GYG continues to win market share, with the outlook for 2022 and beyond encouraging

GYG plc (LON:GYG), the market leading superyacht painting, supply and maintenance company, has provided a trading update for the current financial year.

As a direct result of the significant operational and financial disruption caused by Nobiksrug, GYG will now deliver a financial outturn for 2021 much lower than the Board’s previous expectations. Importantly, the Board is confident that the Group will remain profitable at the EBITDA level in the current year. The Board also reiterates that, after further thorough review, it is confident that the Group can meet its working capital requirements and repay its borrowings as they fall due providing that the Nobiskrug situation is resolved before 31 December 2021, which the Board fully expects. On this basis, the Board does not believe that the Company will need to seek additional funding from shareholders in the foreseeable future to maintain operations or to meet its obligations.

As previously reported, the Nobiskrug shipyard administration and ongoing contractual discussions remain unresolved. Progress is being made and management is confident of reaching a resolution, however, it is now clear that work is unlikely to restart on these projects in the current financial year. Whilst the projects remain in the Group’s Order Book, it is now prudent to assume that the full revenues will be recognised in 2022.

Looking forward, the Group continues to win market share, as evidenced by the forward Order Book for both New Build and Refit projects, which is increasingly positive. The Superyacht market continues to grow strongly post COVID, especially with regard to global contracted New Build volumes, and GYG remains well positioned to take advantage of these trends over the medium term. Despite a disappointing year, the wider business continues to perform well with positive opportunities in both the Refit and New Build market. Consequently, the outlook for 2022 and beyond is encouraging.

The Board will provide shareholders with an update on the Nobiskrug situation as and when appropriate.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
GYG plc

More articles like this

GYG plc

The Superyacht Refit Report

The Superyacht Refit Report arrives in timely fashion, with refit yards in both the North and South of Europe reporting a full house for the season. This issue is a must-read for stakeholders looking for real,

GYG plc

Reducing its environmental footprint

Paint and application remain one of the most fraught elements of any superyacht build and yet, to a certain extent, it also remains one of the most archaic and wasteful. With the adoption of new technologies

GYG plc

Expert insight into the rise of the East Med superyacht scene

In recent years, the landscape of superyacht ownership and chartering has witnessed a radical revolution. We heard from Christina Economou, Business Development Director at Trident Trust Cyprus, on how various factors – both new and old

GYG plc

Superyacht Forum Live Tour: Monaco Yacht Show

Episode One of The Superyacht Forum Live Tour is out now! Starting in Monaco The Superyacht Forum Live Tour will travel all over the world, visiting different locations, sectors, businesses and individuals to engage in interesting

GYG plc

Pinmar Yacht Supply introduces first premium retail partner

Pinmar Yacht Supply, the international superyacht supply company, is delighted to announce the launch of its first Premium Retail Partner in collaboration with Yachting Spirit, based in the new Yachting Village at La Ciotat Shipyard. A

GYG plc

The official Monaco Yacht Show 2021 promotional trailer

In partnership with the Monaco Yacht Show, Superyachts.com brings you the official MYS 2021 promotional trailer. Produced and edited in-house by Superyachts.com, we highlight all of the myriad activities and experiences visitors to the docks of

GYG plc

Everything you need to know about chartering a superyacht

What’s the traditional duration for chartering a superyacht? One to two weeks is the most common length of time. However, any length is possible, so it really depends on what you’re looking for. Brokers scour the market

GYG plc

What should the superyacht industry look like in 2030?

The Superyacht Forum Live returns with a bang to the RAI Amsterdam from 15-17 November with a new mission statement – Superyacht 2030. In line with the UN’s Sustainable Development Goals and the requirements of the

GYG plc

Join Pinmar at the Monaco Yacht Show 2021

The Pinmar team will be returning to the Monaco Yacht Show this year, once again based at the Yacht Club de Monaco hosting meetings at the Pinmar Lounge & office and lunches every day at the

GYG plc

How to work on a yacht like Below Deck

TV series Below Deck follows the lives of crew members as they work on board a superyacht.  The show offers a glimpse into the often secretive world of yachting and has brought the idea of having

GYG plc

Superyacht sales are booming

It looks like things are going great in the yachting industry, particularly when it comes to superyachts. No worries there, because sales are skyrocketing, and owners from the U.S. are at the top of the list.

GYG plc

Superyachts on display at the Monaco Yacht Show 2021

The Monaco Yacht Show 2021 has just announced the complete list of superyachts that will be on display at this year’s show, which will take place from the 22nd through 25th of September. SuperYacht Times rounded