Laird PLC LRD Interim Management Statement

  Laird PLC (LRD) - Interim Management Statement

RNS Number : 2839P
Laird PLC
23 October 2012




23 October 2012





                                  Laird PLC

                                      

                         Interim Management Statement



Laird PLC today announces its Interim Management Statement(1) for the period
from 1 July 2012 to 23 October 2012. Laird is a global technology company
focused on providing components and solutions that protect electronic devices
from electromagnetic interference and heat, and that enable connectivity
through wireless applications and antennae systems.



Revenue in the third quarter was £133 million (2011: £121 million), up 10%  on 
the prior year. Revenue expressed in US Dollars was $210 million (2011:  $195 
million). On an  organic* basis,  revenue was  2% higher  year-on-year in  the 
third quarter of 2012, with the month of September showing double digit growth
year-on-year. Revenue in the third quarter of 2012 increased 4% on the  second 
quarter of 2012.



Year-to-date revenue at the end of the third quarter was up 3% compared to the
prior year, but 2% lower on an  organic* basis. For the same period  operating 
margins have improved over the prior year as a result of vertical  integration 
efficiencies and the rationalisation  of certain product  lines to exit  lower 
margin business.



Our financial position  remains healthy  with net debt  in-line with  previous 
expectations for the full year.



Performance Materials Division



In  the  Performance  Materials   division,  which  supplies   electromagnetic 
interference and thermal  solutions, revenue  in the quarter  was £84  million 
(2011: £77 million). Expressed in US dollars, revenue was $132 million (2011:
$124 million). Compared to the third quarter of 2011 revenue for the division
on an organic* basis was 1% higher.



We have  continued to  benefit from  our position  in new  smartphone  models, 
particularly towards the  end of  the third  quarter. Demand  for tablets  and 
notebooks was slower ahead of the introduction of new products to be launched.
As previously  highlighted, our  revenue  from the  telecommunications  market 
remains in-line with the subdued infrastructure spend.



Wireless Systems Division



In our Wireless  Systems division,  which provides  antennae and  connectivity 
solutions, revenue  in  the  quarter  was £49  million  (2011:  £44  million). 
Expressed in US dollars, revenue was $78 million (2011: $71 million). Revenue
was 4% higher on an organic* basis compared to the third quarter of 2011.



The demand from the automotive market in North America has remained robust. We
have also experienced a  good level of ongoing  demand from the public  safety 
market  driven  by  wireless  connectivity  requirements.  Customers  in   the 
industrial and transportation markets continue to defer procurements of larger
systems.



Outlook



The planned new product launches, supported by the capacity expansion that has
come on  stream,  leave  us well  placed  to  meet our  expectations  for  the 
remainder of the year.



We remain  confident that  we have  the  right product  offering in  place  to 
deliver on our medium to long-term targets.



David Lockwood will host a Business Review for Investors and Analysts on
Wednesday 12 December.





* Organic growth: On a pro-forma basis, restating prior year comparatives as
if acquisitions were owned for the equivalent period of the prior year, and in
US Dollars.





For enquiries: Laird PLC                                 Maitland
               David Lockwood, Chief Executive           Brian Hudspith
               Jonathan Silver, Finance Director         Liz Morley
               Anna Hartropp, Head of Investor Relations
               Tel: 020 7468 4040                        Tel: 020 7379 5151





A call for Analysts and Investors will be held at 8:00am (UK time), hosted by
David Lockwood and

Jonathan Silver. Participant Tel No: +44(0)20 3140 0668 Participant
passcode: 298692#.

Replay: +44(0)20 3140 0698 Passcode: 387575#









(1) All results based on Continuing Operations only



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


IMSDMMZGKFFGZZG -0- Oct/23/2012 06:00 GMT
 
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