Sealegs Posts Record Half Year Result

Sealegs Posts Record Half Year Result

Auckland 18 November 2004: Sealegs Corporation Limited (NZX:SLG) today announced a record consolidated operating revenue figure for the half year ending 30 September 2004.

The listed marine company reported revenue for the period of NZ$704,000, a substantial increase of 3,605% up on the same period last year of NZ$19,000.

Total operating surplus for the half year totalled NZ$105,000, an improvement of 1,322% on the deficit of NZ$1.284 million for the previous year. Chief Executive Officer, David McKee Wright says he is delighted with the results, “which clearly signal the beginning of Sealegs building an ongoing revenue stream from its amphibious boat sales”.

“The company is now positioned to expand its sales into international markets and continue with the early success it has recently had with launching its production boats into the New Zealand market.” He says, “since April of this year 15 Sealegs amphibious boats have been sold, and 10 delivered”.

Sealegs recently participated in the Big Boys Toys show in Auckland, where Mr McKee Wright says “feedback from the two 5.6m amphibious boats on display was most encouraging”. This followed news that Sealegs appeared on the US television ‘History Channel’, and that Sealegs would attend next month’s Paris International Boat Show, where it would also investigate suitable sites for its planned attempt next year on the fastest crossing of the English Channel by an amphibious vehicle. The current record is held by UK entrepreneur Richard Branson.

ENDS

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