Revenues rise at Laird; sees full-year in line with expectations

Global technology company Laird said it expected full year earnings to be in line with expectations and consistent with its third quarter trading update as 2015 revenues rose.

It said revenue for the year grew 12% to £630m, while on an organic basis in constant currency, US dollar revenue grew 5%.

Revenue in sterling for the fourth quarter grew by 1%to £164m (Q4 2014: £163m). In US dollar terms, it fell 4% at $249m and on an organic basis in constant currency, 2% lower.

Laird said its diversification strategy continues to “deliver positive results with growth in wireless systems and in all other performance materials markets outside telecoms and smartphones, off-setting the more current softness and cycles in those markets”.

“Our recent acquisitions further advance this strategy. The changes to our operating model announced in October 2015 are progressing to plan with estimated costs and benefits remaining in line with the guidance previously given in Q3,” Laird said.