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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gyg Plc | LSE:GYG | London | Ordinary Share | GB00BZ4FM652 | ORD GBP0.002 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.00 | 25.00 | 45.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
January 22, 2019 02:00 ET (07:00 GMT)
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