Gulf starts at Sheikh Adi-2 25/05/2012
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Hot Tuna issues warning
Surfwear and fashion brand Hot Tuna (HTT) has issued a sales warning in which it blames 'poor consumer confidence' for an expected slump in full-year revenues.
The AIM-quoted minnow remarked that retail conditions in both the UK, continental Europe and the US have all been suffering from 'poor consumer confidence' while adding to its woes the company also suffered from the cancellation of a 'large US order' which will lead to full year sales being 'below market expectations'. However due to what it describes as 'tight controls over costs' the full year loss will still be in line with forecasts.
CEO Geoff O'Connell remarked that the company was 'disappointed with the performance in the second half of the year' although he insisted that the 'imminent launch of our online transaction website' could well 'drive an increase in sales for the current financial year.' Overseas he observed Hot Tuna has secured a 'significant order' in Australia and 'new orders' in territories including the UAE, the Netherlands and the Cook Islands (Population of 19,000.)
Prior to the warning analysts at Seymour Pierce were forecasting a loss of £1.1 million (EPS: loss of 0.1p) for the year to June 2011.
As the company with the lowest share price on AIM, investors might be tempted by any speculative potential. Having collapsed from a 2007 peak of 40p the shares have since lost over 99 per cent in value, and are currently trading at 0.085p.
However we think the shares represent a value trap as the surfwear fashion concept has for some years become increasingly out of fashion since the late nineties, while its range of t-shirts and clothing operate in an extremely competitive market and to date have achieved little in terms of generating profits, with Hot Tuna reporting losses every year since 2006. Avoid.
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