Billabong triples annual losses

<p>The firm’s share price dropped 15 per cent.</p>

Australian surfing company Billabong has announced its annual losses have tripled.

The share price of the firm collapsed on the back of the news, dropping by more than ten per cent as a result.

Billabong's chairman Ian Pollard explained in a statement that this is the most challenging period the company has seen in its history.

The firm revealed that for the 12 months to the end of June, it recorded a net loss of A$859.5 million (£495.1 million), while revenues slipped as well.

"Financial stability is critical to rebuilding Billabong. Liquidity has been secured and we are within weeks of finalising our long term funding arrangements," said Mr Pollard.

He added the firm is now close to the end of a long process that has been complex to complete and has had an impact on the morale of staff members.

During today's trading on the Australian Securities Exchange, Billabong's share price is down by more than five per cent.

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