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Hot Tuna CEO disappointed with performance in H2
07
Jul '11
Hot Tuna plc, a leading surf wear and fashion brand, would like to provide an update on trading following the financial year end to 30 June 2011.

As has been widely reported in the press, retail conditions in our main markets of the UK and continental Europe, the US and Australia have been challenging with poor consumer confidence which has impacted on our ability to drive sales growth in the second half of the year, exacerbated by the cancellation of a large US order immediately before the year-end which will mean revenue for the year will be below market expectations. However due to tight controls over costs, loss before tax will still be in line with market expectations.

Geoff O'Connell, CEO, commented:

"Whilst we are disappointed with the performance in the second half of the year, we have made good progress in re-focusing the Company with an increased number of distributors now in place and the imminent launch of our online transaction website later this month which we expect will drive an increase in sales for the current financial year.

Furthermore, we are attending Bread & Butter, a key trade show in Berlin, later this week where we will meet a number of major UK and European retailers who have expressed interest in our new collection.

The Company has also secured a significant order in Australia and new orders from the Netherlands, Cook Islands and UAE which will provide a boost to sales for the new financial year.

Hot Tuna plc


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