GYG expects FY results to be 'comfortably ahead' of expectations
GYG
30.00p
17:09 07/09/22
Superyacht maintenance outfit GYG said on Wednesday that its full-year trading performance had improved and as a result, now expects results to be "comfortably ahead" of previous expectations.
FTSE AIM All-Share
755.28
17:14 26/04/24
Industrial Transportation
4,387.46
16:59 26/04/24
GYG said 2019 was "a transformational year" in which "excellent" progress had been made in further strengthening its order book and improving forward visibility.
The AIM-listed group continued to gain market share in the new build sector, with six new builds signed in the year and more recently an 80-metre yacht scheduled to start in the fourth quarter - further reducing the impact of refit seasonality.
GYG did note that the refit market continued to improve, with the new facilities in Barcelona and the US contributing to a record number of projects being signed for.
The group's total order book in January 2020 stood at €44.4m - 31% ahead of the same point in the prior year.
Chief executive Remy Millott said: "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.
"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."
As of 1015 GMT, GYG shares were up 6.45% at 80.90p.