29th Jan 2020 12:58
(Alliance News) - Super-yacht painting and maintenance company GYG PLC on Wednesday said it expects 2019 results to be "comfortably" ahead of previous forecasts.
The stock was trading 5.6% higher at 80.25 pence each at midday Wednesday in London.
GYG said its order book as of this month stands at EUR44.4 million, up 31% from EUR33.9 million at the same time a year ago.
GYG said it has continued to gain market share in the new-build yacht sector with six new build contracts signed in 2019, and a contract for an 80-metre yacht signed recently and scheduled to start in the fourth quarter of 2020.
The retrofit market also continues to improve, GYG said, with new facilities in Barcelona, Spain and Savannah, Georgia contributing to "a record number of projects signed".
"2019 was a transformational year, and I am delighted that we have such a strong, record order book going into 2020, providing more visibility than ever before," said GYG Chief Executive Remy Millott.
"Aside from being busy winning contracts, we have also made significant changes in all areas of the organisation, improving our operational efficiencies. We are fully focused on further enhancing margins and the quality of earnings for the year ahead. I believe we are in a strong position to continue our growth in this segment."
Full results for 2019 will be published on April 6.
By Ife Taiwo; [email protected]
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