Sealegs Corporation has reported a full-year profit after it extended its product range and significantly reduced overhead costs.
The amphibious boat maker made a profit of $204,000 for the year to March compared with a loss of $1.8 million a year ago.
Operating earnings were also back in the black, with the company making $735,000 for the period compared with a deficit of $1.3 million in the last financial year.
Sales were up nearly 18.6% to $16.4 million.
Sealegs says while the number of boats it sold for the year was down slightly compared with the previous year, the average unit price increased by 17% to $149,000.
It says this reflects the introduction of new models over the year which has extended its product range at the top end of the market.
And at the same time, customers buying the top-end models are buying high-spec boats with a lot of accessories, which adds considerably to the margins in the sale of the boat.
Chief executive, David Glen, says this year the company entered into arrangements with other boat builders where it is moving to install its technology kits on the boats.
Sealegs says the improved trading performance also reflects better gross margins and a significant reduction in overhead costs following a restructure of the business.
