Slower-than-expected production for mobile devices and "unprecedented pricing pressures" forced electronic components company Laird (LRD) to issue a major profit warning, and its shares nearly halved in value as a result.
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The performance materials division, which generates more than 60 per cent of Laird's revenue, did not recover after a weak first-half performance as an expected increase in production of mobile devices did not transpire. Not only that, the group also said visibility on volumes "remains poor".