Trading Update

05 October 2011

Hot Tuna plc, a leading surf wear and street wear brand, would like to provide an update on trading and announce a new management appointment.

Management appointment

The board has been significantly strengthened by the appointment of Marcus Yeoman as Non-executive Director and the promotion of Oscar Verden to the Plc board as Brand Director. Matthew Kelly has joined the company as Group Financial Controller and Operations Manager. Matthew will make significant contribution to the management team, and allow Geoff O'Connell to focus on important international developments.

UK

The e-commerce website successfully went live on 22nd September www.hot-tuna.com. The company has a PR, marketing & social media campaign now being rolled out, aimed at the 15-25 year old market. The new autumn range will be added to the collection on line this month. Amazon has placed a bulk order for delivery in October which is 30% up on last season.

Europe

The new UK website allows prices to be seen in Euros and offers a delivery service throughout the EU. We have a new distributing partner in Denmark, who has secured some orders for delivery in spring 2012.

Australia/New Zealand

Geoff O'Connell is in the final stages of completing a distribution agreement with a major international trading company which already represents a number of top global clothing brands throughout Australia and New Zealand. Meanwhile our sales to existing customers in the region in the first three months of this financial year are more than double that of the same period last year. We will be launching an e-commerce website to serve the Australia market in November.

USA

Having generated minimal sales in the USA over recent months, we are restructuring our operation in the country. In line with Group strategy worldwide we are negotiating new distributor agreements with potential partners in the USA, and expect to have signed deals in place early in the New Year. We will activate a price conversion to $US on our UK website in December.

Other international markets are being actively pursued with our priority being South East Asia.

Final results for the year ended 30 June 2011 will be announced in December.

 

Enquiries:

Hot Tuna (International) PLC
Geoff O'Connell


Tel: 020 7440 0644
Pelham Bell Pottinger
Lucy Frankland/ Dan de Belder


Tel: 020 7861 3885
Seymour Pierce Limited
Mark Percy / Catherine Leftley


Tel: 020 7107 8000
Allenby Capital Ltd
Nick Naylor / Alex Davies

Tel: 020 3328 5656

 

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