As the global leader in providing high quality technological innovative solutions to a variety of industries, Laird Technologies is always improving and enhancing these components and systems to industry-leading standards.
Laird PLC ("Laird"), today updates on trading following its financial year end on 31 December 2013.
As anticipated, trading in the second half of 2013 was significantly stronger than the first half led by improved demand in Performance Materials from smartphone and consumer markets.
As we continue to deliver on our strategic differentiation of innovation, reliable fulfilment and speed, we have incurred some additional restructuring costs during the second half of the year. In particular, our Telematics business has bought out its existing Manufacturing Representation agreement to allow a more direct approach to market. There will be an exceptional charge relating to this of £5 million falling in 2013, with an associated cash outflow in 2014. This should deliver improvement in operating profit of approximately £1 million in 2014 and rising steadily thereafter. Total exceptional charges for 2013 are expected to be in the range of £8 - £10 million.
We are confident in meeting our expectations for the year and reaffirm our intention to recommend a total dividend of 12 pence per share for 2013.
Notice of Results:
2013 results will be announced on 28 February 2014.
A strategy update presentation for Analysts and Investors will be held at the London Stock Exchange on 28 January 2014 starting at 10.30am.
Laird is a global technology business focused on enabling wireless communication and smart systems, and providing components and systems that protect electronics. Laird operates through two divisions, Wireless Systems and Performance Materials. Wireless Systems solutions include antenna systems, embedded wireless modules, telematics products and wireless automation and control solutions. Performance Materials solutions include electromagnetic interference shielding, thermal management and signal integrity products. As a leader in the design, supply and support of innovative technology, our products allow people, organisations, machines and applications to connect effectively, helping to build a world where smart technology transforms the way of life. Custom products are supplied to major sectors of the electronics industry including the handset, telecommunications, IT, automotive, public safety, consumer, medical, rail, mining and industrial markets. Providing value and differentiation to our customers through innovation, reliable fulfilment and speed, Laird PLC is listed and headquartered in London, and employs over 9,000 people in more than 58 facilities located in 18 countries.
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