GYG PLC New Build Contract Wins
26 März 2019 - 8:01AM
RNS Non-Regulatory
TIDMGYG
GYG PLC
26 March 2019
26 March 2019
GYG plc
("GYG", the "Company" or the "Group")
New Build Contract Wins
GYG (AIM: GYG), the market leading superyacht painting, supply
and maintenance company, is pleased to announce that it has agreed
terms for three New Build projects in Northern Europe in its Pinmar
division for yachts over 70m+ in length. The first of the projects
is the latest in a series of new builds for an existing shipyard
partner which is scheduled to commence in Q4 2019; the other two
projects mark the start of a new relationship with a major New
Build yard, with the works due to start in 2020.
These significant contract wins are a direct result of
Management's strategic focus in 2018 to develop relationships with
the major New Build shipyards. The establishment of these long-term
supplier relationships provides better visibility of the forward
Order Book and reduces the Group's dependency on the seasonal
cyclicality of the Refit market.
The Board is pleased with the start to 2019 which is in line
with management expectations. The Group is making good progress in
both New Build and Refit for the current year and beyond and will
provide further information on Refit and New Build developments and
the impacts of these on the Order Book in its Final Results for the
year ended 31 December 2018, which are due to be released on 4
April 2019
Remy Millott, CEO of GYG commented:
"I am very pleased to have been awarded these new contracts
which further increase Pinmar's share in the all-important New
Build market. The management team has spent significant time
engaging with shipyards across Europe and I am delighted that this
hard work is delivering results. We will continue to target
Northern European yards as we anticipate further growth from this
segment of the business.
For further information:
GYG plc via FTI Consulting
Remy Millott, Chief Executive Tel: +44 (0) 20 3727 1000
Officer
Gloria Fernandez, Chief Financial
Officer
Zeus Capital Limited (NOMAD & Tel: +44 (0) 20 3829 5000
Broker)
John Goold, Dominic King
Dan Bate, Nick Cowles, Ben Burnett
FTI Consulting (Financial PR) Tel: +44 (0) 20 3727 1000
Alex Beagley
Fiona Walker
Laura Saraby
Notes to Editors:
GYG is the market leading superyacht painting, supply and
maintenance company, offering services globally through operations
in the Mediterranean, Northern Europe and the United States. The
Company's brands include Pinmar, Rolling Stock, Pinmar Supply,
Pinmar USA, Techno Craft and ACA Marine. GYG's operations can be
divided into three key sales channels:
-- Refit: repainting and finishing of superyachts, normally as
part of a refit programme. Revenues also include scaffolding and
containment work;
-- New Build: fairing and painting of new vessels as part of the build process; and
-- Supply: selling and delivery of maintenance materials,
consumables, spare parts and equipment primarily to trade
customers.
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END
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