StockMarketWire.com - Superyacht painting, supply and maintenance company GYG's revenue increased 19.4% to €33.9m in the si months to the end of June.

Coatings (refit and new build) revenue rose by 23.3% to €28.6m while supply revenue increased by 3.9% to €5.3m.

Adjusted earnings before interest, tax, depreciation and amortisation increased 26.9% to €3.3m.

The group posted an operating loss of €1m due to the €3.2m of exceptional items, mainly related to the IPO (HY16: loss of €0.6m).

Chief executive Remy Millott said: 'We are pleased to report this strong performance in our first set of interim results as a public company where we have delivered double digit revenue growth.

'Our successful IPO was a major milestone for GYG as it provides us with enhanced credibility and profile, aiding our ability to secure the larger new orders while maintaining our title as the market leader in this industry.

'Despite this transition, the team have remained focused on organic revenue growth, expanding shipyard and client relationships for the Coating division and increasing our offering for the Supply division.

'We are integrating our ACA Marine acquisition which is expanding our operations in the South of France and have continued to develop our relationships in the new build market.

'The board remains confident about the future as we enter our busy post-summer season.'




At 9:51am: [LON:GYG] GYG Plc share price was +1p at 136p



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