U.K.-based Raymarine reports that sales for the nine-month period ending Sept. 30 were down 8.5 percent compared to the comparable period of 2007.
As a result, the company expects its results will be “significantly below” the lower end of the market’s expectations for the year ending Dec. 31.
“In the last two weeks there have been a large number of announcements and indications by boatbuilders around the world that they will be building significantly fewer boats both this year and in 2009,” the company said last week in a statement. “Raymarine’s sales through other channels have also experienced a sudden slowdown.”
Raymarine says it will be looking to reduce costs while ensuring it retains its long-term ability to design and market new products.