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Superyacht services company GYG said it had an 'encouraging' first half of 2020, after swinging to an annual profit as revenue increased 41%, driven by new business wins for the year.
For the year ended 31 December 2019, the company reported a pre-tax profit of €0.8m, compared with a loss of €4.6m on-year, while revenue increased 41% to €63.8m.
The company won six new contract in the new build sector during the year and generated new build revenue of €11.2m, up from €3.7m last year.
'Having signed six New Build contracts in the year and further wins in 2020, there is no doubt that management's focus on the Northern European shipyards has delivered results and helped to offset the seasonality of the refit market,' the company said.
The company significantly improved its order book to €42.7m as at 30 June 2020 up from €38.6m at 30 June 2019.
Looking ahead, GYG said it had an' encouraging first half of 2020 and GYG's outlook is healthy.'
At 9:30am: (LON:GYG) GYG Plc share price was +4p at 82.5p