Shoemaker, Novesta, has launched a battle to stay on course after seeing its loss deepen last year according to figures released by the firm.

The company, which closed its retail chain of factory outlets to cut loss-making activities, saw losses deepen from CZK2.1m in 1999 to CZK39m in 2000.

Novesta says it is hoping to be financially stable this year. Sales for the company dropped by CZK130m to CZK630m last year.

Exports made up 78 per cent of total sales, with footwear going to EU countries, Canada and New Zealand.

This year Novesta is expecting revenues of CZK549m, up 3.6 per cent year on year and it expects to sell 2.3 million pairs of shoes.