Raymarine Jobs at Risk

Raymarine warns of impending lay-offs

By IBI Magazine

Following last month's profit warning at Raymarine, which saw the company's share price fall by more than 70 per cent to an all-time low of 13.50p, the UK-based marine electronics firm has confirmed that 38 permanent jobs within its UK operation are now at risk.

"Formal collective consultation starts today and will be completed on December 12, 2008," says the company. Some 84 positions, including those held by contractors, are at risk worldwide.

Raymarine's executive chairman Peter Ward says that the downturn in the leisure marine market has forced the company to plan now to ensure the health of the company for the future.

"Raymarine is seeking to eliminate a significant element of costs across all aspects of the business, whilst ensuring that it retains its long-term ability to design and market innovative and exciting new products," reads a group statement.

Although Raymarine's like-for-like sales for the nine months ended September 30, 2008 were down by just 8.5 per cent compared to the same time last year, order intake and sales are said to have rapidly deteriorated since then. In October, the company warned that its full-year sales are expected to be significantly lower than previously expected.

(12 November 2008)

Sealine to launch new luxury models in 2009

Sealine to launch new motoryacht line

By IBI Magazine

The UK's Sealine International is to unveil the first of a new line of luxury motoryachts in January 2009.

The line will be known as Aura and is the result of a collaboration between Sealine and Studio Conran. The first new model in the range will be the flagship Aura T60.

"The brief for Aura was to create a judicious blend of style, practicality and comfort — a classic contemporary experience that is simple and not contrived," says Sebastian Conran. "We describe our approach as 'soft rationalization', in which rich materials and natural finishes instil warmth and softness in simple, unobtrusive forms. The result is a tranquil, elegant environment that is highly functional and practical - Easy Living at Sea!"

"Recognised for its architecture, interior design, shops and restaurants, Studio Conran has a diverse portfolio of design work that includes interiors for Concorde and Yotel compact hotel cabins.

"I firmly believe that we have designed a contemporary classic and we are proud to have been involved with such an exciting new project," says Conran.

The new T60 Aura will be unveiled at a special exhibition in January at London's Design Museum. The vessel will be moored a short walk away at Butlers Wharf.

Sealine, a subsidiary of Brunswick Corp in the US, builds sports cruisers, flybridge cruisers and motoryachts from 8m-18m (25ft-60ft) in length. The company produces more than 300 yachts a year and employs 660 staff.

(10 November 2008)

'Global Financial Crisis' hits Fairline Boats

Fairline introduces shorter working week

By IBI Magazine/Motor Boats Monthly

UK boatbuilder Fairline introduced a shorter working week for around a quarter of its workforce this morning in response to "a downturn in demand for certain models".

Some 365 of the company's 1,360 employees are affected by the move, which will see four of Fairline's production lines reverting to a two-day week, and one moving to a three-day week. The shorter working week will last for seven weeks until December 24, 2008.

The company said it would pay the affected workers 60 per cent of their basic wage — more than the statutory minimum.

Derek Carter, Fairline's MD, said: "As a manufacturer, Fairline has taken this necessary and prudent action to stabilise the business to ensure that the coming year's anticipated global demand is matched by production levels.

"Within a 12-boat range, some models will fare better than others according to their price point, market audience and 'life cycle' stage. Having considered the ongoing global economic indicators and assessed the strength of individual dealer territories, overall production at Fairline is being scaled down."

(10 November 2008)