Sealine: £3.6m operating loss
Sealine: £3.6m operating loss
FINANCIALS: Sealine International’ s figures for the financial year ending December 31 2008 show an operating loss of £ 3.6m on a 15.6% turnover increase.
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.
Sealine adopted a restructuring plan in October 2008, consolidating activities onto one site and reducing the workforce from 659 to 362. the directors’ report says 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.
The company says it will continue to insist on payment in full before shipping each boat.
Images for this article - click to enlarge
Unless otherwise stated, all images copyright © Mercator Media 2012. This does not exclude the owner's assertion of copyright over the material.
