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RNS Number : 7716U
Laird PLC
27 October 2017
27 October 2017
Laird PLC
Q3 Trading Update
Improved performance continues
Laird PLC today announces its trading update for the third
quarter from 1 July to 30 September 2017. Unless otherwise stated
the trends and figures highlighted below refer to the three months
ended 30 September 2017, the third quarter of the company's
financial year, and the corresponding period for last year.
Group Performance
Revenue for the third quarter continued the much improved
performance seen in the first half of 2017. Revenue in sterling for
the third quarter grew by 19% to GBP245m (Q3 2016: GBP207m). On an
organic constant currency(1) basis, revenue was up 16%.
Year to date, for the nine month period to 30 September, revenue
increased 23% to GBP686m (Year to date Sept 2016: GBP560m). On an
organic constant currency(1) basis, revenue was up 12%.
Full Year Guidance
Within the improved organic constant currency growth rate
reported in Q3, there was some benefit from the timing of public
holidays in Asia and Europe, which resulted in revenue being
generated earlier than usual. This timing impact, along with the
stronger comparative in Q4, will result in more modest growth in
the final quarter.
As a result of the revenue performance, we anticipate reporting
full year underlying profit before tax towards the top end of
current market forecasts for 2017*.
The Group's financial position is robust and there remains
significant headroom under existing debt facilities.
*The current company compiled market consensus for underlying
profit before tax is GBP63.3m, with a range from GBP60.0m to
GBP65.2m.
Commenting on today's announcement Tony Quinlan, Chief
Executive, said:
"I am pleased with the continued improvement in underlying
performance across the Group in the third quarter, which
demonstrates the strengthening foundations within the business.
"In what remain competitive but attractive markets, we continue
our relentless focus on driving operational excellence. This has
started delivering results and will remain an ongoing priority
throughout Laird."
Divisional Performance
Performance Materials
Performance Materials revenue for the quarter was up 15% to
GBP121m (2016: GBP105m) and on an organic constant currency(1)
basis, revenue was 13% higher. The actions taken to stabilise and
improve commercial and operational performance are delivering
results, with growth in all parts of the division, but particularly
Precision Metals and Thermal Materials.
Connected Vehicle Solutions
Connected Vehicle Solutions revenue for the quarter grew 24% to
GBP82m (2016: GBP66m) and on an organic constant currency(1) basis,
revenue was 20% higher. CVS continues to see strong demand for
vehicle antenna and smart device integration products in what
remains a buoyant but competitive market.
Wireless and Thermal Systems
Wireless and Thermal Systems revenue for the quarter was up 17%
at GBP42m (2016: GBP36m) and on an organic constant currency(1)
basis, revenue was 17% higher. Whilst this division benefitted from
a relatively weak comparative last year, there was double digit
growth across Connectivity, Controls and Thermal.
Notice of Full Year Results
The Group will next report at its Full Year results for 2017 on
Thursday 1 March 2018.
Enquiries:
Laird PLC MHP Communications
Tony Quinlan, Chief Executive Reg Hoare
Officer Tim Rowntree
Kevin Dangerfield, Chief Ollie Hoare
Financial Officer
Richard Harris, Head of
Investor Relations
Tel: +44 (0)20 7468 4040 Tel: +44 (0)20 3128 8100
Forward Looking Statements
This announcement contains forward-looking statements, including
with respect to financial information, that are based on current
expectations or beliefs, as well as assumptions about future
events. These forward-looking statements can be identified by the
fact that they do not relate only to historical or current facts.
Forward-looking statements often use words such as "anticipate",
"target", "expect", "estimate", "intend", "plan", "goal",
"believe", "will", "may", "should", "would", "could", "is
confident", or other words of similar meaning. Undue reliance
should not be placed on any such statements because they speak only
as at the date of this announcement and, by their very nature, they
are subject to known and unknown risks and uncertainties and can be
affected by other factors that could cause actual results, and
Laird's plans and objectives, to differ materially from those
expressed or implied in the forward-looking statements.
About Laird PLC:
Laird is a global technology company providing systems,
components and solutions that protect electronics from
electromagnetic interference and heat, and that enable connectivity
in mission-critical wireless applications and antennae systems.
(1) Organic constant currency growth is calculated by
eliminating the revenue from acquisitions made for a period of
twelve months from the acquisition date, and applying prior year
exchange rates to convert current year revenues to GBP. The
Directors believe that this measure provides investors with
information regarding the underlying revenue performance of the
Group as it eliminates the effect of acquisitions and the
translation effect of currency exchange movements from period to
period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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