RIVIERA SET FOR STEADY GROWTH

Australian leading luxury boat builder, Riviera, today announced it had completed a strategic and operational review addressing the impact of slowing demand in the current economic climate and providing a more stable platform for growth.

The company announced a number of changes to the executive team, including the appointment of Ms Ly-Eng Ea as Chief Financial Officer and Mr Les Galbraith as Managing Director of the company’s Australasian retail organisation, R Marine. Mr Galbraith takes over from founding Managing Director Mr Tim Sayer who has been promoted to the new position of Director of Global Sales and Marketing. Mr Michael Burke has been promoted to Director of Operations. Ms Ea joins Riviera from Siemens in Singapore where she has held a similar role since 1994 while Mr Galbraith was previously with the Stella Group.

The review also included strengthening of the company’s banking facilities and an injection of new equity from its institutional investors which include Ironbridge and Gresham Private Equity.

John Anderson, CEO of Riviera said the financing arrangements, which included a new three-year debt facility, provided the management team with greater flexibility as it responded to the challenges in global markets.

“Riviera’s sales performance at the key international trade shows in the latter part of the year has been very encouraging,” Mr Anderson said. “However, it is clear that the market in general is slowing in a challenging economic climate that is likely to persist for some time.

“We believe our new banking arrangements provide the business with greater operational flexibility and a more stable platform from which to build the business over the medium term and that the support of our bankers and institutional investors clearly reflects the underlying strength of the Riviera business,” he said.

“2009 will see the launch of several exciting new models and a wider international distribution spread with the appointment of new Dealers.”