LONDON (Alliance News) - Laird PLC Friday said it remains confident of seeing further growth in 2016 as it reported a 15% rise in revenue for the first quarter of 2016.
Laird designs, develops and supplies components for the wireless connectivity space, and that protect electronic devices from electromagnetic interference and heat
The company said its first quarter revenue was up to GBP171 million from GBP149 million. Stripping out revenue from acquisitions and in constant currency, revenue fell 2%.
This included a 52% rise in revenue from the company's Wireless Systems division, boosted by its acquisitions of LSR and Novero, which offset a 5% fall in its Performance Materials division.
"Our performance in the first quarter demonstrates the strategic progress made to improve the balance of our business. As expected, continuing good growth in Wireless Systems has offset a softer period in some of our other markets," said Chief Executive David Lockwood in a statement.
"We remain confident in our outlook for further growth in 2016 and continue to expect a steady first half and growth weighted towards the second half," Lockwood added.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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