GYG maintains strong order book amid industry pressures
31st May 2022 11:10
(Sharecast News) - Superyacht supplier and service provider GYG said in an update on Tuesday that trading in the first quarter was "strong", and in line with its forecasts.
The AIM-traded firm, which was holding its annual general meeting, said its attention remained on improving profitability levels and margins through both operational and strategic efficiencies.
It said the restarted turnkey project on the large refit contract in Nobiskrug was progressing well, and was on track for completion in June.
The group said it was continuing to manage a "growing pipeline" in both refit and new build.
GYG said that, while it was making good operational progress, it was closely monitoring external pressures which could potentially impact the group and the wider industry, including the conflict in Ukraine, its subsequent global economic effects and supply chain challenges.
The board said that despite many of the factors remaining outside of its control, GYG had a "clear plan" supported by its core fundamentals to continue to serve clients to the highest standard, delivering superior products and services, and ultimately navigating through the current global challenges.
As a result of the group's strong order book and its commitment to improving efficiencies, the board said it was confident the firm would achieve its core performance objectives for 2022.
"We have made a solid start to the new financial year where the board remains confident that the group's margins will revert to 2020 levels," said chief executive officer Remy Millott.
"Whilst we continue to face external pressures, GYG is well placed to gain market share with its strong brand reputation, exceptional customer service and experienced management team with vast industry expertise.
"The group will continue to build on its record level order book and strong pipeline of potential projects."
At 1003 BST, shares in GYG were flat at 37p.
Reporting by Josh White at Sharecast.com.