Good Year for PowaKaddy

Mike Snapes, chairman of PowaKaddy International Ltd, has issued the following statement.

“I am delighted to present the trading results of PowaKaddy International Ltd for the year ended 31st December 2001. Sales for the period rose by 14.2% to a new record high of £10.9m (year 2000 - £9.6m). Operating profit rose by 49.8% to £0.95m (£0.64m) again, a new record. Profit before tax was £1.0m (£0.66m).

“PowaKaddy is a subsidiary of European Golf Brands Ltd, the world’s largest electric golf trolley company and Europe’s largest indigenous golf hardware manufacturer. Sales growth has been assisted significantly by the lightweight, folding Freeway model. Launched just two years ago it is now the biggest selling electric golf trolley worldwide and its benefits and optional features provide golfers with everything they require from a trolley.

“The PowaKaddy Classic has a heritage dating back to 1986 and continues to dominate the market for rental products. The new product to be launched in 2002 will continue this tradition.

“The remotely controlled RoboKaddy was released in autumn 2001 after two years in development. It has aroused interest especially in the United States where it is leading the establishment of the PowaKaddy range which is proving attractive to the increasing numbers of walking golfers.

“During 2001 the brand positioning of PowaKaddy was redefined and a new corporate identity was designed to place the brand alongside other major golf club and ball brands. The new logo and advertising campaign has been received with enthusiasm by retailer customers in the UK and throughout PowaKaddy’s worldwide network of distributors.

“During the early months of 2002 trading has exceeded expectations and the outlook for the rest of the year appears promising.”

Mike Snapes, chairman of PowaKaddy International Ltd, has issued the following statement.

“I am delighted to present the trading results of PowaKaddy International Ltd for the year ended 31st December 2001. Sales for the period rose by 14.2% to a new record high of £10.9m (year 2000 - £9.6m). Operating profit rose by 49.8% to £0.95m (£0.64m) again, a new record. Profit before tax was £1.0m (£0.66m).

“PowaKaddy is a subsidiary of European Golf Brands Ltd, the world’s largest electric golf trolley company and Europe’s largest indigenous golf hardware manufacturer. Sales growth has been assisted significantly by the lightweight, folding Freeway model. Launched just two years ago it is now the biggest selling electric golf trolley worldwide and its benefits and optional features provide golfers with everything they require from a trolley.

“The PowaKaddy Classic has a heritage dating back to 1986 and continues to dominate the market for rental products. The new product to be launched in 2002 will continue this tradition.

“The remotely controlled RoboKaddy was released in autumn 2001 after two years in development. It has aroused interest especially in the United States where it is leading the establishment of the PowaKaddy range which is proving attractive to the increasing numbers of walking golfers.

“During 2001 the brand positioning of PowaKaddy was redefined and a new corporate identity was designed to place the brand alongside other major golf club and ball brands. The new logo and advertising campaign has been received with enthusiasm by retailer customers in the UK and throughout PowaKaddy’s worldwide network of distributors.

“During the early months of 2002 trading has exceeded expectations and the outlook for the rest of the year appears promising.”