18th Nov 2008 07:00
Laird PLC
Trading Update
Laird PLC today provides an update on trading and its outlook for the year ended 31 December 2008, in the light of a recent and rapid deterioration in conditions in its global electronic markets for advanced electronics applications.
In our Interim Management Statement ("IMS") issued on 21 October 2008, we reported a slowdown in the growth in our customers' demand across the majority of our product lines, and commented that the visibility of customer off-take on awarded programmes was limited. We also reported that, notwithstanding these factors, we expected our underlying performance for 2008 to be within the range of then current estimates.
The accelerating global economic slowdown, together with its associated credit pressures and currency volatility, is severely impacting our global electronics markets. We have recently experienced a marked fall off in revenues across virtually all our market sectors, with visibility of customer demand now being minimal. This mirrors recent public statements by a number of electronics industry participants warning of a significant deterioration in the demand for their own products.
If, as we currently expect, this trend were to accelerate further through the remainder of the fourth quarter as a result of de-stocking in the global supply chain, we would anticipate that our revenues at constant currency in the quarter would be very significantly below those in the same period in 2007. As a result, we would also anticipate that our underlying performance for 2008 would be significantly below our previous expectations.
As set out in our IMS of 21 October we stated that we have a strong financial position, have excellent technology and market positions, and have already commenced actions to reduce our cost base in line with market conditions.
Laird PLC will make a pre close Trading Update in December.
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For enquiries: |
Laird PLC |
Maitland |
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Peter Hill, Chief Executive |
Brian Hudspith |
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Jonathan Silver, Finance Director |
Charlotte Walsh |
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Tel: 020 7468 4040 |
Tel: 020 7379 5151 |
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