3rd Mar 2015 07:44
LONDON (Alliance News) - Laird PLC Tuesday said it has good momentum for further growth in 2015, as it posted a rise in pretax profit for 2014 and upped its total dividend.
Laird produces and supplies wireless applications, antennae systems, and products to protect electronic devices from electromagnetic interference and heat.
The company proposed a final dividend of 8.23 pence, taking its total dividend for 2014 up to 12.5 pence from 12.0 pence in 2013.
Laird posted a pretax profit of GBP48.1 million, up from GBP43.2 million, as revenue rose 5% to GBP564.9 million from GBP537.0 million. On a dollar basis, revenue was up 11%. The company makes around 70% of its revenue in dollars.
Revenue growth was boosted by the company's acquisition of a 51% stake in Korean prototype designer and manufacturer Model Solution Co Ltd in April, 2014.
The company upped its spend in research and development by 10% during the year, mostly in its Wireless Systems business.
It posted an exceptional GBP700,000 credit in 2014, as a result of a GBP5.4 million credit from a reassessment of a potential earn out being offset by a GBP3.6 million provision for patent litigation costs and acquisition costs.
"We have a clear strategy and operate in attractive growth markets. We have started 2015 with good momentum and believe that we are well placed for further growth over the year," said Chief Executive David Lockwood in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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