Raymarine extends bank credit

In a trading update for the year ending 31 December, the company said there had been no change in its expectations of trading since its November statement. For the year as a whole it is expected that sales will be in the mid-£130 millions (2007: £140.7m) - a like for like decline of around 13%. Raymarine said it had now reached agreement with its banks to extend its credit facilities which now comprise $75 million plus €56.5 million (in total equivalent to approximately £103m). The company re-stated its view that the economic outlook for 2009 remained uncertain with its markets likely to be weaker than in 2008. However, it said this should be offset to a degree by the significant number of new product launches scheduled for 2009 - including a new multi-function display range, autopilot and instrument display and digital ethernet radome radar - and a new chart plotter range and next generation course computers launched in November. The trading statement concluded: “Against the difficult economic background, Raymarine continues to maintain its prominent position in the market place as the premium brand with market-leading technology and a worldwide distribution network”.