GYG PLC Statement re:Nobiskrug Shipyard & delay to Results (2209V)
13 April 2021 - 8:00AM
UK Regulatory
TIDMGYG
RNS Number : 2209V
GYG PLC
13 April 2021
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
Article 7 of Regulation (EU) 596/2014, as it forms part of domestic
law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the
public domain.
13 April 2021
GYG plc
("GYG", the "Company" or the "Group")
Statement re: Nobiskrug Shipyard & delay to Final
Results
The Company was made aware late in the afternoon on 12 April
2021 that administrators have been appointed at the Nobiskrug
Shipyard in Germany. The Company has three active contracts in the
shipyard, with invoices outstanding (all of which relate to 2021)
totalling approximately 2.8m Euros (excluding VAT). The Company is
in discussions with the various parties involved with a view to
agreeing a programme of works and payment schedule for completion
of the contracts which both minimises GYG's financial exposure and
achieves a satisfactory outcome for the end clients.
As a result, the Company is delaying release of its results for
the financial year ended 31 December 2020, previously due to be
released on 14 April 2021, and will notify a revised date for
release as appropriate. Further announcements will be made in due
course.
For further information:
GYG plc via FTI Consulting
Remy Millott, Chief Executive Tel: +44 (0) 20 3727 1000
Officer
Kevin McNair, Chief Financial
Officer
N+1 Singer Tel: +44 (0) 20 7496 3054
Tom Salvesen
Peter Steel, Sebastian Burke
FTI Consulting Tel: +44 (0) 20 3727 1000
Alex Beagley
Fiona Walker
Rafaella de Freitas
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, Pinmar Yacht Supply, and
Technocraft. 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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