WORLD-leading Hampshire marine electronics company Raymarine Group has revealed plans to list on the London Stock Exchange.

The float is expected to reach £120m.

One of the largest suppliers of marine electronic products to the leisure boating market, last year Raymarine's turnover was approximately £94m.

Bosses intend that existing ordinary shares in the company will be placed with institutional investors, simultaneously diversifying the shareholder base and raising Raymarine's profile.

The firm, which is pioneering the use of integrated shipboard electronics, is a key player in Hampshire's marine economy, which supports more than 10,000 jobs across the region.

Founded in January 2001, following a management buyout of Raytheon Marine, Raymarine has since invested in the growth and profitability of the business, with particular focus being placed on developing new integrated products.

It designs, manufactures and distributes a comprehensive range of marine electronic products including, auto-pilots, radar instruments, fish-finders, chart-plotters and communication devices.

The equipment is typically fitted to both power and sail boats of between 20ft and 100ft in length.

The management team took the opportunity generated by the announcement to hail the success of its new products and the increasing scale of the business.

Malcolm Miller, Chief Executive, said: "Raymarine has a long history as a supplier of marine electronic products and we look forward to a listing on the London Stock Exchange as the next logical step in the company's development.

"We believe that a listing will enable us to take advantage of growth opportunities in our markets."

The company, which employs 572 people worldwide, has both its headquarters and a manufacturing site in Portsmouth as well as two major facilities in New Hampshire and Florida, in America.