Interim Results for the six months ended 31 December 2006
30 March 2007
Hot Tuna (International) PLC (AIM:HTT), a lifestyle apparel brand with authentic surf heritage, announces its interim results for the six months ended 31 December 2006.
Highlights
- Revenue £183,000 (H1 2005: £109,000)
- Loss from operations increased to £1,562,000 (H1 2005: £552,000)
- Completion of the design, manufacture and production phase for Spring/Summer 2007 range
- Successful completion of the design and sampling phase for the Autumn/Winter 2008 range
- On-going European distribution agreements successfully signed
- Strengthened balance sheet following £4.2 million placing in December 2006
- £2.5 million equity credit line agreed with Cornell Capital Partners in March 2007
- Strengthened board with appointment of Elle Macpherson as Executive Director
Commenting on the results, Ranjit Murugason, Chairman of Hot Tuna (International) PLC , said: “Hot Tuna has been exceptionally busy in the first six months of 2006. We have secured sales for our Spring/Summer 2007 range and we are confident the Group will deliver solid revenues in the second half of the year. We have also designed and are currently sampling our Autumn/Winter 2008 range.
The Group’s financial position has been much improved with a placing to raise £4.2 million completed in December 2006 and this, in conjunction with the equity-based credit facility agreed with Cornell Capital Partners in March 2007, will ensure that the Group has sufficient financial resources to execute its stated strategy.”
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 | |
| Sarah Wharry / 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 |
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