npf1
Well-Known Member
UK. Raymarine plc interim results for six months ended 30 June 09
Friday, 28 August 2009
Raymarine plc, a global leader in the supply of marine electronic products to the leisure boating market, announces its interim results for the six months ended 30 June 2009.
Financial highlights:
Revenue of £63.5m (2008: £83.6m).
Like for like sales decline of 34.6%.
Gross margin 40.2% (2008: 52.3%).
Adjusted EBITA* before foreign exchange £6.8m (2008: £26.1m).
Loss before tax £1.6m (2008: Profit £19.5m).
Adjusted basic EPS# 3.8p (2008: 21.3p).
Cash generated by operations £6.2m (2008: £18.4m).
Net debt declined by £5.8m to £87.7m.
*EBITA (earnings before interest, tax and amortisation) comprises operating profit before amortisation and impairment of other intangible assets and goodwill
Adjusted measures present the results after adding back exceptional items of £3.0 m, and amortisation and impairment of other assets and goodwill (£1.3m)
Discussions with banking syndicate & other parties:
Raymarine’s existing banking facilities mature in March 2010. Raymarine is currently unable to comply with certain financial covenants within these facilities and, as such, is reliant on continuing covenant waivers from its banking syndicate. The current waiver expires on 1 October 2009.
To meet funding requirements in the coming months, an additional facility has been agreed in principle with the banking syndicate, with credit committee approval but subject to satisfactory documentation. This additional facility would also mature in March 2010 and its availability would also be subject to the continued covenant waivers referred to above.
The uncertainty of funding is raised as an emphasis of matter in the interim results.
Longer term refinancing options continue to be investigated, together with discussions with interested parties in relation to a potential sale of the business or equity fundraising.
While these processes are ongoing, the Board considers it increasingly unlikely that any value for ordinary shareholders will be realised.
Peter Ward, Executive Chairman of Raymarine plc commented:
“Despite current difficulties, it should be recognised that Raymarine continues to enjoy a strong market share and considerable customer confidence in its products. The Company will be well placed to achieve improving returns when the world’s economies recover.”
Friday, 28 August 2009
Raymarine plc, a global leader in the supply of marine electronic products to the leisure boating market, announces its interim results for the six months ended 30 June 2009.
Financial highlights:
Revenue of £63.5m (2008: £83.6m).
Like for like sales decline of 34.6%.
Gross margin 40.2% (2008: 52.3%).
Adjusted EBITA* before foreign exchange £6.8m (2008: £26.1m).
Loss before tax £1.6m (2008: Profit £19.5m).
Adjusted basic EPS# 3.8p (2008: 21.3p).
Cash generated by operations £6.2m (2008: £18.4m).
Net debt declined by £5.8m to £87.7m.
*EBITA (earnings before interest, tax and amortisation) comprises operating profit before amortisation and impairment of other intangible assets and goodwill
Adjusted measures present the results after adding back exceptional items of £3.0 m, and amortisation and impairment of other assets and goodwill (£1.3m)
Discussions with banking syndicate & other parties:
Raymarine’s existing banking facilities mature in March 2010. Raymarine is currently unable to comply with certain financial covenants within these facilities and, as such, is reliant on continuing covenant waivers from its banking syndicate. The current waiver expires on 1 October 2009.
To meet funding requirements in the coming months, an additional facility has been agreed in principle with the banking syndicate, with credit committee approval but subject to satisfactory documentation. This additional facility would also mature in March 2010 and its availability would also be subject to the continued covenant waivers referred to above.
The uncertainty of funding is raised as an emphasis of matter in the interim results.
Longer term refinancing options continue to be investigated, together with discussions with interested parties in relation to a potential sale of the business or equity fundraising.
While these processes are ongoing, the Board considers it increasingly unlikely that any value for ordinary shareholders will be realised.
Peter Ward, Executive Chairman of Raymarine plc commented:
“Despite current difficulties, it should be recognised that Raymarine continues to enjoy a strong market share and considerable customer confidence in its products. The Company will be well placed to achieve improving returns when the world’s economies recover.”
