Navman lifts earnings and rearranges board

By PETER GRIFFIN

Electronics darling Navman turned a profit of $4.8 million last year and doubled revenue as its international business took off and founder Peter Maire sold the business to US marine giant Brunswick.

The company's first set of financial accounts filed with the Companies Office since Brunswick took over show a tech company in high-growth mode.

Revenue for 2003 was $132 million, up from $65.7 million in 2002. Profit was up from around $1 million.

Documents also show the changing of the guard in Navman's boardroom. Maire and a handful of others have resigned as directors, replaced by Brunswick appointees Michael Horner, Marsha Vaughn and Marschall Smith.

Accounts for Brunswick company New Zealand Holdings also show the progress of Brunswick's other New Zealand investment - a 49 per cent stake in boatmaker Rayglass.

Brunswick's "aggregate share" of Rayglass' operating surplus and tax expense attributing to the surplus were $150,000 and $53,000 respectively in the five months to December 2003.

Navman's annual report also outlines the details of a share scheme it set up for employees, one that was dismantled with the sale to Brunswick.

Maire said at an industry talkfest this month that under Brunswick, a new share scheme may be set up.

"It's the reason why the lights burned 24 hours a day, seven days a week," he said of the Navman share scheme he set up.

"I'm not sure it will ever be as effective as the old scheme. I think share schemes are most effective in small companies."