The credit crunch has hit Raymarine's sales to the US and UK boating markets but the marine electronics specialist has made up for the losses with strong sales to emerging markets such as the Middle East and Asia Pacific.

Malcolm Miller, chief executive, said the economic environment remained extremely challenging and the market would continue to be flattish. However, further new products, including high-definition radar, were expected later this year and the long-term outlook for the boating market was not all doom and gloom.