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A wipeout as Billabong dives deep into red

The value of the Billabong brand has been wiped out after the surfwear group posted an annual loss of nearly A$860m (£499m) after hefty writedowns.

Billabong rode the wave of booming surfwear sales globally, and its value hit a peak in 2007, but the Australian company has suffered torrid trading in recent years, forcing it to slash store numbers and employee headcount.

It said the value of its 13 brands, including Element, Von Zipper, Palmers Surf, Nixon and Xcel, had tumbled to A$90m in the year to 30 June.