Laird PLC 1st Quarter Results - Correction (9154D)
May 02 2017 - 6:43AM
UK Regulatory
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: +44 (0)20 7468 4040 Tel: +44 (0)20 3128 8100
(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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