GYG revenue up 14.7% in 2017
Global Yachting Group (GYG) saw group revenue increase 14.7% to €62.6m in FY2017, with coating (refit and new build) revenue up 16.7% to €53.7m and supply revenue up 4.2% to €8.9m.
Confirming its audited results for the year ended 31 December 2017, the superyacht painting, supply and maintenance company, which acquired ACA Marine last year, recorded an adjusted EBITDA increase of 7.6% to €7.2m and operating profit of €1.4m, which includes €3.9m of exceptional items, mainly related to its AIM IPO, completed in July.
Remy Millott, CEO of GYG, commented: “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.”
Major refit project
Speaking of GYG’s first significant refit project on a 70m Dutch-built superyacht at the Savannah Yacht Center in Georgia, USA, Mr Millott said: “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.”
Mr Millott said GYG expects to capitalise on continuing growth in the yachts sector and its coating market share is expected to increase through an organic growth strategy.
In 2017, GYG had a record order book of €20.4m, of which €14.3m is planned to be delivered in FY18.
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