- GYG, the superyacht painting, supply and maintenance company, said operating profit fell to €1.4m from €1.9m weighed by costs related to its IPO.

Adjusted earnings (EBITDA) increased 7.6% to €7.2m from €6.7m, while group revenue jumped 14.7% to €62.6m from €54.6m amid strong performance from the firm's coating division.

'The coating division had a strong performance, delivering 16.7% revenue growth and further establishing GYG's credentials in the new build market with promising results,' the firm said.

The continued growth of worldwide billionaires buying larger yachts and increasing the global superyacht fleet is expected to underpinned GYG's efforts to increase its coating market share.

The underlying business was strong as the order book swelled to a record of €20.4m, up from €17.9m in FY16, of which €14.3m is planned to be delivered in 2018.

The firm's pipeline of potential new business was €376m as at 31 December 2017, up from €267m in FY16.

The board recommended a total dividend of 3.2p per ordinary share, reflecting the six-month period from IPO to the year end.

'We have had an encouraging start to 2018, with a busy first quarter in refit, and good progress to the forward Order Book, having signed some major new build projects which will come on-stream later this year and during 2019 and 2020. I am particularly excited that our first major project has started at the newly refurbished Savannah Yacht Center in the US. This is an important milestone for GYG and this will further accelerate the growth of our US operations,' said Remy Millott, CEO of GYG.

At 10:23am: [LON:GYG] GYG Plc share price was +12.5p at 118p

Story provided by