9th May 2008 07:01
Laird Group PLC09 May 2008 9 May 2008 THE LAIRD GROUP PLC ("LAIRD") AGM and Interim Management Statement Laird is a focused electronics and technology company, a leader in the designand supply of performance critical components and systems for wireless and otheradvanced electronics applications: we provide technology for a connected world. At the Annual General Meeting today the following comments will be made,regarding current trading, financial performance and outlook for the financialyear. This statement comprises the period from 1 January 2008 to 8 May 2008 andconstitutes Laird's first Interim Management Statement as required by the UKListing Authority's Disclosure and Transparency Rules. At the AGM today Nigel Keen, Chairman of Laird, will comment:- "Laird had an outstanding year in 2007. Revenue from continuing operations grewby 52% to £564.3 million, with organic revenue growth of 34%. Underlying pre taxprofit grew by 59% to £72.4 million. We have made a strong start to 2008, with trading in line with our expectations.In the three months to 31 March 2008, revenue from continuing operations grew by35% compared with the same period in 2007, and organic revenue growth in thequarter was towards the top end of our expectations of 15% to 20% growth in themedium term, at constant currency, with particularly strong growth in antennaemodules and actuation devices. Overall, we continue to benefit from strong demand for our products andsolutions, and from programme awards from our major customers. So far this yearwe have also completed the acquisition in February of the specialist wirelesssystems business, Ezurio Limited for £12.5 million, expanding further ourpresence in the growing "Machine to Machine" wireless market. We haveinaugurated our major new plant in Chennai, and our Corporate ResearchLaboratories in Bangalore, India. We have recently put in place a further£50 million of revolving credit facilities with Bank of China. Our balance sheetremains strong. We expect to make further good progress in 2008." For enquiries: The Laird Group PLC Maitland Peter Hill, Chief Executive Brian Hudspith Jonathan Silver, Finance Director Charlotte Walsh Tel: 020 7468 4040 Tel: 020 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Laird