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Superyacht maintenance and supply company GYG said it remained confident in meeting market expectations despite swinging to a loss as virus-led delays hurt revenue in the first half of the year.
For the six months ended 30 June 2020, the pre-tax loss was €0.5 million, compared with a profit of €0.1m, as revenue decreased 12% to €29.1 million.
'No contracts were lost during the pandemic, but some ongoing projects suffered delays as a result of the restrictions imposed and some new build contracts started later than originally anticipate, GYG said.
The order book increased €11.1 million, up 26% since 30 June 2020, with 24% increase in current year, the company said.
The coatings division would be active on eight new build projects in 2021, driving increasing new build revenue in the second half and into 2021, it added.
The company said it was 'confident that this positive momentum will continue through H2 and into 2021 as the industry prepares and hopes for a more normalised cruising season in 2021.'
At 8:19am: (LON:GYG) GYG Plc share price was 0p at 73.5p