Preliminary Results for the year ended 30 June 2008
29 December 2008
Hot Tuna (International) PLC (AIM:HTT), a leading surf wear and fashion brand, announces its Preliminary Results for the year ended 30 June 2008.
Highlights
- Revenue increased 81.8% to £1,125,493 (FY 2007 - £619,131)
- Loss from operations £5,269,751, (including £2.6m impairment of brand) (FY 2007 - loss £5,333,160)
- 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
- Significant cost cutting undertaken in year
- Improvements to overall design and clear focus to re-establish Hot Tuna as a genuine heritage surf-lifestyle brand
- Key retail partnerships established in Australia, UK, continental Europe and US
- Orders secured including increase in Debenhams stores to 45, German catalogue and on-line retailer Sportscheck, Amazon, Littlewoods and Patricia Fields in the US
Commenting on the results, Niels Juul, CEO, said "2008 was a difficult and challenging year for Hot Tuna but we have now completely overhauled all aspects of the apparel "machine" and streamlined the Company's sourcing program and logistics, while focusing on shifting our distribution strategy from independent retailers to a greater focus on department-stores and major on-line retailers.
We have also made great improvements to the overall design, giving the collections a more fashion forward feel. As in its original form back in 1969, Hot Tuna represents a surf-lifestyle, but has its roots solidly placed in edgy, contemporary and slightly counter-cultural fashion.
This hard work has been recognised by our customers and we have been very pleased with the response from them to our new collection with a strong order book for the Spring Summer collection providing us great confidence and hope for 2009".
For further information, please contact:
| Hot Tuna (International) PLC | |
| Niels Juul - CEO | Tel: +12138919409 |
| Pelham PR | |
| Kate Catchpole | Tel: 07803033431 |
| Seymour Pierce Limited | |
| Mark Percy | Tel: 07774802590 |