2nd Mar 2016 08:11
LONDON (Alliance News) - Laird PLC Wednesday said it enters 2016 with a confident outlook, and said it expects a progressive improvement in its performance during the year, as costs related to restructuring led the company to report a fall in pretax profit for 2015.
Laird designs, develops and supplies components for the wireless connectivity space, and that protect electronic devices from electromagnetic interference and heat.
Laird proposed a final dividend of 8.6 pence, taking its total dividend for the year to 13.0p, up 4% from the 12.5p it paid in 2014.
The company posted a pretax profit of GBP15.4 million for the year, down from GBP48.1 million a year before, as a rise in revenue to GBP630.4 million from GBP564.9 million was offset by exceptional costs of GBP45.0M primarily related to restructuring.
On an underlying basis, stripped out exceptional costs, pretax profit rose to GBP73.1 million, up from GBP63.2 million.
"We enter 2016 confident in our outlook for further growth. This confidence is underpinned by an increasingly well diversified mix of technologies, customers and end-markets. While internally we are in our best position for several years. Continued progress in Wireless Systems and the better markets within Performance Materials is countering headwinds in other areas," said Chief Executive David Lockwood in a statement.
"This, coupled with full year contributions from the LSR and Novero acquisitions and the positive benefits of our operational improvements supports our expectations for the year as a whole," he added
"We anticipate a progressive improvement in our performance during the year, with a steady first half performance and growth weighted towards the second half," Lockwood said.
Shares in Laird were up 1.5% at 348.70 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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