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Full Year Results 2014

03 Mar 2015

Laird PLC today announces its final results for the year ended 31 December 2014.

 12 months to 31/12/201412 months to 31/12/2013Increase
Revenue, £4£564.9m£537.0m+5%
Revenue, US$$932.0m$839.8m+11%
Operating profit1, ££71.2m£67.2m+6%
Operating profit1, US$$117.4m$105.0m+12%
Operating margin12.6%12.5% 
Underlying profit before tax2£63.2m£60.1m+5%
Statutory profit after tax£50.2m£30.8m+63%
Underlying basic earnings per share2,319.1p18.6p+3%
Statutory basic earnings per share318.8p11.6p+62%
Dividend per share12.5p12.0p+4%

Strong financial performance with good organic growth for the year

  • 5% increase in total revenue in Sterling to £564.9m4 (2013: £537.0m).
  • 8% organic5 increase in revenue.
  • 12% increase in operating profit in US$.
  • 9% organic growth in Performance Materials, driven by strong performances in smartphones and mobile LTE/4G investment.
  • 8% organic growth in Wireless Systems, driven by automotive/M2M applications.
  • 5% increase in underlying profit before tax to £63.2m (2013: £60.1m) after increased investment in R&D and a £4m currency headwind.
  • Full year dividend increased by 4%.  Proposed final dividend per share of 8.23p (2013: 7.90p).

Delivering against our strategy for growth and creating value

  • Successfully delivered on our strategy to diversify our customer base with 6 customers over $25m in revenues (2013: 5 customers) and 79 customers over $1m (2013: 70 customers).
  • Six consecutive quarters of organic revenue growth.
  • Innovation and customer mindshare underpinned by 10% increase in gross R&D investment to $81.9m (2013: $74.4m).  Expanded production footprint with new factories in China, Vietnam and the United States and a new design centre in South Korea.
  • Successful acquisition of Model Solution in South Korea, opening up new markets and customers.

David Lockwood, Chief Executive, commented:  “Our consistent and disciplined strategy of investing for growth and driving cultural change is transforming our business, with good revenue growth and stable profit margins. We have reported a number of successful strategic milestones this year through our focus on innovation, reliable fulfilment and speed to capture customer mindshare and deliver shareholder value.  We have a clear strategy and operate in attractive growth markets.  We have started 2015 with good momentum and believe that we are well placed for further growth over the year”.



Laird PLC
David Lockwood, Chief Executive
Jonathan Silver, Chief Financial Officer
Cynthia Alers, VP, Director Investor Relations
Tel: +44 (0)20 7468 4040

Reg Hoare
Tim Rowntree
Jamie Ricketts
Ollie Hoare
Tel: +44 (0)20 3128 8100



Laird is a global technology company focused on providing systems, components and solutions that protect electronics from electromagnetic interference and heat, and that enable connectivity in mission-critical wireless applications and antennae systems.  We are a global leader in the field of innovative radio frequency (“RF”) engineering.

An analyst presentation will be held today at 10.00 am at JP Morgan, 60 Victoria Embankment, London EC4Y 0JP.  A live webcast of the presentation will be hosted on www.laird-plc.com.  A replay of the webcast will also be available on our website for two weeks after the event.


  1. Operating profit is stated before exceptional items, amortisation of acquired intangible assets, gain or loss on disposal of businesses and acquisition transaction costs.
  2. Underlying profit before tax and underlying earnings per share are stated before exceptional items, amortisation of acquired intangible assets, deferred tax on acquired intangible assets, goodwill and US capitalised development costs, gain or loss on disposal of businesses, impact arising from the fair valuing of financial instruments and acquisition transaction costs.
  3. Earnings per share is calculated on a weighted average number of shares of 266.9m (2013:  266.0m).
  4. Sterling figures have been translated at $1.65/£, the average exchange rate for the year (2013: $1.56/£).
  5. Organic revenue growth is calculated including the contribution from this year’s acquisitions as if the acquisitions had been owned in the equivalent period in the prior year.

Full Year Results 2014 (819KB PDF)

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