UPDATE 1-Raymarine H1 sales fall, shares hit lifetime low

* Still seeking funds or sale of co

* H1 sales fall 24 pct to 63.5 mln stg

* Margins hurt by forex rates, promotions

* Shares fall 25 pct (Adds details)

July 16 (Reuters) - Raymarine Plc (RAY.L), a supplier of electronic equipment to the marine market, said its sales in the first half fell 24 percent and that it was still seeking equity fundraising or a sale of the business, sending its shares down 25 percent to a lifetime low.

The company said it would need additional funding to cover trading losses, the seasonal build up in working capital and certain one-off costs.

For the six months ended June 30, sales were 63.5 million pounds ($103.9 million). Direct margin fell significantly, hurt by exchange rates and promotional activity, including the discounting of superseded products and excess inventory.

Raymarine said it had completed a number of programmes to manage its cost base, including reducing headcount by over 25 percent, and expected total overhead savings of 12 million pounds for the year ending Dec. 31.

However, it said these savings were expected to be offset by an increase in costs of 9.4 million pounds, partly due to unfavourable foreign exchange rates.

Shares of the company were trading down 19 percent at 9.5 pence by 1203 GMT on the London Stock Exchange. They touched a low of 8.76 pence earlier in the session. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Anne Pallivathuckal)