GYG, the superyacht painting, supply and maintenance company, has provided an operational update in the current COVID-19 environment.
According to GYG, in response to the evolving COVID-19 pandemic, its board has implemented contingency measures to ensure the health and wellbeing of its employees while maintaining services to clients. The Group is constantly monitoring the everchanging situation across its global markets to ensure compliance with both national and local travel and health advisories.
Currently, the Group is maintaining operations, albeit with more stringent health and safety protocols in place, in most of its shipyard locations in Northern Europe and the USA, with a reduced level in Spain and France. To the extent that operations have been suspended in certain shipyards, the Group´s work within those yards will have been delayed rather than lost as it principally relates to projects in process which will need to be completed as soon as operations recommence.
In the meantime, GYG has been able to mitigate much of the commercial impact through the use of government support mechanisms which have recently been put in place. All back-office staff are working remotely, supported by our global IT systems.
"We are extremely proud of all of our staff who have responded to the challenges presented by the crisis with great commitment and professionalism. With the continued dedication of our staff and in consultation with our partners and advisers, we shall continue to respond to the situational changes and strive to maintain business as usual during this challenging period,” explains Remy Millott. “Looking beyond the current situation, we remain confident in maintaining our market leading position and continuing to grow the business."
As outlined in its Full Year Trading Update on 29 January 2020 the board confirmed that it expected the Group’s results for the year ended 31 December 2019 to be marginally ahead of market expectations at that time, and the board has explained that this is still expected to be the case. Notwithstanding this, having considered recent guidance from the FCA and FRC and the advice of its auditors, the Company has decided to delay the publication of its 2019 Final Results until greater clarity is provided by the regulators on the uncertainties created by the COVID-19 pandemic. The Group will provide an update to the reporting schedule as and when appropriate.
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