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Laird Q3 Revenue Rises, Backs Full-year View; Stock Up(dpa-AFX International Compact Via Acquire Media NewsEdge) LONDON (dpa-AFX) - Laird Plc (LRD.L,LARD.L), a manufacturer of components and solutions to the electronics industry, Wednesday reported higher revenues for the third quarter, and reaffirmed its outlook for the fiscal year. The shares rose more than 5 percent in the morning trade. The company recorded a 15 percent growth in quarterly revenues in US dollars, and 6 percent in pounds. David Lockwood, chief executive of the company said, "As expected, Laird performed strongly this quarter, and we have benefited from our strategy of investing in innovation, reliable fulfilment and speed. We will continue to invest in both R&D and capacity to deliver sustainable long term growth." In an interim management statement, the company said its total revenues rose to $251 million from last year's $218 million. In sterling, revenues grew to 150 million pounds from last year's 141 million pounds a year earlier. Performance materials division revenue grew 10 percent organically to $169 million from $144 million last year. In sterling, total revenue increased 8 percent to 101 million pounds. The company said performance materials division sales grew due mainly to new product launches, strength in smart phones sales and the continued investment in 4G/LTE infrastructure. Wireless systems division revenues climbed 12 percent organically to $82 million from $74 million in the prior year. In sterling, total revenue rose 3 percent to 49 million pounds. LRD.L rose 5.36 percent to trade at 310.50 pence. Copyright RTT News/dpa-AFX |