StockMarketWire.com - Superyacht maintenance company GYG said it expected to report higher core earnings in the first half of this year, as margin improvements helped offset a fall in revenue. For the six months to 30 June 2020, the company expected to report increased adjusted earnings before interest, taxes, depreciated and amortization of €1.6m, compared with €1.5m on-year. First-half revenue was expected to fall to €29.1m from €33.1m, as most of the associated revenue originally forecast for the first half was delayed into the second half of the year.

Despite lower revenues in H1 compared to 2019 and the 'disruptions encountered in March and April, we have taken the opportunity to continue further restructuring of the group, which has resulted in significantly improved margins,' the company said.

Looking ahead, the company kept its full-year outlook unchanged, citing positive first-half performance.

'Following a positive first half of the year and the activity scheduled for H2 and into 2021, the board remains confident that the group is on track to meet market expectations for the full year, which have remained unchanged since before the disruption caused by the COVID-19 pandemic,' the company said.

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