22nd Oct 2014 07:01
LONDON (Alliance News) - Laird PLC Wednesday maintained its expectations for the full year, as it saw revenue rise in its third quarter to end-September, as "almost all" of its businesses saw growth across their markets.
The electronics firm said revenue in its third quarter rose to USD251 million, up 15% from USD218 million, although in sterling terms, this growth was reduced to 6% to GBP150 million from GBP141 million.
This takes its total revenue for the first nine months to GBP402 million, up from GBP384 million a year before.
In Laird's performance materials business, dollar revenue rose 10% on an organic basis, meaning previous year comparatives were restated as if acquisitions were owned for the equivalent period. The business was driven by customer new product launches, strong smart phone sales and continued investment in 4G network infrastructure.
Its signal integrity business saw lower revenue for the third quarter, mostly as a result of new gaming console launches that had boosted growth in the previous year.
During the quarter, its new plant in Vietnam came on stream, which Laird said has increased its Asian production capacity.
Laird's wireless systems division saw organic dollar revenue up 12%, as its telematics business continued to see demand from automotive companies, its infrastructure antennae systems business was boosted by continued investment in 4G networks, and industrial and medical products performed well.
Rail and public safety products were slightly weaker, however, which Laird attributed to contract timing differences.
It said it opened its expanded telematics plant in Shanghai in mid-October, two weeks ahead of schedule. It is also investing in a new telematics plant in Brazil to serve original equipment manufacturers in Latin America. This factory is in design and on track to be completed in the first quarter of 2015, Laird said.
"As expected, Laird performed strongly this quarter, and we have benefited from our strategy of investing in innovation, reliable fulfilment and speed. We will continue to invest in both R&D and capacity to deliver sustainable long term growth," said Chief Executive David Lockwood in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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