Not a follower but I did notice the announcement today. Sounds very good.
Nautilus Wins $10m International Ships Supply Contract
Document date: Thu 30 May 2002 Published: Thu 30 May 2002 14:30:27 Document No: 133337 Document part: A Market Flag: Y Classification: Other NAUTILUS AUSTRALIA LIMITED 2002-05-30 ASX-SIGNAL-G
HOMEX - Adelaide
+++++++++++++++++++++++++ Adelaide-based international ship supplier, the publicly-listed Legend Nautilus Group has won one of the world's largest single marine supply contracts.
The $10 million-a-year contract between the company's wholly-owned Singapore- based subsidiary and the world's largest independent shipping contractor, Bermuda-based Marcas Contracting Association Limited will lift Legend Nautilus' annual turnover by in excess of $10 million or 10% and underpin improved results in 2002-2003, according to Legend Nautilus Chairman, Mr John Mostyn.
Mr Mostyn said the contract with Marcas for the supply of provisions and ships' chandlery would provide significant economies of scale to Legend Nautilus Singapore's operations.
Marcas provides worldwide contracted supply services for owners of some 600 ships and as such is able to deliver high quality, value goods from the very best quality certified suppliers.
"Supply performance under the contract is to commence immediately with the ensuing revenues being additional to existing annual sales," Mr Mostyn said.
"The benefit of this new contract together with the re-focusing of Nautilus sales activity in both Australia and Singapore and tight control of overhead costs should result in improved results in all its ships provisioning divisions and branches."
"This in turn augers well for much improved group results anticipated for financial year 2002/2003 after a previously reported disappointing half year to December 2001."
Mr Mostyn said Nautilus was pursuing new strategic trading directions and compatible partner alliances to make best use of its network stretching from New Zealand through all major Australian ports to Singapore and Malaysia.
He said the new Legend Nautilus Malaysian logistics centre at Port Tanjung Pelepas was trading very strongly and would continue to play a significant part in Nautilus' South East Asian growth strategy.
Legend Nautilus is the market leader in Singapore, Malaysia and Australia.
Mr Mostyn also confirmed that Legend Nautilus' two-year joint venture in Sydney-based Australian Cruise Ship Supplies had been profitable from its inception and continued to make a significant contribution to the Group's results.
Nautilus - established in 1966 - operates provisioning facilities in Adelaide, Melbourne, Port Kembla, Sydney, Newcastle, Brisbane, Gladstone, Mackay, Townsville, Cairns, Dili, Singapore and Malaysia and has agency agreements in Fremantle, Port Hedland and Darwin.
Its services include the provision of general ships' supplies including food and beverages, spare parts handling, crew mail, port area advice, repairs, laundry, storage and bonded warehousing.
FURTHER INFORMATION: Please contact
Legend Nautilus Chairman John Mostyn on 0418234173
