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Laird reiterates full-year expectations, on track for rights issue

Tue, 24th Jan 2017 10:32

(ShareCast News) - Laird, whose shares tumbled back in October after a profit warning, reiterated its full-year expectations on Tuesday as it said it was on track to announce a proposed rights issue to raise up to £185m to shore up its balance sheet. The technology company said trading for the year has been consistent with the statements made in October and December and it continues to expect full-year underlying pre-tax profit of around £50m and year-end net debt to earnings before interest, taxes, depreciation and amortisation within the group's pre-existing covenant of 3.5x.In addition, Laird said it is on course to launch a proposed rights issue with its full-year results, as announced back in December.Discussions with the company's debt providers were successfully completed in December 2016 and Laird has agreed a one-time extension of the covenant to 4.0x net debt to EBITDA for the period ended December 2016 as a precaution.Revenue for the year to the end of December was up 27% from 2015 to £802m, but down 0.4% on an organic basis at constant currency.Revenue in sterling for the fourth quarter grew 38% to £227m from the same quarter in 2015. On an organic basis at constant currency, it was up 9%. It was underpinned by continued growth in Wireless Systems and an improved performance from Performance Materials, as the ramp-up in production normally seen earlier in the second half came through later in the year.Laird said its operational improvement programme remains on track and will generate annualised savings of at least $20m from 2018, with $15m expected in 2017.Chief executive Tony Quinlan said: "We are pleased to confirm that trading for 2016 was in line with our revised expectations, albeit substantially reduced. We have taken decisive actions to address the issues affecting profitability in 2016 and the proposed rights issue to strengthen the balance sheet remains on track."Laird remains well positioned to take advantage of strong market trends for many of its products and is investing to benefit from these in the future. At the same time, we will maintain a resolute focus on improving the financial performance of the business and the operational improvement programme will help drive efficiencies and more closely align Laird with customers."At 1050 GMT, the shares were up 6.9% to 154.50p.

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UPDATE 3-British aerospace company Cobham misses profit target, scraps dividend

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