GYG (AIM: GYG), the market leading global superyacht service and supply group, today announces its audited Final Results for the year ended 31 December 2021.
(1) Adjusted EBITDA is defined as operating profit before depreciation, amortisation, impairment, performance share plan costs and exceptional items. This is an alternative performance measure used by the Directors to assess the operating performance of the Group.
(2) Nobiskrug: the shipyard filed for insolvency in April 2021. In July 2021, the North German shipbuilding company, Flensburger Schiffbau-Gesellschaft, was announced as the new owner of the Nobiskrug yard.
(3) Net debt position is defined as the net cash and cash equivalent balances, less short and long-term borrowings and obligations under leases. This is an alternative performance measure used by investors, financial analysts, rating agencies, creditors and other parties to ascertain a company’s debt position.
The Total Order Book as of February 2022 stands at €55.4m, up 3% year-on-year (January 2021: €53.8m)
|Order Book at:||Total Order Book||Forward Order Book*||Current Year|
* Forward Order Book represents orders scheduled for completion in 2023 onwards, excluding the Supply division
Current Trading & Outlook
Remy Millott, Chief Executive of GYG plc, commented:
“2021 was the most challenging trading environment the Group has experienced as a result of the continued pandemic-related restrictions, ongoing supply chain shortages and the disruption from the administration of the Nobiskrug shipyard, which we are pleased to have now resolved with the new owner. Despite these unprecedented pressures, we are pleased to have delivered top-line growth with our Order Book sitting at a record level of €55.4m alongside a strong pipeline of prospective work, spanning over 185 projects amounting to around €200 million potential revenue.
“This new financial year has started robustly where our attention is firmly centred on improving the Group’s profitability levels and improving margins with action already taken in terms of operational efficiencies and initiatives. GYG is highly regarded across the industry and as we continue to build and grow existing and new relationships with shipyards and suppliers, alongside the organic growth of the superyacht industry, we are well positioned to benefit from arising opportunities and grow our market share. I am grateful for the dedication of our employees who worked efficiently to manage the considerable disruptions cause by the events out of our control and continued to provide exceptional levels of client service throughout the year.”
The full announcement can be viewed here in PDF.
For further information, please contact:
|GYG plc||via FTI Consulting|
|Remy Millott, Chief Executive Officer||Tel: +44 (0) 20 3727 1000|
|Kevin McNair, Chief Financial Officer|
|N+1 Singer||Tel: +44 (0) 20 7496 3054|
|Peter Steele, Amanda Gray|
|FTI Consulting (Financial PR)||Tel: +44 (0) 20 3727 1000|
|Rafaella de Freitas|