Trading update at Raymarine
By IBI Magazine
UK marine electronics manufacturer Raymarine has reported group sales of £115.3m for the 10 months ended October 26, 2008 - a two per cent drop over the £117.4m that was generated over the same period last year. Despite challenging economic conditions, the group attributes the relatively strong figures to its comprehensive network of international distributors and extensive product range.
Raymarine has already taken steps to conserve cash and defend profits, the group claims. The company is implementing a planned programme of cost reductions across the business, leading to substantial annualised savings going forward.
"These figures are in line with our trading expectations as outlined in our last trading update in October," says finance director Tony Osbaldiston. "The economic outlook for 2009 remains uncertain which is why we have taken sensible steps now to reduce costs going forward. The company has a robust programme of new product launches in place for 2009 and beyond which will appeal to boat owners whether new buyers or those looking to benefit from the significant moves in technology migration."
In October this year, Raymarine's share price plunged by more than 70 per cent after the company warned that full-year sales are predicted to be substantially lower than originally forecast.
(19 November 2008)
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