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YCO Group restructures for a brighter future
YCO Group plc is a collection of specialist companies providing key services to the superyacht community, from conception and new build to operations, supplies and brokerage. The future looks promising for this young company, as recent restructuring efforts bring new opportunities and a share price increase of 107%.
Through its subsidiaries: YCO, Yacht Help Group (YHG), YCO Crew and Yacht Fuel Services (YFS), YCO Group offers a diverse range of services to superyacht owners, captains and crew.
Having announced in a pre-close trading statement that they should break even for the financial period to 31st December 2009, YCO Group’s restructuring efforts, including implementing cost efficiencies and improved cross-selling services, look to be paying off, with share prices rising from 8.0p to 15.5p and a number of new superyacht management contracts on the horizon.
Throughout 2009 and early 2010, YCO Group made significant changes to the company structure, appointing their new CEO Charlie Birkett in October 2009, and restructuring to create a smaller, more involved Board of Directors, which has achieved a dramatic annual reduction in corporate overheads.
The Group structure has also been improved to enhance cross-selling between subsidiaries, and their yacht brokerage team has benefitted from an expanded operation in the Chelsea office and the appointment of Yves Damette as Director of Yacht Management at the beginning of 2010.
YCO Group’s subsidiary, Yacht Help Group (YHG), opened a new office last spring in Antibes to provide a full range of yacht support services, and introduced an International Operations Director to synchronise operations of individual entities in France, Spain and Gibraltar. The new Antibes office is now the YHG headquarters and has operated profitably within its first year.
YCO Group CEO, Charlie Birkett commented: “YCO Group is already seeing the benefits of the restructuring after a busy start to 2010. Even in a quiet market we could see the results of our efforts.
“We expect the coming months to remain challenging but we are convinced the steps we have taken to reduce our operating costs and increase efficiency will put us in a perfect position to benefit from future improvements in the market.”
YCO Group Services:
YCO
The principal arm of the YCO Group and specialises in the management, sale, charter and project management of superyachts.
YCO Crew
Specialises in professional yacht crew search and placement.
Yacht Help Group (YHG)
Offers services including provisioning, berthing, crew travel bookings, VAT and temporary importation advice, and general yacht concierge services.
Yacht Fuel Services (YFS)
Provides high grade marine and aviation fuel and lubricants to superyachts and their auxiliary craft (including aircraft) worldwide. The company also offers fuel consultancy and planning services.
"YCO Group is already seeing the benefits of the restructuring after a busy start to 2010. Even in a quiet market we could see the results of our efforts. We expect the coming months to remain challenging but we are convinced the steps we have taken to reduce our operating costs and increase efficiency will put us in a perfect position to benefit from future improvements in the market."