Hot Tuna’s fortunes have turned up.
The surf wear brand has almost grown the sales of its spring/summer season products from $593,000 to $2.18m this year. Europe and Australia have grown fastest.
A new management team has restructured the business over the past six months. Monthly overheads have been cut from $616,000 to $505,000 by January 2008. Management wants to halve that figure by June and it believes that it is on its way to doing that.
There is still much more to do in terms of relaunching the brand.
The shares jumped 0.25p to 1.625p, valuing the company at £2.49m. The shares are still nearly 90% below their level one year ago.
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