GYG PLC Full Year Trading Update (6929N)
January 22 2019 - 2:00AM
UK Regulatory
TIDMGYG
RNS Number : 6929N
GYG PLC
22 January 2019
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.
22 January 2019
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 2018.
The Board is pleased to report that the Group's trading
performance in the last two months of the year, since the trading
update announced on 31 October 2018, has improved. As a result, the
Group now expects to report revenue for the year ended 31 December
2018 marginally ahead of current market expectations. Revenue is
expected to be no less than EUR44.7m resulting in an Adjusted
EBITDA* loss of no more than (EUR0.95m).
There is no doubt that 2018 was a disappointing year for GYG and
the wider industry as a whole. However, the Group has made
excellent progress through Q4, winning work from both new and
existing clients. The Total Order Book on 21 January 2019 of
EUR33.9m was 61% ahead of the same point in the prior year (21
January 2018: EUR21.0m). The Order Book for 2019 is currently
EUR25.3m which is a 54% increase when compared to an Order Book for
2018 at the same point in the year of EUR16.4m. The breakdown of
the Order Book is:
Order Book Total 2018 2019 2020+
at:
21 January
2018 EUR21.0m EUR16.4m EUR0m EUR4.6m
----------- ----------- ----------- ----------
21 January
2019 EUR33.9m - EUR25.3m EUR8.6m
----------- ----------- ----------- ----------
The increase in Order Book has greatly improved two year forward
visibility and is in the large part due to the New Build strategy
the Group has been focusing on through 2018 and into 2019. This
strong Order Book position so early in the year is reinforced with
good New Build revenue spread throughout the year to mitigate some
of the annual Refit seasonality. Further details will be provided
on the Order Book in the Group's Final Results for the year ended
31 December 2018, which are due to be released on 4 April 2019.
(*) Adjusted EBITDA is defined as EBITDA before exceptionals and
share based payments.
Remy Millott, CEO of GYG commented:
"I am pleased with the Order Book position at this stage in the
year and the team is busy engaging with clients across the
industry.
"Despite 2018 being a very difficult year for the Group and the
wider market, we have made significant progress internally through
Q4 2018 to improve the business and how we operate. The changes we
have put in place allow us to track operations on a more granular
level and provide greater visibility on revenues, gross margins,
sales and pipeline. The system also ensures management can address
any important issues much earlier than we have been able to in the
past. This will enable the team to spend more time with key clients
while focusing on winning business from both new and existing
customers. I look forward to providing a more detailed update on Q1
when we report our Final Results in April 2019."
For further information:
GYG plc via FTI Consulting
Remy Millott, Chief Executive Tel: +44 (0) 20 3727 1000
Officer
Gloria Fernandez, Chief Financial
Officer
Zeus Capital Limited (NOMAD & Tel: +44 (0) 20 3829 5000
Broker)
John Goold, Dominic King
Dan Bate, Nick Cowles, Ben Burnett
FTI Consulting (Financial PR) Tel: +44 (0) 20 3727 1000
Alex Beagley
Fiona Walker
Laura Saraby
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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END
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