GYG delivers lowers FY revenue guidance following Covid-19 delays

Superyacht company GYG said on Tuesday that it had delivered "a robust performance" in 2020 as it effectively managed the "considerable disruption" caused by the Covid-19 pandemic.

However, GYG also noted some fourth-quarter projects were delayed into 2021, resulting in an associated deferral in revenues, with revised revenue guidance of €58.5m and adjusted underlying earnings now expected to be "marginally below" current expectations.

GYG also stated it was focused on delivering further operational improvements and has started the new financial year "well-positioned" to deliver an improved level of profitable growth.

Chief executive Remy Millott said: "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.

"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."

As of 1005 GMT, GYG shares were down 3.65% at 75.15p.