Laird PLC 1st Quarter Results - Correction (9154D)

TIDMLRD

RNS Number : 9154D

Laird PLC

02 May 2017

02 May 2017

Laird PLC

Q1 Trading Update - CORRECTION

Laird PLC today announces a correction to its Q1 Trading Update published on 28 April 2017. In the original announcement, organic constant currency growth rates were reported correctly. However, the translation of reported revenues from US Dollar to Sterling at current exchange rates was incorrect (the previously reported sterling figures were understated). The table below summarises the correct revenues and growth rates in sterling:

 
                           Q1 2017    Q1 2016     Total 
                                                 Growth 
-----------------------  ---------  ---------  -------- 
 Performance Materials     GBP100m     GBP84m       19% 
-----------------------  ---------  ---------  -------- 
 Connected Vehicle 
  Solutions                 GBP77m     GBP52m       48% 
-----------------------  ---------  ---------  -------- 
 Wireless & Thermal 
  Systems                   GBP38m     GBP35m        9% 
-----------------------  ---------  ---------  -------- 
 Total Group               GBP215m    GBP171m       26% 
-----------------------  ---------  ---------  -------- 
 

The full trading update, with corrected sterling values as above, is attached below.

02 May 2017

Laird PLC

Q1 Trading Update (As Corrected)

Laird PLC today announces its trading update for the first quarter from 1 January to 31 March 2017. Unless otherwise stated the trends and figures highlighted below refer to the three months ended 31 March 2017, 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 our expectations and provides a solid start to 2017. Revenue in sterling for the first quarter grew by 26% to GBP215m (Q1 2016: GBP171m). On an organic constant currency(1) basis, revenue was up 8%.

Divisional Performance

Performance Materials

Performance Materials revenue for the quarter was up 19% to GBP100m (2016: GBP84m). On an organic constant currency(1) basis, revenue was 4% higher than the previous year, with growth in Precision Metals (against a weaker comparative in 2016), and also growth in Magnetic & Ceramic Products and Thermal Materials.

Connected Vehicle Solutions

Connected Vehicle Solutions revenue for the quarter grew 48% to GBP77m (2016: GBP52m). On an organic constant currency(1) basis, revenue was 24% higher than the previous year, underlining the strong growth prospects for this business.

Wireless and Thermal Systems

Wireless and Thermal Systems revenue for the quarter grew 9% to GBP38m (2016: GBP35m). On an organic constant currency(1) basis, revenue was 6% lower than the previous year. This decline was mainly driven by a strong prior year comparator in our Wireless Automation and Controls business before its sharp decline during the second quarter of 2016.

Commenting on today's announcement Tony Quinlan, Chief Executive, said:

"I am encouraged by our overall trading performance in the first quarter. We have seen continued strong revenue growth in Connected Vehicle Solutions, solid growth in Performance Materials, and the Wireless and Thermal Systems Division tracking in line with our expectations. We had strong shareholder support for our rights issue, the proceeds of which provide us with the balance sheet strength needed to continue our work in building a more robust and stable revenue and earnings performance. While it is still early in the year, our performance in the first quarter gives us confidence that the measures taken to improve our performance in 2017 are on track."

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.

Enquiries:

 
 Laird PLC                          MHP Communications 
 Tony Quinlan, Chief Executive      Reg Hoare       Jamie Ricketts 
  Officer                            Tim Rowntree    Ollie Hoare 
  Kevin Dangerfield, Chief 
  Financial Officer 
  Lucie Harwood, Head of Treasury 
  & 
  Investor Relations 
 Tel: [phone]           Tel: [phone] 
 

(1) Organic 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. The Directors believe that this measure provides investors with information regarding the underlying revenue performance of the Group as it eliminates the effect of acquisitions and the translation effect of currency exchange movements from period to period.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 02, 2017 07:43 ET (11:43 GMT)