{"id":467782,"date":"2026-06-09T03:33:08","date_gmt":"2026-06-09T03:33:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/467782\/"},"modified":"2026-06-09T03:33:08","modified_gmt":"2026-06-09T03:33:08","slug":"boat-builder-rayglass-posts-3-2m-loss-says-likelihood-of-regulatory-penalty-now-low","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/467782\/","title":{"rendered":"Boat builder Rayglass posts $3.2m loss, says likelihood of regulatory penalty now low"},"content":{"rendered":"<p class=\"DjAaGJVL\" style=\"display:none\">In prior years, the company recognised a provision in relation to warranty \u201cfield-fix\u201d costs and \u201cpotential regulatory matters\u201d associated with certain boats.<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">The matter was  identified in the 2022 financial year.<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">Management reassessed the provision at December 31, 2025, based on the latest available information.<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">The company had previously attempted to contact affected boat owners and only one repair had been undertaken by an owner who could be contacted.<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">No further material repair claims were expected, Rayglass said.<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">\u201cIn addition, based on the passage of time since the matter was first identified and advice previously obtained from an external expert, management considers that the likelihood of a regulatory penalty materialising is low,\u201d Rayglass said.<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">\u201cThe provision remains subject to estimation uncertainty; however, management does not expect any further material outflows in relation to this matter.\u201d<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">The company had earlier provided $63,740 in the accounts for expected warranty and regulatory costs in 2025, down from $328,680 in 2024.<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">Rayglass said it had experienced challenging trading conditions in 2025.<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">However, the directors noted improved trading conditions since its December 31 balance date, an improved order book, and forecasts indicating a return to profitability during the 2026 financial year.<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">Post balance date, a loan of $6.8m from Brunswick Luxembourg Finance was extended to April 2028, the Companies Office filing shows.<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">The directors said they had considered the company\u2019s related party funding arrangements.<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">\u201cBased on these factors, the directors consider that the company has sufficient resources to continue meeting its obligations as they fall due for at least 12 months from the date these financial statements are approved,\u201d they said.<\/p>\n<p class=\"DjAaGJVL\" style=\"display:none\">Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.<\/p>\n<p>Stay ahead with the latest market moves, corporate updates, and economic insights by subscribing to our\u00a0<a href=\"https:\/\/www.nzherald.co.nz\/my-account\/profile\/newsletters\/?from=cmp\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" title=\"https:\/\/www.nzherald.co.nz\/my-account\/profile\/newsletters\/?from=cmp\">Business newsletter<\/a>\u00a0\u2013 your essential weekly round-up of all the business news you need.<\/p>\n","protected":false},"excerpt":{"rendered":"In prior years, the company recognised a provision in relation to warranty \u201cfield-fix\u201d costs and \u201cpotential regulatory matters\u201d&hellip;\n","protected":false},"author":2,"featured_media":467783,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[836,78984,74,5532,8988,138,14769,9435,38403,296,70033,2225,17576,111,139,425,69,1118,23941,18935,5340,236726,12717,1527,312,1961,379,80],"class_list":["post-467782","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-836","tag-32m","tag-after","tag-boat","tag-builder","tag-business","tag-deeper","tag-expects","tag-falling","tag-into","tag-likelihood","tag-loss","tag-low","tag-new-zealand","tag-newzealand","tag-now","tag-nz","tag-of","tag-penalty","tag-posts","tag-profit","tag-rayglass","tag-regulatory","tag-return","tag-says","tag-this","tag-year","tag-zealand"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/467782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=467782"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/467782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/467783"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=467782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=467782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=467782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}