MELBOURNE: Beyond Sportswear International has reported an improvement in financial results for the year to June 30, 2010.
It announced earnings before interest and tax of $0.9 million, compared to a loss of $1.2 million in the previous financial year.
The company reported a net profit after tax of $0.58 million, compared to a net loss after tax of $0.57 million last financial year.
It said these results also include $630,000 of non-recurring event costs and write-downs, of which $518,000 has already been booked into the company’s first half results for the current financial year.
The business reported that it has made significant progress in the reduction of debt during the period, reducing its debt with the National Australia Bank by $1.9 million since May 2009. It said it has been advised by the bank that further accelerated debt reduction is required and it is reviewing the options available to accommodate this.
Beyond Sportswear International manufactures and distributes sporting apparel for the school and team sports markets in Australia and the UK. Key labels are Kea and Kombat, as well as specialised product for sporting and public events.