Trading Update

29 April 2016

Laird PLC

Q1 Trading Update

Laird PLC today announces its trading update for the first quarter from 1 January to 31 March 2016. Unless otherwise stated the trends and figures highlighted below refer to the three months ended 31 March 2016, the first quarter of the company's financial year, and the corresponding period for last year.

Group Performance

Performance for the first quarter was in line with expectations. Revenue in sterling for the first quarter grew by 15% to £171m (Q1 2015: £149m). On an organic1 basis in constant currency, revenue was down 2%.

Divisional Performance

Wireless Systems

Wireless Systems revenue for the quarter grew 52% to £79m (2015: £52m) including the contribution from LSR which was acquired in November 2015 and Novero, which was acquired in January 2016. On an organic1 basis in constant currency, revenue grew 11%.

A strong financial performance in the first quarter has been driven by continued momentum in Connected Transport, particularly automotive. 

The integration of Novero is progressing to plan and we expect it to make a significant contribution to the Group over time, whilst the integration of LSR has now been completed successfully.

Performance Materials

Performance Materials revenue for the quarter fell 5% to £92m (2015: £97m). On an organic1 basis in constant currency, revenue was 9% lower. 

The decline in revenue was as anticipated and largely due to the particularly strong comparative in 2015 where substantial demand from 2014 was met in Q1 2015. As noted in our 2015 final results, we expect performance in this division to be second half weighted.

Commenting on today's announcement David Lockwood, Chief Executive, said:

"Our performance in the first quarter demonstrates the strategic progress made to improve the balance of our business. As expected, continuing good growth in Wireless Systems has offset a softer period in some of our other markets.

We remain confident in our outlook for further growth in 2016 and continue to expect a steady first half and growth weighted towards the second half."

1Organic constant currency growth is calculated by eliminating the revenue from acquisitions made for a period of twelve months from the acquisition date., and applying prior year exchange rates to convert current year revenues to GBP.

About Laird PLC:

Laird is a global technology company providing systems, components and solutions that protect electronics from electromagnetic interference and heat, and that enable connectivity in mission-critical wireless applications and antennae systems. Laird is a global leader in the field of innovative radio frequency ("RF") engineering.

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