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Amphibious boat builder Sealegs said today it had trimmed its March year loss to $1.05 million from $1.2m after revenue rose 86 percent to $5.35m.
Chief executive David McKee Wright said sales had slightly exceeded forecasts.
"This is the second consecutive year of 86 percent compounding growth in sales and it is a trend we are striving to repeat."
He said the company had had to move premises three times in as many years and that had increased costs.
The operating deficit, after research and development (R&D) expenses are excluded, had been reduced by 54 percent to $49,000 from $1.07m.
R&D expenses relating to future model development has been fully expensed rather than capitalised.
Mr McKee Wright said the new factory, growing order book and strong international demand puts Sealegs in a good position going forward.
"We are planning to continue our aggressive expansion into worldwide markets and to ramp-up production, marketing and internal systems to support that growth.
"This will require further investment as we work towards our goal of building Sealegs into a global company."
It said it had orders for over 50 boats already this financial year, approximately $4m in revenue and was ramping up to a production capacity of approximately 200 boats per annum by next financial year.
Sealegs shares last traded at 92 cents. They have fallen from $2.34 a year ago.
- NZPA
