Australian skate brand Globe International has posted full-year losses of AUD$3.2m (US$2.86m), after the company divested part of its operations following a strategic review.

Globe has decided to focus primarily on boardsports footwear, apparel and hardgoods, and sold up its streetwear and World Industries brands during the fiscal year.

Revenue at the company increased to $126m from $123m last year.

Matt Hill, the company's CEO, said: "The 2007 financial year was one of fundamental change for Globe where matters important to our future were identified and decisively acted on."