StockMarketWire.com - GYG swung back into profit, with pre-tax profit coming in at €0.1m from a loss of €1.7m.

Revenue increased 31.2% to €33.1m due to positive momentum in both New Build and Refit, as announced in the company's interim results for the period ending 30 June 2019.

Six New Build contracts significantly improved the company's total order book to €38.6m which also mitigated the impact of seasonality in the Refit sector.

GYG said that it continues to maintain a strong relationship with the main superyacht paint manufacturers with an increased sales focus on securing new yacht and trade accounts.

Remy Millott, chief executive of GYG, commented:

'GYG has had a strong first half of 2019 and I am pleased that this momentum has continued into H2.'

'Our focus on gaining market share in the New Build sector is delivering solid results as evidenced by our New Build contract wins and the significant increase in the average value of contracts we are tendering for.'

'This, and the normalisation of conditions in the Refit market, has resulted in the Group's strongest ever forward Order Book at the half year and we look forward to the second half with confidence'.




At 9:38am: [LON:GYG] GYG Plc share price was -8p at 41.5p



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