Superyacht painting firm predicts rosy year-end results


Superyacht painting firm GYG predicts full-year results will be ahead of market expectations.

The superyacht painting, supply and maintenance firm GYG has predicted rosy year-end results in its latest trading update covering the first half of this year.

“Profit performance for the full financial year will be ahead of current market expectations,” according to the company’s board. It said continued improvement across all areas of the business had helped the firm maintain the positive momentum reported in first-quarter results posted on May 21st.

Remy Millott, CEO of GYG, said: “I am pleased that the momentum we experienced in Q1 was continued through Q2 and that the group performed well across all business units. We are looking forward to a busy Monaco Yacht Show in September and continued market performance through the remainder of 2019.”

An uplift in trading

In the company’s Q1 results posted in May, GYG’s board reported an uplift in trading, which it attributed to continued improvement in the general refit market during the first four months of the year and further progress in the firm’s new-build strategy. “The Group continues to strengthen its operational capability and is well positioned to respond to any further market improvement,” said Millott in May.

Alongside the trading update the firm revealed that chief financial officer (CFO) Gloria Fernandez has decided not to return to the group after her maternity leave. Interim CFO, Kevin McNair, who has been in place during Gloria´s maternity leave, will continue in the role “for the foreseeable future”.

Commenting on Fernandez’s decision Millott said: “I would like to take this opportunity, on behalf of the Board, to thank Gloria for her valuable contribution over the last seven years and we wish her the best of luck on the next stage of her journey.” 

Superyacht refit sector

At the start of this month the company disclosed that Chris Atkinson, director and founder of subsidiary ACA Marine, had left GYG with immediate effect. “Chris’s decision to step back from the Group allows him to pursue his own interests as an independent industry consultant in the superyacht refit sector,” said the company at the time. GYG, which is headquartered in Palma de Mallorca, Spain acquired fairing, painting and finishing specialist ACA Marine in 2017.

ACA Marine trades in France and carries out bespoke projects throughout Europe.

Meanwhile, the group will report its interim results for the six months ended June 30th 2019 on September 26th.