27th Apr 2018 08:16
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 continued to progress well.
For the three months ended March, revenue at the electronics and technology firm was flat on prior year period at GBP215.9 million, whilst growing 13% in US dollars to USD300.4 million from USD266.9 million.
On an organic constant-currency basis, revenue grew 8% in the quarter. This was after its Performance Materials unit saw 1% organic growth, Connected Vehicle Solutions grew 14% and Wireless & Thermal Systems was up 17%.
Slower revenue growth performance in its largest Performance Materials unit was after an expected decline in its Precision Metals business offset the growth seen in its EMI Materials, Magnetic & Ceramic Products and Thermal Materials businesses.
Laird said "good progress" was being made regarding the takeover offer by Advent announced in early March. Advent offered 200 pence per Laird share in cash. On April 17, Laird shareholders approved the resolutions required as part of the deal. The acquisition is expected to complete in the third quarter of 2018.