Laird says 3rd-qtr rev up, on track to meet forecast

Tue Oct 23, 2012 2:44am EDT

Oct 23 (Reuters) - Laird Plc, which makes electromagnetic shielding and heat control devices for electronic equipment, said quarterly revenue rose as its wireless systems business benefited from robust demand in the North American automotive market.

The British company, which designs and supplies a range of high-specification wireless antennae and machine-to-machine wireless modules, also said it was on track to meet its full-year expectations.

Laird, which counts Apple as a major customer, said revenue rose 10 percent to 133 million pounds ($213.25 million) in the third quarter, boosted by a double-digit growth in September.

Revenue from its wireless systems business rose 11 percent to 49 million pounds while performance materials division was up 9 percent at 84 million pounds.

Laird, which was founded as a shipbuilding company in 1824, makes devices for tablets, phones, televisions and gaming consoles.

Laird's shares, which have risen 40 percent this year, closed at 216.7 pence on the London Stock Exchange on Monday.

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