GYG, the superyacht painting, maintenance and supply company today announces its Interim Results for the six months ended 30 June 2020. Following a positive first half of the year, and positive activity scheduled for the rest of the year (H2) and into 2021, GYG retains a positive outlook for the future with its strongest ever order book.
“I am pleased with the Group’s performance in H1 given the unprecedented circumstances that remain prevalent across the globe. Our teams have worked hard to ensure that we can continue to deliver projects on time and on budget, while working with the additional safety measures that we have put in place. I would like to take this opportunity to thank all of our employees for their continued efforts and resilience in the face of the pandemic,” comments Remy Millott, CEO of GYG.
While GYG has, unsurprisingly, suffered a decrease in revenue of 12 per cent in H1 of 2020 when compared to the previous year, it could be argued that this decrease, given this year’s unique environment, actually goes some way towards proving the resilience of the group, given that a great many other businesses will have suffered far greater losses than 12 per cent.
“As of 22 September, our order book stands at €53.8 and we are 25 per cent up year on year in terms of the order book, which sends a very strong message that, in spite of the various disruptions this year, the billionaire’s club is still very much active and engaged in signing off on both significant new build and refit projects,” continues Millott.
Indeed when the severity the COVID-19 crisis became clear, for a period of time there was widespread concern about project delays, contract cancellations and force majeure clauses. There was the belief that, a la the 2008 financial crisis, superyacht projects would become the first to be distressed. In reality, however, it became apparent that UNWHIs the world over were, arguably, more determined than ever for their projects to reach fruition given the limited freedom of movement that most have experienced in 2020.
“Those owners that had refit plans are still coming in for refits and we have started some huge projects this year, we are also due to have our busiest Q4 on record and we are confident of plugging the financial gap caused by the pandemic in Q1 2021,” explains Millott. “Since the closing of H1, we have signed contracts for a 70m-plus refit project in Palma and a 100m-plus project with MB92 Group. We have also signed a letter of intent for a 100m-plus new build project in Norther Europe.”
While Millott concedes that 2020 has not been without its challenges, he remains buoyant that GYG is on the cusp of its most successful period, which bodes well for general 70m-plus activity.
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