Laird PLC (LRD) - Interim Management Statement
RNS Number : 2839P
23 October 2012
23 October 2012
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
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
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
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
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
IMSDMMZGKFFGZZG -0- Oct/23/2012 06:00 GMT
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