GYG PLC (LON:GYG) said adjusted underlying earnings (EBITDA) for the year just ended will undershoot current market expectations.

The superyacht painting, supply and maintenance company said revenue for the year to December 31 will come in at €58.5mln, down from €63.8mln in 2019.

The AIM-listed firm also said there were extra Covid-related exceptional costs during the fourth quarter but it has been focusing on delivering further operational improvements, so should achieve better profits this year.

The total order book stood at €53.8mln last month or 21% ahead of the same point in January 2020.

Orders for 2021 currently stand at €40.6mln, a 24% increase on last year, and revenues for the first quarter are expected to be well ahead of 2020.

The Spanish company has seen a significant uplift in the volume of ‘New Build’ contracts, in addition to the expected flow of ‘Refit’ projects.

Shares shed 5% to 73.55p on Tuesday morning.

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