In October 2008, the company's share price plunged by more than 70% to an all-time low of 13.50p after the company warned that full-year sales were expected to be substantially lower than originally forecast. This was followed by the announcement of impending job cuts at the group's UK facility.

Raymarine has also revealed it has now reached agreement with its banks to extend its credit facilities until 31 March 2010, and discussions are continuing with regard to a further extension.

The facilities comprise US$75m plus €56.5m, which is equivalent to around £103.1m in total. According to Raymarine, the portion of these facilities drawn down will be charged at a margin of 375 basis points above the applicable LIBOR rate.

As stated in the group's Interim Management Statement on 19 November 2008, the economic outlook for 2009 remains uncertain. 'The group's markets are likely to be weaker during 2009 than in 2008 taken as a whole. This should be offset to a degree by the significant number of new product launches scheduled for 2009, including the new C series multi-function display range, which should support the overall level of sales.'

Raymarine's share price is currently hovering at 13.50p. The group's preliminary results will be disclosed on 2 March 2009.