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GYG provides full year trading update for 2021

Despite a number of industry-wide challenges, GYG's outlook remains positive…

GYG, the superyacht painting, maintenance and supply company has announced its final trading update for the year ending 31 December 2021. According to GYG, despite many challenges, the Group delivered a robust performance in 2021, despite the continued disruption caused by the pandemic, Nobiskrug filing for insolvency and the supply chain issues that became more prominent in Q4.

“Despite the challenges, the board expects to report 2021 revenue of €62.8m (2020: €58.9m), evidencing the structural growth within the industry and the group’s increased market share. As previously disclosed, the 2021 challenges impacted the group’s profitability and will result in a modest positive Adjusted EBITDA for the year, in line with the guidance provided at the group’s trading update on 9 November 2021,” reads the trading update.

“This represents a commendable performance which has been delivered in the most volatile trading environment that the group has ever experienced. The board is confident that margins will revert towards their 2020 levels in 2022. The board also remains confident of the potential for the group’s strategy to deliver additional market share gains and efficiencies, in turn underpinning the scope for further growth and margin improvement in the medium to longer-term.”

While there are a variety of challenges that the industry at large has had to contend with, GYG ended 2021 with its largest-ever order book, totalling €55.4m, with €36.9m to be completed in 2022 and €18.5m booked for 2023 and onwards.

“2021 was a year of navigating exceptional challenges. Despite this, GYG delivered a strong performance in an extremely challenging environment. Our people have worked tirelessly across our operations, contending with changing travel restrictions, quarantines and lockdowns across all jurisdictions. During the year we persevered, grew market share, continued to grow our Order Book and produced high-quality work, despite the challenges, creating further goodwill across our existing and new client base. We are currently working on a number of significant turnkey Refit projects alongside a number of New Build projects and continue to tender for exciting opportunities both with existing and new shipyards,” comments Remy Millott, CEO of GYG.

“The superyacht industry remains in a strong growth phase, with 2021 superyacht sales increasing 75 per cent, and we anticipate further expansion in our premium market segment. Despite the challenges faced in 2021, the market fundamentals remain strong and our record Order Book provides good visibility, which facilitates efficient planning and gives us confidence in our ability to deliver leading client service. I look forward to providing further details at the Group's final results in April."

As Millott says, 2021 was a year full of challenges, but also a year that has brought with it a great deal of opportunity given the booming sales across new build and brokerage. Strong sales performances in both these sectors will naturally have an impact on the applications market across both the new build and refit sectors.

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GYG provides full year trading update for 2021

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