31st Jul 2014 08:02
LONDON (Alliance News) - Laird PLC Wednesday said it was on track to meet expectations for the full-year after posting upticks in revenues and profits in the first-half, though its results were impacted by currency movements.
Despite a note of caution in its half-year statement, shares in the company surged higher in early trade, rising 6.4% to 284.8 pence and topping the FTSE 250.
Revenue for the electronics and technology firm was up 4% to GBP252.6 million, from GBP243.5 million a year earlier, though this was offset by an 8% currency headwind, the company said.
Pretax profit rose to GBP16.0 million from GBP10.2 million a year earlier, and the company said it would pay a dividend of 4.27 pence per share, up 4% from the 4.10 pence per share paid last year.
In a statement, the company said all business segments had produced organic revenue growth in the first-half, driven by customer diversification.
Despite saying it was pleased with the performance in the first-half, the firm reiterated its view that performance for the full-year will be weighted to the second-half. It said this improved performance will be driven by new product launches and seasonal demands for consumer products.
During the period, it opened a new manufacturing facility in Vietnam and expanded its design centre in Korea. In addition, it won accreditations from both the Ford Motor Company and Caterpillar Inc over the six months.
"We are pleased with our first-half performance, which was in line with our expectations," said David Lockwood, Laird's Chief Executive. "It reflects the benefits of our strategic actions to strengthen the business, combined with improvements in our markets."
By Sam Unsted; [email protected]; @SamUAtAlliance
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