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Hot Tuna International

  • BY: Andrew Hore |
  • POSTED: 29/12/2008 |

Surf wear brand owner Hot Tuna (International) has written down the value of its brand by £2.6m.

Intangible assets are now worth £2.65m with an additional £207,000 of goodwill.

The write down has pushed the loss for the year to June 2008 to £5.77m. Revenues jumped from £619,000 to £1.13m and this helped to reduce the underlying operating loss from £3.7m to £3.18m. Net debt was £220,000 at the end of June 2008. There is an undrawn credit facility of £2.95m.

Cost cutting should help to improve the performance this year. Staff numbers have been reduced from 47 to 16.

Hot Tuna wants to re-establish the brand as “a genuine heritage surf-lifestyle brand”. Debenhams intends to sell Hot Tuna products in more stores.

The shares fell 0.18p to 0.95p each, which values Hot Tuna at £1.72m. 

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