Amphibious boat builder Sealegs is projecting a fall in revenue in the year to March 2010 from a year earlier.

The company told shareholders at its annual meeting today it expects revenue of $7 million to $10m for the year ending March 2010. This is down from $11.5m for the year March 2009.

For the June quarter, Sealegs shipped 20 boats, making $2.2m in sales, with forward orders for 36 boats, worth $3.3m.

The company reported a $5.8m loss in 2 009.

It had made cuts in its operating costs due to economic conditions, though had "retained the ability to ramp back up when demand returned", chairman James Hill s aid.

Shares in the company last traded for about 13c, with a year high of 48c last July. Shares in the company reached a low of 8c in February.