Full steam ahead at Raymarine
Article Date: Mar 01 2006
Having recently been crowned Chief Executive of the Year at 2006 Quoted Company Awards, Malcolm Millar continues to drive Raymarine, the provider of hi-tech products for the leisure boat industry, forward at a rate of knots.
Millar was feted by the panel of City experts for skilfully leading this robust British company, which is the global leader in electronic products and related software for the leisure boating industry.
Over the past year, Raymarine has posted solid growth, with the half-year results showing further improvements in sales to £74.4 million and a considerable leap in profits to £15.9 million. The trading performance – and the news that the group will hit its growth targets for the entire year – has provoked a tremendous spurt in the share price, from 157.5p to 279.5p.
Also assisting the ascent has been the news that the outscourcing of all the group’s manufacturing to Eastern Europe will lead to significant multimillion-pound savings over the next five years.
As if that’s not enough, Millar reckons that a range of new products will cushion the group from the cyclical downturns that the leisure boat industry typically endures.
The latest product range includes a new satellite TV antenna, a novel auto-pilot for steering by wire and Raymarine's new 'E series' for three-dimensional charts and port services.
