Raymarine reports drop in sales
Raymarine says that with indications across the industry that fewer boats will be built in 2009, its sales have taken a dive.
In a trading update sent to the London Stock Exchange this morning, Raymarine said, "Sales for the nine months to 30 September 2008 were 8.5 per cent below the comparable period last year." And, it says, things look set to get worse, "Order intake and sales during the month to date have both been substantially below the board's expectations."
As a result Raymarine says it will be reviewing its spending to see where it can make cuts, it said, "The company will be seeking to eliminate a significant element of costs whilst ensuring that it retains its long-term ability to design and market innovative and exciting new products."
Raymarine's five-year committed borrowing facility runs to November 2009 and it is currently in talks with its banking facility in the hope of extending or refinancing the facility. It hopes to conclude these talks before announcing its sales figures for the whole of 2008 at the beginning of next year.
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