GYG Ltd – Trading Update FY 2022

GYG, the world’s leading superyacht painting, supply and maintenance company, today provides the following, unaudited, trading update for the year ended 31 December 2022 and Company forecasts for FY 2023.

€’000 FY 20232 FY 20221 FY 2021
Revenue €60,010 €64,036 €62,820
Gross Margin 27% 18% 15.8%
Adjusted EBITDA €7,0002 €2,026 €500
Adjusted EBITDA Margin 12% 3.2% 0.8%

1 2022 income statement values are currently being audited.
2 FY 2023 are Management Forecasts. Adjusted EBITDA is forecast €7million to €7.3 million.

2022 unaudited annual revenue improved c 2%, with improved margin resulting in a further improvement to the Adjusted EBITDA.

Building upon the stability achieved in 2022, the Groups operating divisions are poised for a strengthened performance in 2023. While anticipating a temporary dip in forecasted revenues to €60 million due to the transition of certain projects from year-end to Q1 2024, the Group’s strategic initiatives are forecast to yield improved margins for FY 2023.

The Company’s operational management enhancements, unwavering focus on cost control since the delisting from the UK AIM market, and prudent capital structure management leading to debt reductions provide a robust foundation for our future stability and growth.

Looking ahead to FY 2024, the confirmed order book exceeds original management forecasts, showcasing a robust pipeline of secured projects. Furthermore, the  forward order book opportunities remains healthy, with significant potential within the European New Build sector. A detailed FY 2024 forecast will be provided in due course.

The Company’s commitment to improving operational and strategic efficiencies remains steadfast, all while ensuring the continued delivery of superior products and services to our valued clients.

Remy Millott, CEO, added “While navigating through recent external challenges, I am delighted by the stability achieved in 2022 and the anticipated robust performance in 2023. Our dedication to sustainable operational efficiencies, coupled with an unwavering commitment to delivering premier quality and service to our clients, positions GYG as the market leader in our sector. With a solid order book and strategic growth opportunities on the horizon, I am confident that we are well-poised to sustain success and deliver impressive results in 2024 and beyond.”

For further information, please contact:

GYG Ltd                                 

Remy Millott, Chief Executive Officer            
Alejandro Sánchez, Chief Financial Officer

JP Jenkins

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