GYG, the painting, supply and maintenance company, has today provided the following trading update for the year ending 31 December 2019. The reports that, due to a continued improvement in the general refit market during the first four months of this year, as well as further progress in its new build strategy, the Group has seen a positive uplift in trading.
Given the strong start to the year, GYG’s board expects that the outcome for the full year will be ahead of current market expectations, explaining that “The Group has continued to strength its operational and is well positioned to respond to any further market improvement,”
“I am delighted that the Group has been able to take advantage of the improving market conditions, which has enabled us to start the year very positively,” comments Remy Millott, CEO of GYG. “We have built a strong order book across both refit and new build and we look forward to the future with growing confidence.”
"I am delighted that the Group has been able to take advantage of the improving market conditions..."
The Group has agreed on three 70m+ northern European new build contracts since the turn of the year. In total, GYG now has six new build contracts ranging between 71 and 182m. Developing a greater share of the new build market has been a major focus for GYG in recent years as the group looks to soften the seasonality of the refit market.
“Floating on the stock exchange has given us far greater impact with regards to our growth strategy, especially where the new build market is concerned,” continues Millott. “The structure of the company, our accountability and transparency has given us instant credibility when it comes to developing new business. Additionally, it has allowed us to develop long-term stability.”
The Group’s position has been further strengthened by the signing of a commercial agreement with MB92, the highly-regarded refit group that has recently been awarded operation of one of the largest dedicated superyacht dry docks in Europe and, with two major partner superyacht facilities in the US nearing completion, GYG is set to bolster its position in the States.
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