Laird Share News (LRD)

Laird Information

There is currently no data for LRD

Laird revenues up but earnings fall behind in first half

Fri, 29th Jul 2016 08:29

(ShareCast News) - Laird posted its half-year results for the six months to 30 June on Friday, with a 15.2% increase in revenue to £352.5m as a result of growth in majority of the business and acquisitions.The FTSE 250 form saw organic constant currency revenue decrease 3.6% mainly due to strong H1 2015 comparative in Performance MaterialsIt reported 5.5% organic growth in Wireless Systems, or 11.9% excluding WACS, and strong operating cash conversion of 120%, up from 94% at the same time last year.Operating profit fell behind by 31% during the period to £21.1m, and underlying profit before tax fell 39% to £16.4m.Underlying basic earnings per share were 4.6p, a 42% decline, while statutory profit before tax was £6.2m, compared with £21.6m a year ago.The board declared an interim dividend of 4.53p per share, up 3% on the first half of 2015.Laird saw its net debt increase, which its said reflects the cost of acquiring Novero and investment in the operating model re-designProfit in the first half was lower due to "challenges", the board said, with actions being taken to address them.In the Novero division, the board identified challenges in due diligence as requiring "greater and deeper intervention" to fully resolve."Although no new issues have been identified, the cost of this intervention is at the high end of our expectations, albeit mitigated by contingencies in internal plans, creating a £3.5m loss in H1," the board said in a statement.It said actions are in place to substantially improve performance and deliver modest profitability in 2017 with industry standard margins from 2018In the meantime the combined capabilities of the strengthened business have been well received by customers, it added.Laird said there has been a significant uplift in order book and pipeline for automotive at NoveroIn WACS, Laird said a rapid and substantial downturn in US rail freight markets due to commodity and energy prices has had a significant impact on revenues in the division.It confirmed actions have been taken to mitigate the impact of the downturn and manage profitability in the second half of the year."The majority of our business continued to perform as expected in the first half," said chief executive David Lockwood."Despite the impact of the smartphone cycle and the sales decline in WACS organic constant currency revenue fell by just 3.6%, demonstrating that our strategy of diversification across markets and customers has provided us with a strong platform to counter such sales headwinds."Lockwood said the reduction in first half profit and margins was disappointing, but remained confident in the action that has already been taken to address it."These actions, together with the improved contribution of LSR, and the currency tailwind at current rates means that the board's expectations for the full year are broadly unchanged."

More News

10 May 2018 11:48

Laird Disposes Of Korean Prototyping Business To Hankook Tire

LONDON (Alliance News) - Electronics firm Laird PLC on Thursday said it has sold its 51% holding in its South Korean prototyping business to Hankook Tire Co Ltd for USD43.6 million.The sold

27 Apr 2018 08:16

Laird First Quarter Revenue Grows As Takeover By Advent Progresses

LONDON (Alliance News) - Laird PLC said Friday that first quarter revenue grew 8% on an organic basis with growth across all divisions, as its GBP1.00 billion takeover by Advent International Corp

20 Apr 2018 15:00

UK Shareholder Meetings Calendar - Next 7 Days

Monday 23 AprilForeign & Colonial Investment Trust BioquellMicrogenHgCapital

23 Mar 2018 10:23

Engineer Babcock Appoints Two New Non-Executive Directors

LONDON (Alliance News) - Engineering company Babcock International Group PLC said Friday that it has appointed Kjersti Wiklund and Lucy Dimes as independent non-executive am a

7 Mar 2018 14:02

Advent to seek buyer for conveyor belt firm Ammeraal Beltech -sources

By Dasha Afanasieva and Clara Denina LONDON, March 7 (Reuters) - Private equity firm Advent has hired Goldman Sachs and Rothschild to sell Dutch conveyor belt company a

1 Mar 2018 08:16

UPDATE 1-Advent Intl to buy UK tech firm Laird in $1.65 bln deal

LONDON, March 1 (Reuters) - Private equity firm Advent International has agreed to buy British electronics and technology business Laird, the firms said on Thursday, valuing a

1 Mar 2018 07:23

Advent International agrees $1.4 bln takeover of Laird

LONDON, March 1 (Reuters) - Private equity firm Advent International has agreed to buy British electronics and technology business Laird, the firms said on Thursday, valuing 1

13 Feb 2017 07:59

Laird said to consider sale of precision metals division

(ShareCast News) - Laird is said to be considering the sale of one of its major divisions as it struggles to turn its business around. According to The Telegraph, the FTSE 250 electronics component maker, whose shares have fallen sharply since its profit warning in October and rights issue in Decemb

24 Jan 2017 10:32

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

(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 ye

11 Jan 2017 13:58

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

* Early readout puts trading profit at 245 mln stg * Group's already lowered target range was 255-275 mln stg * Scraps dividend after poor result on profit and debt * Shares fall as much as 21 pct (Adds CEO, CFO comments from analyst call) By Paul Sandle LONDON, Ja

2 Dec 2016 08:39

LONDON MARKET OPEN: Laird And Oil Producers Down; Housebuilders Up

2 Dec 2016 08:03

Laird to raise £185m through a rights issue, scraps final dividend

(ShareCast News) - Electronics company Laird is to raise £185m through a rights issue and scrap its final dividend in a bid to strengthen its financial position. Through the rights issue, the company will offer shares to existing shareholders in proportion to their existing holdings in the first qua

25 Oct 2016 16:23

Anglo American leads Britain's FTSE higher, Whitbread slides

* FTSE 100 index up 0.5 pct at close * Anglo American leads market higher * Whitbread falls after update * Broker downgrades weigh on midcaps (Adds detail and quote, updates prices at close) By Kit Rees and Atul Prakash LONDON, Oct 25 (Reuters) - Britain's top shar

25 Oct 2016 15:12

GRAPHIC-Downgrades, profit warnings ring Brexit alarms for UK mid-caps

* FTSE 250 vs FTSE 100: http://reut.rs/2eCvwk9 * Profit warnings spark broker downgrades * Earnings disappointments lead to outsized moves * Senior, Cobham, Laird among midcaps warning on profits By Kit Rees LONDON, Oct 25 (Reuters) - A spate of profit warnings among

25 Oct 2016 10:10

Tuesday broker round-up

(ShareCast News) - Segro: Barclays keeps at overweight with a target price of 520p. Howden Joinery: Berenberg downgrades to hold, 450p target. Standard Chartered: Deutsche Bank reiterates sell with a 574p target. Cobham: UBS reiterates neutral with a 160p target. Cobham: Barclays reiterates equal

Latest Share Chat

Laird Share News (LRD)

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Laird revenues up but earnings fall behind in first half

Login to your account

Quickpicks are a member only feature

Login to your account