Key strengths
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One of the market leaders
Raymarine is one of the world leaders in the supply of marine electronic products to the leisure boating market.
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Well-recognised brand and reputation
Raymarine has a well-recognised brand and a reputation for producing innovative and reliable products in a safety conscious environment. Leisure boaters necessarily place great reliance on the reliability of electronic products as they ensure that boaters know where they are and what is around them and allow communication when out on the water.
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Comprehensive portfolio of marine electronic products for the leisure boating market
Raymarine is able to offer a comprehensive portfolio of marine electronic products for the leisure boating market and is strong in networked and integrated systems which enable different Raymarine products to interface and communicate with each other. The combination of these two attributes allows boat users to have a single range of linked products from the same manufacturer providing full functionality with improved aesthetics. The Directors believe that this type of systems integration is increasingly becoming an important driver of sales growth.
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Strong customer relationships
Raymarine has strong customer relationships, a loyal customer base and the ability to sell products in Europe, North and South America and Australasia through its network of dealers, distributors and national retailers and through OEM boat builders.
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Worldwide support network
Raymarine has a worldwide support network and reputation for providing high quality after-sales support. Many boaters use their boats infrequently and for short periods and therefore value the ability to have products supported and serviced quickly in virtually any port or marina they visit. Raymarine has a network of approximately 960 service dealers around the world covering most major leisure ports and marinas.
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Experienced management team
Raymarine has a strong, well-regarded management team with extensive experience in developing, manufacturing and marketing consumer products. Since the buy-out, the management team has been demonstrably successful in designing and launching new products and increasing the scale of the business.
Market drivers
Raymarine anticipates that drivers of future growth in the leisure marine electronics market will include:
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Advances in technology making electronic marine equipment more affordable and easier to use
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Increased speed of product innovation leading to more frequent upgrading of equipment, with customers demanding increasing functionality and ease of use.
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Increasing demand from boaters for integrated and networked products which are able to communicate and interface with each other
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The use of existing technologies to expand the leisure marine electronics markets by adding further functionality to existing systems.
In addition, Raymarine believes that the leisure marine electronics market will benefit from the anticipated growth in disposable incomes and growth in the number of increasingly wealthy, older people in North America and Europe who have the leisure time to go boating.
