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Annual Results

Laird £185m rights issue; pre-tax losses rise

28 February 2017 09:28

Laird is to seek shareholder approval to raise £185m through a four for five rights issue and posts a statutory pre-tax loss of £110.8m for the 2016 - up from £7.6m last time.

The rights issue price of 85 pence per new share represents a discount of 51.4% to last night's closing price and a 37.0% discount to the theoretical ex-rights price of 134.86p per new share calculated by reference to the closing price on the same basis.

The rights issue, which is subject to shareholder approval, is fully underwritten by J.P. Morgan Cazenove and Numis.

Laird's full year revenues rose by 27% on a reported basis to £801.6m - down -0.4% on an organic constant currency basis year on year.

Group underlying operating profit at £61.9m (2015: £80.7m) was adversely affected by weaker sales and margin pressures in the Precision Metals business, the challenging environment for the WACS business supplying wireless automation controls into the US rail freight sector and the losses related to the Novero acquisition during the initial operational and financial turnaround period.

Underlying profit before tax of £51.1m (2015: £73.1m) was marginally better than previous guidance.

At 9:28am: (LON:LRD) Laird PLC share price was -8.37p at 166.38p

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