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Trading statements

Laird on track

24 January 2017 09:20

Laird continues to expect full year underlying profit before tax to be around £50 million and the year-end net debt to EBITDA to be within the group's pre-existing covenant of 3.5x.

It said that overall trading for the year had been consistent with the statements issued on 19 October and 2 December.

Laird also said it was on track to announce a proposed rights issue with its full year results to raise up to £185 million, underwritten on a standby basis by JP Morgan Cazenove, as announced in December.

An update said: "Discussions with our debt providers were successfully completed in December 2016.

"Whilst we expect year end net debt to EBITDA to be within our pre-existing covenant limit of 3.5x, we agreed a one-time extension of the covenant to 4.0x net debt to EBITDA for the period ended December 2016 as a precaution."

The update said that revenue for the year grew 27% to £802m (2015: £630m).

On an organic basis at constant currency, revenue was down by 0.4%.

Revenue in sterling for the fourth quarter grew by 38% to £227m (Q4 2015: £164m).

On an organic basis at constant currency, revenue was up 9%.

Revenue growth in the fourth quarter was underpinned by continued growth in Wireless Systems and improved performance from Performance Materials, as the ramp up in production normally seen earlier in the second half came through later in the year.

At 9:20am: (LON:LRD) Laird PLC share price was +9.75p at 154.25p

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