BSI poised for growth spurt

MELBOURNE: Beyond Sportswear International (BSI) has released its annual report, confirming a "significant improvement" in the Group's operating earnings for FY08, while also anticipating strong future growth. Operating EBIT was $2.8 million compared with $1.07 million in FY07, with net profit after tax totalling $3.15 million, compared to $0.260 million in FY07. FY08 results had benefited from increased contributions from the five businesses acquired during the period. These included Kea Australia - acquired July 2007; Kombat Sportswear - acquired November 2007; Kea UK - acquired December 2007; GJK Corporate Wear - acquired June 2008 and Frontrow Rugbywear - acquired June 2008.

A statement from BSI CEO Glen Casey in the report - released yesterday (September 30) - emphasised that with the acquisitions taking place at various times during the year, none of the brands had contributed for a full year.

It was expected the company would experience further significant growth going forward, he said.

"While the results are very pleasing, more importantly we have put in place a strategy to grow the company over the next three years. Directors confirm their previous guidance of 15 per cent growth in operating earnings for the 2009 financial year."