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GYG PLC (LON:GYG) has reported its first FY results since listing in July 2017. At €20.4m, the order book has reached a record level, building visibility for the group. FY17 revenue growth of 14.7% reflected a solid contribution from all business areas, while the acquisition of ACA Marine enhances the portfolio. Overall, GYG now has the financial strength to take on larger contracts, build on its market share and deliver earnings growth.
FY17 results demonstrate strength
The reported order book of €20.4m (FY16 €17.9m) was a record high and €14.3m is scheduled for delivery in FY18. Reported revenue of €62.6m (FY16 €54.6m) reflects growth of 14.7% with contribution from all divisions. Coatings (Refit & New Build) revenue grew by 16.7% with Supply revenue up 4.2%. In Q317, Refit was affected by hurricane season on cruising patterns; however, contracts were deferred and not cancelled. The group introduced a FY17 dividend of 3.2p and the policy will be progressive. The company’s 86% customer retention rate and preferred supplier status with leading refit shipyards remains compelling.
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