Gyg PLC targets new-build sector for long-term growth

In September 2017, Gyg PLC (LON:GYG) , the superyacht painting, supply and maintenance group, comprising Pinmar, Rolling Stock, ACA marine (acquired in March 2017), Pinmar Supply and Techno Craft, announced its maiden unaudited interim results for the six months ending 30 June 2017. On 5 July 2017, GYG began trading on AIM, a market operated by London Stock Exchange. Since being floated on the stock exchange, the group has posted a revenue increase of 19.4 per cent to €33.9 million. At the 2017 Monaco Yacht Show, SuperyachtNews spoke exclusively with Remy Millott, CEO of GYG, about the results and the group’s long-term strategy.

The 19.4 per cent revenue increase consisted of a coatings (refit and new build) revenue increase of 23.3 per cent to €28.6 million, and a supply revenue increase of 3.9 per cent to €5.3 million. Adjusted EBITDA increased 26.9 per cent to €3.3 million, with an operating loss of €1 million due to €3.2 million of exceptional items, mainly related to the IPO , and net cash of €4.7 million as of 30 June 2017.

“The AIM market is a platform for fast growing businesses, so we had to demonstrate to the investors that we had an executable growth strategy,” starts Millott. “We had to show what our market share was, where that was in terms of the market and what the opportunity for the group is. At present our global market share is 17 per cent, comprising a 30 per cent share in the refit market and a five per cent share in the global new-build market. Our new build market share is obviously larger if you only take into account the 80m+ superyachts which is where we mainly operate in this sector.”

According to Millott, the central tenet of GYG’s long-term growth strategy is to increase its presence in the new-build market and, with the global fleet continuing to grow in terms of units year on year (at an average of 3.14 per cent annually since 2012, according to The Superyacht Annual Report: New Build), and with the average size in the vessels continuing to increase, Millott believes that GYG is well placed, more so than its competitors, to account for this growth. Millott also believes that, in order to work on the world’s largest projects, by successfully floating on the stock exchange GYG is able to prove its financial security and enhanced credibility to potential new-build suitors within a market that has traditionally been dominated by the large new-build shipyards.

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