Laird posts decline in first-quarter revenue

Laird reported a drop in first-quarter revenue on Friday as the technology group experienced a weakness in business-to-business (B2B) markets.

Laird reported a drop in first-quarter revenue on Friday as the technology group experienced a weakness in business-to-business (B2B) markets.

Revenue for the quarter came to £119m, a 2.0% fall from £112m the previous year as poor performance in B2B offset a pick-up in the rate of design activity and design wins.

The company, which designs devices including cellular and mobile radio antennas, said it continues to expect revenues to be weighted towards the second half of the year following the introduction of new products.

"As a result of these new product launches and increasing investment, together with the translation benefit from a stronger US dollar than originally anticipated, our expectations for the full year remain unchanged," the firm said.

In the performance materials division, revenue fell to £73m from £74m, reflecting lower demand from its largest customer.

However, Laird said it was making good progress in penetrating new customers across new locations in the automotive, consumer and medical markets.

The integration of microscale thermal and power company Nextreme, acquired in February, is well underway and the business has secured a new contract to supply an international semiconductor company.

In the wireless systems division, revenue in the first quarter declined to £47m from £48m due to a slowdown in wireless spending and a reduction in sales to the public safety market against a strong previous year.

"There continues to be good demand for the smart antennae solutions we provide and there have also been a number of key new contract wins with international automotive customers," the group said.

"Over the medium-term, these customers have the potential to represent an increasingly significant proportion of Laird's overall customer base."

RD

Recommended

Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Three hidden gems from Japan’s overlooked stockmarket
Share tips

Three hidden gems from Japan’s overlooked stockmarket

Professional investor Eiji Saito of JPMorgan’s Japan Small Cap Growth & Income fund picks three promising stocks from Japan's vibrant but under-resear…
13 Sep 2021
Share tips of the week – 10 September
Share tips

Share tips of the week – 10 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
10 Sep 2021

Most Popular

Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021
How you can profit from the power of the grey pound
Share tips

How you can profit from the power of the grey pound

Higher life expectancy and surging asset prices have proved a boon for the baby-boomer generation, which has accumulated vast wealth. Younger generati…
10 Sep 2021