As we predicted in August, Laird (LRD) had a much better second half, driven by strong demand from smartphone and consumer markets. It means the electronic components company should next month confirm in-line full-year numbers and a dividend of 12p for 2013.
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Crucially, it is also setting up a factory in Vietnam and expanding its design centre in South Korea. That will cost about $7m (£4.3m) this year and at least $3m in 2015, but any extra business from Samsung will dilute dependence on Apple. Restructuring elsewhere will mean another £5m in one-off costs, but should generate £1m of extra operating profit in 2014, and rising.
