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.
David Lockwood, Chief Executive
Jonathan Silver, Chief Financial Officer
Anna Hartropp, Head of Investor Relations
Tel: 020 7468 4040
Tel: 020 3128 8100