GYG warns on profits after weaker first half performance
StockMarketWire.com - Superyacht maintenance group GYG said Thursday it expected full year revenue to be flat and adjusted EBITDA to be 'materially below' management expectations at approximately €5m.
The company blamed the weaker outlook on lower-than-expected project wins in new build and some additional delays in anticipated refit contracts in the first half of year of the year.
For the six months ended 30 June 2018, revenue is expected to come in at about €25.1m and at about breakeven at the adjusted EBITDA level.
'Despite the first half of the year being difficult for the group and the industry as a whole, we remain confident that the superyacht refit market is returning to normal trading patterns,' said Remy Millott, CEO.
The company said it expected an year-end order book of €12.1m, with a pipeline of potential 2018 projects of €146m, including €25m made up of high probability prospects.
At 10:01am: (LON:GYG) GYG Plc share price was -50.5p at 81.5p
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