- Superyacht maintenance company GYG said Wednesday it expected full-year profits significantly below market expectations as it struggled to convert its pipeline amid continued turbulence in the refit market.

For the year ending 31 Dec., the company said it expected to report revenue and profit significantly below current market expectations, with revenue expected to come in at about €44.0m, resulting in an earnings (EBITDA) loss of approximately €1.2m.

'The board anticipated significant pipeline conversion in the remainder of 2018, however, this has not materialised as expected,' the company said.

The company blamed continued turbulence in the refit market for the revenue deterioration, citing delays to a number of planned for second half; more planning to execute certain projects owing to increased work scopes; and maintenance to its shipyard facility, which had decreased utilisation.

The company said it would enter 2019 with a strong order book.

The pipeline for the group currently stood at €309.0m and a 2019 relevant pipeline of potential projects of €178.0m, including €34.5m made up of prospects which were in advanced contractual discussions and negotiations, the company said.

At 9:02am: [LON:GYG] GYG Plc share price was -23p at 43p

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