Results centre

• Strong performance from core businesses, with growth in revenues, profit and margin
• Revenue^† of £243 million, up 24%
• Underlying profit before tax^† up 65%
• Targets announced for medium to long-term top-line and margin growth
• Dividend payments to be recommended of 24% CAGR from 2010 to 2013

^† Excluding Handset Antennae and Mechanisms

• Handset Antennae business being exited: cash positive
• Well positioned in fast growing end markets
• Successfully diversified customer base and reduced customer concentration
• Strategy proving successful

• Underlying earnings from continuing operations of 6.9 pence per share
• Strong cash generation, with operating cash flow up 100%, and operating cash conversion of over 100%
• Return on sales^† of 11.7%, up from 9.6% in 2010
• Interim dividend declared of 2.7 pence, up 29%

^† Excluding Handset Antennae and Mechanisms

Industry commentators are forecasting strong growth in all of our end markets. With our current leading market positions, Laird is in a good position to benefit from this increasing demand both from existing and new emerging applications. Following the decision to exit the Handset Antennae business, which had masked the overall speed of our recovery from the financial crisis, we are able to focus on the organic strength of our underlying core businesses, and our targets reflect our confidence to deliver future growth.

We have made good progress in the first half of 2011, notwithstanding losses in the “discontinued” businesses. Our underlying profit before tax from our core businesses was up 65%, driven by good organic growth, and strong performance from our recent Cattron and Klüver acquisitions.

Our strategy has succeeded in allowing us to expand into growing markets where we have ensured we have the right products in the right markets to drive profitable growth. Although we are not immune to the wider economic changes that could potentially affect our markets, we continue to expect further progress through the rest of 2011 and beyond.