For the year ended June 30, Billabong International’s total revenues grew by 19.2 percent to 1.23 billion Australian dollars, equivalent to US$1.01 billion, with a 24 percent rise on a currency-neutral basis. Net profit was up by 14.6 percent to A$167.2 million (€100.8m-$137.7m), and the management says it is open for new acquisition opportunities.

The European market performed best, featuring a 42.1 percent increase in operating profit before amortization and depreciation (EBITDA) to A$50.3 million (€30.3m-$41.4m) on 31.6 percent higher revenues of A$264.7 million (€159.7m-$218m). Spain, Italy and Germany performed particularly well. Southern France was strong, and Greece is starting to emerge as a good growth market. Restrained by poor weather, the U.K. remained “subdued.”

By brand in Europe, Element grew by more than 25 percent, Von Zipper had strong double-digit growth, Nixon grew strongly, and Kustom almost doubled in size. Boardshorts, walkshorts, T-shirts and polos did well for Billabong. The group’s profile in the region was lifted by an expansion in the number of company-owned retail doors from 18 to 34, with new stores in Manchester, Belfast, Liverpool, Barcelona and others.

The group has entered into a bilateral advanced pricing agreement with the French Taxation Authority. By changing its intra-group royalty structure, Billabong should garner A$2.7 million (€1.63m-$2.22m) in tax benefits for the current financial year.

EBITDA rose by 12.3 percent in the Americas but dropped by 1.8 percent in Australasia. In constant currencies, sales increased by 21.5 percent in Australasia, by 22.3 percent in the Americas and by 32.2 percent in Europe. Sales at company-owned stores went up by 40 percent to represent 16 percent of total sales worldwide. They reached a tally of 159 doors at the end of the financial year, compared with 110 at the beginning.

The management expects another increase of about 15 percent in net income per share this year, barring unforeseen developments. Growth should continue to be stronger in Europe than in the Americas or in Australasia.