Australian surfwear company Billabong International Ltd posted for the year ended 30 June a net loss of 859.5 million Australian Dollars (576.9 million Euro). Global sales revenue of 1,349 Million AUD was down 13.5% in reported terms for the previous corresponding period. Over the same period of the previous year Billabong earned a profit of 16.1 million AUD. Revenues fell in the first-half quarter by 8% to 699.6 million AUD.

After Billabong, the European trading conditions remain weak and are further impacted by the 7.6 million AUD of start-up losses for SurfStitch Europe.

As of 30 June 2013 net debt stood at 207 Million AUD, up from 161 Million AUD in the PCP, reflecting the payment of deferred consideration on prior period acquisitions, the proceeds from the retail component of the June 2012 capital raising, and the cash flow from trading and significant items for 2013.

Dr. Ian Pollard, chairman, Billabong: “Financial stability is critical to rebuilding Billabong. Liquidity has been secured and we are within weeks of finalising our long term funding arrangements. Our shareholders, our staff and our various business partners can be confident that we have a strong future following the most challenging period in the company’s history.”