MELBOURNE: Restructuring costs and a dip in sales have taken a bite out of Beyond Sportswear International's (BSI) first half profit result.
Sales revenue for the half year to December 31, 2009 was down 25 per cent on the previous corresponding period, to $11.8 million. Restructuring costs related to BSI's events business amounted to $518,000. Net profit for the first half of 2009/10 was $191,000, down 130 per cent on the first half of 2008/09.
BSI's directors said the $518,000 outlay marked the end of the company's restructuring efforts.
“Operating costs continue to reduce as further synergies are achieved,” the directors said.
Directors were cautiously optimistic about the performance of the schools and clubs sports sector in the coming year, and said BSI had new projects in the pipeline.
“A new product for the market is in the final stages of development and opportunities for acquisitions and other strategic initiatives to increase shareholder value continue to be pursued,” they said.
BSI manufacturers and distributes sporting apparel to community sporting clubs and schools, as well as operating a number of sporting apparel licences and retail stores. Its key brands include Kombat and Kea.