GYG: ‘Exceptional trading year’ despite pandemic


Last year was an exceptional year of trading considering the operational challenges presented by the onset of a global pandemic said Remy Millott, chief executive of GYG. Commenting on GYG’s recently published 2020 results, he said: “I am proud of how GYG has responded and adapted to the considerable disruptions.”

Although GYG’s group revenue decreased 7.7% to €58.9m ($72.2m) from €63.8m ($77m) the previous year and coatings (refit and new build) revenue decreased 5.4% to €50.8m ($61.3m), adjusted EBITDA did increase 15.6% to €5.2m ($6.2m).

Exceptional costs of €1.0m ($1.2m) driven mainly by covid-19 meant that operating profit decreased 7.7% to €1.2m ($1.4m). Leaving profit before tax at €0.2m ($0.24m) down €0.8m ($0.96m) in 2019 and a net debt position of €11.8m ($14.2m) at year end.

Millott added: “Despite these unprecedented events, our market position and fundamentals remain strong but also demonstrate how our diversified, global model has created an opportunity to grow our market share and improve our operational model. As a direct result of management’s strategy to drive market share in new build and the ongoing new business development programmes we have been working through since 2019, our order book continued to build throughout the year.”

GYG reported a record level order book at €41.1m ($49.6m) as of March end. Whilst the firm is active on an unprecedented eight new build projects during the year in Northern Europe. One of these is the largest turnkey refit project for a 115m plus yacht in Germany to date.

“I am pleased with the strong start to the year; the record order book and favourable sales mix provides greater visibility enabling us to further improve operational efficiencies and continue to focus on enhancing margins,” said Millott.