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Revenue has nearly doubled at NZX-listed Sealegs, with the amphibious boat builder expecting to be operationally profitable this year.
Revenue for the year ended March 31 was $9.6 million, compared with $5 million the previous year, with an operating deficit of $278,000, down from $976,000. Chief executive David McKee Wright said it was a good result and the company would be operationally profitable this year.
"The order book grows at a phenomenally good rate and the challenge is growing the business behind it to supply the order book," McKee Wright said.
The company had started the new financial year with pre-sold orders for 102 boats - equivalent to about $10 million of revenue - and planned investments of up to $1.3 million, including the design of new models, improved technology and market initiatives.
Net losses increased to $1.7 million, up from $1.1 million the previous year - attributed to the adoption of international financial reporting standards requiring staff share options to be valued and expensed.
Sealegs delivered 112 boats during the year. "Sales beyond these numbers should provide profits that will vary according to how fast the company develops new markets, new products and sales territories," McKee Wright said.
