Preliminary Results for the period ended 30 June 2007

12 October 2007

Hot Tuna (International) PLC (AIM:HTT), a lifestyle apparel brand with authentic surf heritage, announces its Preliminary Results for the year ended 30 June 2007. 

Highlights

• Revenue increased 68.2% to £619,131 (FY 2006: £367,992)
• Loss from operations £3,703,805 (FY 2006: loss £2,051,476)
• Cash expenditure during the period reflects the Group’s commitment to investing in strong management to drive the Group to the next phase of its strategy
• Appointment of Niels Juul as CEO in June 2007, who has implemented a strategic review to restructure the business, focusing on driving sales growth
• Sourcerite International Inc. appointed as Hot Tuna’s Middle Eastern distributor, with plans for Sourcerite to open a Hot Tuna store in Dubai in autumn 2008
• Orders secured from Jacks’ Surfboards and Diane Beachwear in the USA, as well as a number of independent retailers in the UK and Australia, including Myer and David Jones

Commenting on the results, Niels Juul, Chief Executive of Hot Tuna (International) PLC, said: “This has been a period of significant change for the Group; since I joined Hot Tuna in June 2007 I have undertaken a strategic review of the Group, and consequently been able to streamline many of the processes within the business, using the funds raised in December 2006. These changes to our processes will start to have a real impact on the business. I will be closely overseeing the design process, and continuing to pursue the opportunities for partnerships, and we look forward to realising the potential in the brand over the coming year.”

 

Download
The full results are available to
download in PDF format

 

For further information:

Hot Tuna (International) PLC
Ranjit Murugason, Executive Chairman	Tel: +44 (0) 20 7372 9378
ranjit_murugason@hottunaplc.com
Seymour Pierce Limited
Mark Percy / Parimal Kumar	Tel: +44 (0) 20 7107 8000
parimalkumar@seymourpierce.com	www.seymourpierce.com

Media Enquiries:

Abchurch
Henry Harrison-Topham / Chris Lane	Tel: +44 (0) 20 7398 7700
chris.lane@abchurch-group.com	www.abchurch-group.com

 

<< Back to press releases