How yacht firm is making waves

SUPERYACHT servicer GYG made a splash on the London Stock Exchange on its first trading day.

GYG, which paints and supplies equipment to 25 of the world’s 50 largest luxury yachts, saw shares rise as much at 19pc yesterday.

They fell slightly in afternoon trading, but were still up 12.5pc when markets closed.

More than 46m GYG shares listed on London’s junior market at 8am for 100p each, giving GYG a market value of £46.4m.

The company raised £6.9m from the float.

Based in Spain, with operations in Europe and the US, the firm estimates its total possible client base to be worth around £254.4m, rising to £345m by 2020. Last year, the company generated revenues of £47.9m and earnings of £5.9m.