Sealine posts £3.6m loss for 2008

Sealine posts £3.6m in losses for 2008

By IBI Magazine

UK yacht builder Sealine International has posted an operating loss of £3.6m for the financial year ending December 31, 2008, but reports an increase of 15.6 per cent in turnover.

Operating losses fell from £6.901m in 2007 to £3.560m in 2008. Turnover grew from £42.099m in 2007 to £52.153m in 2008.

Selling, distribution and administrative expenses grew from £8.840m in 2007 to £10.540m in 2008. Restructuring costs totalled £1.812m on the 2008 accounts. The retained loss for 2008 after taxation amounted to £5.17m.

In reaction to the negative effect of the global financial crisis on the demand for pleasure boats, Sealine adopted a restructuring plan in October 2008, consolidating activities onto one site and reducing the workforce from 659 to 362.

The report of Sealine's directors reads: "The scale of the restructuring was exceptional as the company streamlined its overall manufacturing footprint from three sites to its one main facility in Kidderminster."

In its statement Sealine says it will be continuing its policy of receiving payment in full before shipping each boat.

Sealine builds a range of sports cruisers, flybridge cruisers and motoryachts from 8m-18m (25ft-60ft). The company is a wholly owned Brunswick Corporation subsidiary.

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(10 November 2009)