Laird Cuming to the Summit with profits and acquisitions

Laird, the FTSE 250 provider of electronic components - notably to Apple Corp - has announced a big rise in profits and a series of acquisitions worth over 30 million pounds.

The group, which manufactures components used in smartphones and tablet computers has seen underlying profits before tax rise to £52.7m, a gain of 31% over 2010.

Revenues were up 19% to £491.3m while underlying earnings per share hit 16.5p, a gain of 40% on the prior year.

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The two acquisitions announced today are Emerson & Cuming Microwave Products for £18.8m and Summit Data Communications for £13.8m; with a potential earn-out of $8m payable in 2014.

Laird's Chief Executive, Nigel Keen said Emerson & Cuming would provide a broader range of specialist products while Summit would help to "develop products that allow wireless systems to function in difficult radio frequency environments like factories and hospitals."

Laird shares have had a storming three months, up 16% since the beginning of December. The company says it is benefiting from the intense demand for tablets and smartphones.

Laird shares had gained 0.5% by 8.02

BS