Laird profit rises 17 pct on strong smart-device market (March 1)

Reuters

(Corrects paragraph 7 to say Laird supplied antennae, notanti-heat devices, for the London Underground)

March 1 (Reuters) - Laird Plc, which makeselectromagnetic shielding and heat control components forwireless devices, said full-year profit rose 17 percent, proppedup by acquisitions and growing demand in the smart-devicemarket.

The company, which makes parts used in Apple Inc's iPhones and iPads, said first-quarter revenue would be flatcompared with the same year-earlier period, but forecast highersales in the second half of 2013 would boost full-year growth.

Laird's first-quarter revenue in 2012 was 122 million pounds($185.19 million).

Underlying pretax profit grew to 60.7 million pounds infull-year 2012, from 51.7 million pounds the previous year.

Revenue increased 6 percent to 520.2 million pounds,including acquisitions.

Sales at the company's core performance materials divisionrose 6 percent to 324.7 million pounds when its early 2012acquisition of microwave technology firm Microwave MaterialsGroup is included.

Laird, which also makes smart chips for GPS and radiosystems in cars, supplied antennae for the wireless systemVirgin Media Inc installed in the London Underground intime for the 2012 London Olympics.

Laird's shares closed at 247.9 pence on the London StockExchange on Thursday. ($1 = 0.6588 British pounds) (Reporting By Richa Naidu; Editing by Robin Paxton)

Rates

View Comments (0)