Lewmar and Navtec parent company reports £2 million loss for 2001

Clyde Marine, the Glasgow-based deck hardware manufacturer whose group comprises Lewmar and rigging manufacturer Navtec, has reported a profit of GBP 0.1 million before tax, interest and goodwill, in its financial figures for 2001. After interest charges, a GBP0.6 million cost of amortising goodwill, and tax, the company reported a loss of GBP 2 million. This compares to profit after tax in 2000 on a comparable basis of GBP 3.3 million.

The loss per share was 27p compared with earnings per share of 44p in 2000. Turnover fell from GBP 59.3 million in 2000 to GBP 50.7 million.

The company’s chairman Rhoddy Swire commented in the report: “Throughout 2001 the leisure marine market in the US was in decline, with some weakness also being felt in the Far East and parts of Europe. At the end of the year, the order books were very low. There has, however, been a surge of orders in early 2002 as boatbuilders have drawn confidence from the many boatshows around the world.

“This change in attitude is particularly marked in the US which was the most adversely affected, but the European based boatbuilders are also more optimistic about the medium term outlook having been predicting, at the end of 2001, a downturn in the market.” He added: “We expect sales in 2002 to be broadly the same as 2001. With a lower cost base than in 2000 and in the absence of further restructuring costs, we expect to return to profitability in the year.”