2010 Half Year Result
19 November 2010
Sealegs Corporation Limited (NZX:SLG) has today announced that sales for the half year ending 30th September 2010 were $4.002m, down 7% on the same period last year of $4.322m. The loss for the period was $941k, compared to a loss of $784k in the same period last year.
As at 30 September 2010, the company had invoiced 29 boats and had more than 20 boats on order representing approximately $2m of forward revenue.
Sealegs CEO David McKee Wright said "the result was not altogether unexpected given the disruption caused by the move to a new factory and persisting global economic conditions”.
He went on to say that “2010 was a year where the focus had been on building capacity, implementing new systems and developing new products. The partnership with Avenport Investment Corporation has resulted in the company moving towards a more focused strategy and long term vision”.
Mr McKee Wright said many achievements had been made during the six months ending 30 September 2010 and that these included the appointment of key people in USA and France. The partnership with the All Blacks is a strategy to add credibility to the brand and positively influence overseas sales.
Whilst the company expects to see some profitable trading months in the coming six month period, the significant investment into people, systems and product development will most likely result in a trading loss for the 12 months ending 31 March 2011.
