Sealegs Increases Production Run Rate
25 August 2009
Sealegs International (NZX: SLG) says that after feeling the effects of the global recession and cutting back over the last nine months it is now experiencing an increase in customer interest and the company has received record new orders in the last six weeks.
Recreational customers have ordered eighteen Sealegs amphibious boats in the six weeks in what is historically a quieter time for orders. Sealegs CEO Mr McKee Wright says that orders from New Zealand and Australia have been particularly strong.
"It definitely feels like the economic tide has changed and we are now moving our forward planning to a cautiously optimistic weighting. We are having to increase monthly production rates and are hiring new staff to increase capacity" said Mr McKee Wright.
The eighteen new recreational orders are in addition to four boats recently ordered by the Mumbai Police and the eight boats just ordered by the Malaysian Fire Department. This brings the total number of Sealegs boats currently on order to 46 which represents over $5m. in forward revenue.
International expansion is also continuing with the recent appointment of a distributor in Greece and two new Australian state dealers.
