GYG reports ‘steady trading growth’ in Q1

Painting, supply and maintenance company GYG has reported steady trading growth in the first quarter (Q1) of 2022, in line with group forecasts. The superyacht service company also said its Nobiskrug refit project is set for completion in June 2022.

Ahead of GYG’s Annual General meeting today (May 31st), Remy Millot, CEO of GYG said in statement that the company’s growth projection was on track to meet shareholders’ expectations. “We have made a solid start to the new financial year where the board remains confident that the group’s margins will revert to 2020 levels,” he said.

The group reports operational progress but warns external pressures, such as the conflict in Ukraine, could have global economic effects and offer supply chain challenges, which may hinder its growth throughout the year. “Whilst we continue to face external pressures, GYG is well placed to gain market share,” said Millot. “The group will continue to build on its record level order book and strong pipeline of potential projects.”

Last month, the refit specialists revealed that its 2022 order book is up 3% from last year. This will drive progress towards achieving the board’s goals for the remainder of the year, it said. In February 2022, GYG said orders to be completed this year would deliver revenues of  €55.4m ($59.2m). Current orders set for completion in 2023, so far, total €18.5m ($19.7m).

“Our order book is sitting at a record level of €55.4m alongside a strong pipeline of prospective work, spanning over 185 projects amounting to around €200 million potential revenue,” said Millot.

GYG increased its revenue growth by 6.7% to €62.8m in the 2021 financial year, up from €58.9m in 2020. Refits and new build revenue were up by 4.3% and supply revenue by 21.6%. Pictured is the Nobiskrug facility.