Sealegs set to post record earnings

Amphibious boat manufacturer Sealegs says it expects to announce record earnings for the year to March 31 this month.

The company has previously reported record revenues but it reported bottom-line losses in both its last annual and interim statements.

When asked if it was signalling a profit this year chief executive David McKee Wright said the reference to record earnings was to "financial results".

Shares in Sealegs closed up 3c at 91c yesterday.

Sealegs said yesterday that it had increased its production capacity via an expansion into a neighbouring site in Albany. It had previously signalled the move.

The production line in the new facility is three times the size of its previous site. The new site increases its annual production capacity by 400 per cent.

McKee Wright said Sealegs would now be able to enter new overseas markets with confidence.

"We have taken orders for around 50 boats already this calendar year and with the previous capacity to build only 50 boats a year we were not keeping up with worldwide demand."

This is the company's third move since it started production in 2004.

- NZPA