Globe International reported a 9.5% decrease in sales for the fiscal first half to A$98.3 million ($73.9 mm) from A$108.6 million ($79.7 mm) during last year's first half. The company saw EBITDA for the first half decrease 83.1% to A$1.2 million ($0.9 mm) from A$6.9 million ($5.1 mm) last year. Net profit after tax fell to a loss of A$740,000 ($0.6 mm) from a gain of A$2.8 million ($2.0 mm) during the same period last year.
Sales were down in all regions with North America leading the drop at A$27.9 million ($21.0 mm) for the half, a 23.5% decrease from A$36.5 million ($26.8 mm) during the same half last year. Sales in Europe were down 2.2% to A$10.1 million ($7.6 mm) from A$10.3 million last year, while sales in the companys home region of Australia and New Zealand decreased 2.3% to A$60.3 million ($45.4 mm) from A$61.7 million ($45.3 mm) during last years first half. Regional EBITDA followed sales on the downward path, with North America and Europe both posting losses at A$1.6 million ($1.2 mm) and A$0.4 million ($0.3 mm) respectively, while Australia and New Zealand saw EBITDA slide 20.2% to A$3.2 million ($2.4 mm) in the first half.
Management said that the previously announced strategic review that is being conducted by the Sage Group is “progressing,” but that it is still to early to speculate as to the outcome.
