Net sales in the U.S. decreased 9.5% to A$41.4 million ($37.1 mm) , but management said in an investors presentation that sales grew 16.1% in U.S. dollars. Meanwhile sales for North America, which includes the U.S. numbers, declined 1.1% to A$60.6 million ($54.4 mm). EBITDA for North America dropped 37.2% to A$5.6 million ($5.0 mm) for the year.
In Australia, sales decreased 5.2% to A$37.8 million ($33.9 mm) as EBITDA turned to a gain of A$1.1 million ($1.1 mm) from a loss of A$691,000 ($543,000) last year. Sales to the EU declined 2.4% to A$23.2 million ($20.8 mm) for the year.
In Australia, sales decreased 5.2% to A$37.8 million ($33.9 mm) as EBITDA turned to a gain of A$1.1 million ($1.1 mm) from a loss of A$691,000 ($543,000) last year. Sales to the EU declined 2.4% to A$23.2 million ($20.8 mm) for the year.
The company said that its underlying performance improved when excluding the one-time items. Net sales increased in constant currency terms by 5.2% year on year.
Significant one-off items totaling A$24.8 million ($22.2 mm) resulted in a net loss after tax of A$24.6 million ($22.1 mm). Following the annual impairment review of intangible assets, the company has written down the carrying value of goodwill by A$20.6 million ($18.5 mm). A further A$2.8 million ($2.5 mm) relates to income tax items and A$1.4 million ($1.3 mm), A$2.0 million ($1.8 mm) before tax, relates to legal expenses associated with the trademark litigation case in the UK, which was reported in the previous half year. Excluding significant items, EBITDA of A$2.8 million ($2.5 mm) represents a A$1.5 million ($1.3 mm) improvement compared to the last financial year, largely due to increased margins. NPAT for the year, pre-significant items, of A$0.2 million ($0.18 mm) is also ahead of last year by A$1.3 million ($1.2 mm).
