Polish sports boat manufacturer and distributor Admiral Boats has reported improved financial results for the first half of 2013.

From January to June 2013, revenues total 27.15m zloty (US$8.9m), up 12.4 per cent from 24.15m zloty registered in the same period a year earlier. Meanwhile, the company’s net profit for the first half of this year doubled from 1.2m zloty to 2.5m zloty.

In its semi-annual financial report Admiral Boats says the increase in profitability was achieved owing to decreasing the costs of launching new products.

In addition, the company’s biggest shareholder, Wieslaw Kleba, resigned from chairing Admiral Boats’ supervisory board, citing “personal reasons.” Kleba, who holds a 35.03 per cent stake in the Polish manufacturer, stepped down from his post in mid-October. The company’s second biggest shareholder is EAA Capital Group S.a.r.l., with a 10.01 per cent share.

Established in 2010, Admiral Boats is headquartered in Bojano, Poland. The company exports most of its output to Western European markets, including the UK, Germany, France, the Netherlands, Belgium, and the Scandinavian countries.