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Electronics and technology firm Laird (LSE:LRD) continues to experience a “challenging environment” in the first months of the year, but the company said it will pursue expansion in anticipation of improved market conditions as the company looks for a new Chief Executive.
Reported revenue increased only about 2% from £120 million to £122 million, although when expressed in US Dollars, the figures are reversed owing to exchange rate difference. There is optimism with the firm, as stated in their report; “for the remainder of 2012 we have good reason to expect a more positive trend and the return of a seasonal uplift as the year progresses.”
Expansion
“We are therefore putting in place an expansion of capacity to support the strong demand expected from smartphones and tablets, which will have a beneficial impact in the latter half of 2012 and 2013,” said the EMI shielding products and wireless automation solutions maker in a statement released Friday.
Laird has been engaged in the EMI shielding technology since 2000, far distant from the shipbuilding business it did 160 years ago. It positioned itself in the electronics sector with the purchase of an electromagnetic interference shielding products maker.
The Performance Materials division, which handles the EMI shielding products, accounted for 60% of the first quarter revenue at £74 million.
Still Searching
Laird is still looking for a replacement of its previous Chief Executive, Peter Hill, who resigned for health reasons in November last year. This goes along with two of its non-executive directors that will formally express their retirement from the board in the annual general meeting to be held today.
“We have made good progress in the search for a new Chief Executive and expect that an announcement will be made over the coming weeks,” Laird stated.
Meanwhile, under the direction of Chairman Nigel Keen, who assumed the executive post after Hill tendered his resignation. Laird believes it is “well placed to benefit from the structural growth forecast for our end markets.”
“Despite the prevailing macro-economic uncertainty, we anticipate that 2012 will progress in line with our expectations and are confident we have the right product offering in place to deliver on our medium to long-term targets,” Laird concluded.
Company Spotlight
Laird has a long established history starting from the ironworks business founded by John Laird in 1824 to making the first iron ship for the British Government in 1840. The business engaged in different industries throughout the years to become an electronics and technology provider that it is now.
A listed company on the London Stock Exchange since 1949, shares of the company were down 6% to £1.99 a share following the announcement.
References
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