23rd Oct 2013 07:35
LONDON (Alliance News) - Laird PLC said Wednesday that its expectations for its full-year results remained unchanged after its third-quarter revenues were boosted by a strong performance in its Performance Materials division.
Laird said it had seen total revenues of GBP141 million in the third quarter, up from GBP133 million in the previous year. Revenue from the company's Performance Materials division was GBP93 million, 9% increased from GBP84 million. Trading was boosted in this division by launches of new product by Laird's customers to the smartphone and games console markets.
Performance materials are materials that protect electronic products.
The company's Wireless Systems division saw revenue decline to GBP48 million from GBP49 million. The company said that, despite summer factory shut downs, it had seen a steady level of demand in automotive markets. Industrial markets had remained soft, Laird said, but had recently begun to show improvement resulting in an increase in bookings
"We have returned to year on year growth in the third quarter," said Chief Executive David Lockwood in a statement. "Growth in performance materials has led to revenue in the third quarter being 15% higher than the second quarter."
Laird shares were quoted up 9.30 pence early Wednesday at 235.00p.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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