 21 May, 2019

GYG PLC

Trading Update

RNS Number : 6111Z
GYG PLC
21 May 2019
 

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.

 

 


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