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)