Monaco is the world’s second-smallest country, but only literally speaking. Once you get inside its .75 square miles, it is larger than life. A magnet for the 1%, the French Riviera city-state has a worldwide reputation for glamour and affluence.
In fact, one in every 56 people who live in Monaco has a $30 million net worth, and the price of prime property there sells for $9,000 per square foot, according to Wealth-X’s World Ultra Wealth Report. When you couple such wealth with a prime location on the Mediterranean, it is no surprise that Monaco is also an iconic superyacht hub.
GYG PLC (LON: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.
