Raymarine tries to shore up its financesPosted on
Raymarine says it’s exploring equity fund-raising or a sale of the business, and in the absence of either will seek to secure additional medium-term debt facilities with its banking group.
Last month, global sales were “broadly in line” with the expectations, the company said in a statement last week.
“In the U.S., sales have remained at depressed levels as both OEMs and retail channels continue to de-stock,” the company said. “In the U.K. and the rest of the world, sales were slightly weaker than expected. Many OEMs are now shut for an extended summer break with indications that they plan to restart production right again in the autumn.”
Given the decline, Raymarine has implemented a number of programs to mange its costs, resulting in a significant reduction in operating costs and a consolidation of all the company’s U.K. operations to one site, the company said.
The marine electronics manufacturer says it is operating close to the “limit of its current bank facilities, in particular as a result of the effect of changes in exchange rates on Raymarine’s borrowings and its facility limits.”
Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!
Basic subscription: Registered members get free access to 10 premium content stories each month!
Individual subscription: $29 for unlimited site access for one year.
Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.
Corporate subscription: $300 for unlimited site access for all members of a company for one year.
You may close this dialog after seconds.