Sealegs Amphibious Marine Craft
- 2013 Half Year Result
- Sealegs unveils new generation SLG-100 amphibious technology
- Annual General Meeting 2013
- 2013 Notice of Annual Meeting
- 2013 Director Nominations
In the press
2013 Half Year Result
25 November 2013
Sealegs Corporation Limited (NZX:SLG) announces that sales for the half year ending 30th September 2013 were $8.382m, up 10% on the same period last year of $7.614m. The sales result reflects an increase in the number of Sealegs amphibious craft sold as well as growth in the license income from the sale of Sealegs technology to third party boatbuilders.
Of particular interest was the increased sales of Sealegs craft into South East Asia where the Company is opening up new markets.
In spite of increased sales, pricing pressure in overseas markets resulted in reduced gross margin and a reduced net income at ($0.604) million versus ($0.134) million in same period last year. Manufacturing costs and overheads were in line with expectations. The international launch of the new, larger, higher value Sealegs craft however helped maintain the average unit sales price.
The Company is also pleased to announce a significant increase in license income for the period ending 30 September 2013. This growth in the license income is pleasing. The collaboration with other boatbuilders in New Zealand has been valuable and confirms the merit of collaborating with other boatbuilders to increase the market, both awareness and demand, for Sealegs amphibious technology.
This is further confirmed by the interest of international boatbuilders who are pressing to acquire rights to use Sealegs amphibious technology. Discussions are well advanced with two foreign boatbuilders currently. The wider penetration of Sealegs technology will contribute substantial additional and higher margin earnings stream in future years.
The recent launch of SLG-100 amphibious technology, designed to be installed onto significantly larger craft, adds a new dimension to Sealegs technology and should find application in commercial, professional and government sectors.
The Company is also exploring the possibility of outsourcing the manufacture of an entry level Sealegs Craft to an appropriate jurisdiction to leverage production efficiencies and to enable Sealegs to penetrate untapped markets.
Sealegs is expecting a busy second half of the year as the foreign exposure to their patented Sealegs amphibious technology increases. The Company is entering new territories, developing new technologies and building a broader market through licensing its technology. The Sealegs brand is slowly but surely reaching its full potential.