2021 Final Results

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.

Financial Highlights

  • Group revenue increased 6.7% to €62.8m (FY20: €58.9m)
    • Coatings (Refit and New Build) revenue increased 4.3% to €52.9m (FY20: €50.8m)
    • Supply revenue increased 21.6% to €9.9m (FY20: €8.1m)
  • Adjusted EBITDA1 decreased to €0.5m (FY20: €5.2m)
  • Exceptional costs of €3.1m driven mainly by COVID-19 and the Nobiskrug insolvency2
  • Operating loss of €6.1m (FY20: operating profit of €1.2m)
  • Loss before tax of €7.2m (FY20: profit before tax of €0.2m)
  • Net debt position3 of €18.7m at 31 December 2021 (FY20: €11.7m)
  • Cash of €0.4m at 31 December 2021 (€3.6m at 31 December 2020)

Operational Highlights

  • Resilient revenue performance in 2021, effectively managing the considerable disruption caused by the ongoing impact of the pandemic, the Nobiskrug shipyard insolvency and industry supply chain challenges which all impacted margins and profitability
  • Record level of New Build work with revenues of €13.8m, increasing GYG’s market share in sector after directly engaging with Northern Europe yards
  • Significant uptake of shipyards outside of Spain taking advantage of innovative turnkey packages

(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.

Order Book

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
January 2019 €33.9m €8.6m €25.3m
January 2020 €44.4m €11.6m €32.8m
January 2021 €53.8m €13.2m €40.6m
February 2022 €55.4m €18.5m €36.9m

* Forward Order Book represents orders scheduled for completion in 2023 onwards, excluding the Supply division

Current Trading & Outlook

  • Record level Order Book of €55.4m at February 2022, up 3% year-on-year (January 2021: €53.8m)
  • Further grown market share and despite challenges, strengthened goodwill across existing and new client base
  • Agreement reached with the new owners of the Nobiskrug shipyard resulted in new contracts signed and payment received for historical work
  • Works restarted on the large Refit contract in Nobiskrug with the turnkey project now scheduled for completion in H1 2022
  • Strong pipeline of potential projects in aggregate €200m potential
  • Current trading in 2022 is satisfactory and in line with Group forecasts, with margins expected to improve following the execution of operational efficiency measures

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
Tom Salvesen
Peter Steele, Amanda Gray
FTI Consulting (Financial PR) Tel: +44 (0) 20 3727 1000
Alex Beagley gyg@fticonsulting.com
Fiona Walker
Rafaella de Freitas