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YCO Group

  • BY: Andrew Hore |
  • POSTED: 28/05/2012 |

Poorly performing superyacht services provider YCO Group wants to leave AIM.

It is not a good time for the business and it fell into loss in 2011. It has been difficult to grow via acquisition because of the weak share price. This announcement knocked 4.25p off the share price. At 3p a share, YCO is valued at £1.45m.

YCO expects to save money by leaving Aim.

Shareholders will vote on the Aim cancellation at the company’s AGM on 25 June. Some of the major shareholders have been consulted. The plan is to get JP Jenkins to match bargains in the shares.

In 2011, revenues grew from £11.7m to £16.6m while an underlying profit of £405,000 was turned into a £50,000 loss. That figure does not include the £4.06m goodwill write-off relating to past acquisitions. Net cash was £2.46m at the end of 2011. There was a £1.5m cash inflow from operations plus additional cash from the disposal of the fuel business.

Volumes in the European superyachts market have been lower in the second quarter thereby hitting margins as brokerage commissions are discounted.

The yacht fleet managed by YCO is growing. A number of new build yacht contracts will contribute to figures in 2012 and 2013.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2012_32.pdf

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