Mixed results for Flir Systems
The American group Flir Systems, a specialist in thermal imaging cameras and owner of the Raymarine brand of marine electronics used on many pleasure boats, presented its results for the year 2019. Annual sales grew by 6% to $1.9 billion. But earnings per share have disappointed investors and justify management's decision to restructure.
Raymarine goes on sale
While Flir Systems' industrial and defence divisions reported improved results, the business unit, which includes Raymarine, experienced a 10.6% decline in revenues in 2019 to $85.5 million. The FLIR group has therefore announced, as part of its Be Ready reorganization project, the study of the resale of Raymarine's "non-thermal" marine activities in electronics. The remaining business activity would be reintegrated into the Industrial Division.
Jim Cannon, CEO of Flir, expressed his confidence in the success of the operation and the value of Raymarine at a press conference. "Although not central to FLIR, we believe that our marine business (Raymarine) is one of the best in its industry with innovative products that make it an extremely attractive asset. We have clear valuation expectations and can move quickly to close a deal with a potential buyer if those expectations are met."