Laird, which makes antennas and heat protection components often used in tablet computers and smartphones, says difficult trading conditions have continued into the first quarter, although it expects a 'seasonal uplift'.
Revenue in the first quarter from the continuing businesses (Performance Materials and Wireless Systems) was £122m versus the £120m seen at the same point of 2011.
In the Performance Materials division, revenue in the first quarter was £74m (2011: £73m). In Wireless Systems, revenue in the first quarter was £48m (2011: £47m) although on an organic basis (stripping out new products) revenue was actually 1% down on the prior year.
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In its discontinued Handset Antennae business, revenues were £12m, down on the £25m seen in the first quarter of 2011.
Today's update says net debt rose in the first quarter, as a result of acquisitions, although the firm did not reveal by how much.
Laird says it is expanding capacity "to support the strong demand expected from smartphones and tablets, which will have a beneficial impact in the latter half of 2012 and 2013."
BS
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