SYDNEY: UnderCoverWear has promised a “return to basics” approach to business following a net loss after tax for the financial year to June 30, 2010.
The lingerie party planning company posted a net loss after tax of $5.8 million, compared to $2.3 million in the previous corresponding period.
It reported that this result contains a goodwill impairment of $6.3 million. It includes one off costs relating to the retirement of its former chief executive officer and also replacement of key roles within the organisation.
Total revenue was $23.7 million, down from $24.9 million n the 2008/2009 period.
To improve performance, the company has highlighted three areas in which it will focus its operations. These include halting the decline of consultants leaving the business, restructuring the management team and continuing to revitalise its product offer.
A new chief executive officer, Simon Pervan was appointed on March 31 this year. He was previously the group’s national sales and marketing manager.