Superyacht services firm GYG sees ‘record level’ order book as super-rich get set to sail in style

Superyacht services firm GYG reported a "record level" order book on Monday as the super-rich prepare to set sail in style once restrictions allow.

The AIM-listed firm, which specialises in painting and servicing giant 40m+ vessels in the Mediterranean, Northern Europe and the US, saw sales take a hit from the pandemic. Revenues fell 7.7% to €58.9 million in the year to end December, tipping the business from a pre-tax profit of €0.8 million to €0.2 million.

Net debt stood at €11.8m at period end, up from €8.2million a year earlier.

But the Spanish-based company highlighted its €41.1 million order book as of March 31 - up 15% on end March 2020 - and said first quarter revenues were 21% ahead of the same period last year.

Chief executive, Rémy Millott, said that "despite these unprecedented events, our market position and fundamentals remain strong".

Non-executive chairman, Stephen Murphy, hailed the "strong start" to the financial year and said that "a favourable sales mix and continued growth in our forward order book" means the board is "looking to the future with confidence".

It comes weeks after GYG received a £43 million takeover offer from its second-biggest shareholder, London-based Harwood Capital, which said it was considering a 92.5p per share bid.

Harwood already owns 20.5% of company shares, while the company's leading investor is Lombard Odier, which holds 26.2% of of shares. Harwood has until 5pm on May 7 to make a firm bid.

On Monday Murphy said that the board "as of today, Harwood has made no further announcements in relation to this possible offer" and that the board will make a further announcement on the possible offer after engaging with independent shareholders.

He said: "Following publication of these results, it is the board ́s intention to engage with independent shareholders to appraise them further of the current trading and prospects for GYG.

“When we have feedback from independent shareholders in relation to the group's prospects and their attitude towards the unsolicited possible offer, we will make a further announcement."

Shares were up 0.6% to 87.5p on Monday morning