Sealegs Corp, which makes amphibious boats, halved its annual loss after boosting sales by more than a third and embarking on a restructuring programme that slashed its marketing bill.
The Auckland-based company made a loss of $1.9 million in the 12 months ended March 31, from a loss of $3.6 million a year earlier.
Sealegs boosted revenue 38 per cent to $13.8 million, while stripping $1.4 million from its annual marketing spend to $1.1 million.
Sealegs is working with a South Korean shipbuilding company to develop bigger vessels capable of carrying a heavier load, and has attracted "considerable interest" from boat builders in many global markets, it said.
"Our efforts to focus on growth and efficiency are starting to pay off," chief executive David Glen said.