Revenues up for GYG in the first half of 2017
Global Yachting Group (GYG) has released its first interim results since it began trading on the Alternative Investments Market (AIM) earlier this year, and has seen revenues up across the board.
For the first six months ending 30 June 2017, the maintenance company’s revenue increased 19.4% to €33.9 million, coatings and paint revenue was up 23.3% to €28.6 million, and supply revenue was up 3.9% to €5.3 million.
GYG’s adjusted EBITDA increased 26.9% to €3.3m, up from €2.6m seen in 2016’s half-year results.
Remy Millott, chief executive of GYG plc, said: “We are pleased to report this strong performance in our first set of interim results as a public company where we have delivered double digit revenue growth.”
However, GYG also saw a €4.8m jump in operating costs, representing an 18.6% increase over 2016’s half-year results. The company had an operating loss of €1.0m. In a statement, it said this loss was mainly related to its public offering made earlier this year.
GYG began trading on AIM in July, at an initial value of £46.6 million and a share price of 100p. It was floated on AIM by its majority shareholder and equity backer Lonsdale Capital Partners, which cut its interest in the firm from 59% to 19.3%, placing 21.5 million shares in an initial public offering (IPO). The IPO hit its initial target, generating £6.9 million in new equity and admission.
Millot added: “Our successful IPO was a major milestone for GYG as it provides us with enhanced credibility and profile, aiding our ability to secure the larger new orders while maintaining our title as the market leader in this industry.
“Despite this transition, the team have remained focused on organic revenue growth, expanding shipyard and client relationships for the coating division and increasing our offering for the supply division.”
The group has repaid €4.3m of its loan notes on IPO since its public offering.
ACA Marine Acquisition
GYG acquired a majority stake in ACA Marine, a French superyacht and industrial painting firm, in March. It secured the equity to help support its geographic reach and the acquisition of ACA Marine gave it a footing in the South of France market.
Millot said: “We are integrating our ACA Marine acquisition, which is expanding our operations in the South of France, and have continued to develop our relationships in the new build market. The board remains confident about the future as we enter our busy post-summer season.”
GYG now has a record orderbook of refit and new build orders valued at €41.8 million. It is looking to secure €385 million in new orders, of which €90 million is expected to come from ACA Marine.