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
Laird PLC LRD Interim Management Statement
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