Strong demand from smartphone makers and car companies for protective casings and wireless solutions, respectively, drove underlying operating profit at Laird (LRD) up a fifth to about $47m (£30m).
Despite lower spending among mobile operators, the group posted a 12 per cent rise in first-half sales of performance materials. The division also reduced its reliance on consumer electronics, winning work in both the healthcare and food and beverage markets. Revenue climbed 15 per cent in the wireless systems segment, partly due to new contracts with several global automotive companies.
Broker Numis Securities expects adjusted pre-tax profit of £82.9m this financial year, giving EPS of 22.2p (from £71.2m and 18.9p in full-year 2014).
| LAIRD (LRD) | ||||
|---|---|---|---|---|
| ORD PRICE: | 402p | MARKET VALUE: | £1.1bn | |
| TOUCH: | 401.7-403.1p | 12-MONTH HIGH: | 413p | LOW: 266p |
| DIVIDEND YIELD: | 3.1% | PE RATIO: | 19 | |
| NET ASSET VALUE: | 157p* | NET DEBT: | 34% | |
| Half-year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2014 | 253 | 16.0 | 3.5 | 4.27 |
| 2015 | 306 | 21.6 | 5.5 | 4.40 |
| % change | +21 | +35 | +57 | +3 |
Ex-div: 5 Nov Payment: 4 Dec *Includes intangible assets of £543m, or 203p a share | ||||
