Online retailer SurfStitch wants to go on a buying spree

Kelly Slater in Kouga, South Africa. Dominic Barnardt/Gallo Images/Getty Images.

Online retailer SurfStitch is on track to double full year earnings to between $15 million and $18 million.

The company is also looking at acquiring more content after it earlier this year bought a surf weather site, Magicseaweed, and a global online news magazine, Stab Magazine, for $13.8 million cash and 4.8 million shares.

The company’s shares were up 1.46% today to $1.735, well above the December 2014 listing price of $1.

The rest of the surfwear world is doing it tough. Quiksilver, founded in Australia in 1973, has filed for bankruptcy and ASX-listed competitor Billabong has been looking for buyers.

SurfStitch CEO Justin Cameron, in a presentation to the company’s AGM, said the global content strategy is delivering early signs of strong momentum in core markets.

In the four months to the end of October, group revenue was up more than 40%.

“Progress being made on negotiations with potential vendors on digital content assets to complement our Stab and Magicseaweed investments,” he said.

No further details were given.

SurfStitch reaffirmed its 2016 guidance of double digit revenue growth. In the full 2015 year, revenue was $199.4 million, a 30% rise.

The company says no dividend is planned, with cash to be reinvested in growth.

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