- Superyacht painting company GYG swung to a as coating revenues slumped amid a 'very soft' refit market.

For 2018, the company reported an operating loss of €4.3m, compared with an operating profit of €1.4m a year earlier. Group revenue fell 28% to €45.0m as coating revenue slumped to €35.5m from €53.7m a year earlier.

Despite a challenging 2018 due to a very soft Refit market and lower project wins in New Build, GYG reported a record order book as at 31 March 2019 of €38.8m, €28.5m ahead of the same point in the prior year.

Current trading in 2019 was in line with expectations and the Group had agreed terms on three New Build contracts since the 2018 year end in Northern Europe amid expectations for an upturn in Refit business, the company said.

At 9:53am: [LON:GYG] GYG Plc share price was +0.5p at 60.5p

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