A very good year for Raymarine and its new shareholder
The Teledyne Group acquired Raymarine's parent company, Flir Group, in January 2021. One year after the acquisition, on January 27, 2022, it presented its first results to investors since the transaction.
Annual sales reached $4.614 billion, up 49.5%. Comparisons should be treated with caution, as the arrival of the Flir group makes them rather insignificant, given the size of the group. Still, the trend is very positive, especially in the marine business. "Raymarine has had a very good year, one of our best sectors, with growth of +15.9% in 2021. It should be a little lower in 2022 by about 3% less" explains Robert Mehrabian CEO of Teledyne.
Continued investment in the maritime sector
Asked about his plans for the nautical branch and the activities of the former Flir group, the executive was reassuring. "There has been a significant reduction in costs at Flir and we are not going to reduce them further. There are synergies in costs," he said, continuing on his willingness to continue investing in Raymarine. "At one time, they (editor's note: the Flir Group before the buyout) thought about selling Raymarine. We're not thinking about that. We have a number of businesses with strong links: like underwater imagery and lidar , which have grown in 2021, not even counting possible synergies at the moment. It's a good portfolio of products, which is why we paid this price!" concludes Robert Mehrabian.
