Laird confident on second half growth after strong Q1

Laird said first quarter revenue grew 15% to £171m, in line with expectations and was confident of growth weighted towards the second half of the year.

On an organic basis in constant currency, revenue was down 2%.

Laird makes systems, components and solutions that protect electronics from electromagnetic interference and heat, and that enable connectivity in “mission-critical” wireless applications and antennae systems.

Revenues in the wireless systems division grew 52% to £79m, including the contribution from LSR which was acquired in November 2015 and Novero, which was acquired in January 2016.

"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,” said chief executive David Lockwood.

“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."