Laird first-half underlying profit falls 37 pct

Thu Aug 1, 2013 2:43am EDT

Aug 1 (Reuters) - Laird Plc, a maker of electronic components, reported a 37 percent fall in first-half profit as a drop in revenue from its largest customer - widely assumed to be Apple - continued to hurt business.

A 28 percent increase in research and development spending also hurt margins, restraining profit in the first half, the company said in a statement.

Underlying operating profit margin, before interest and tax, fell to 8.6 percent in the first half from 12.4 percent a year earlier.

The company, which makes electromagnetic shielding and heat control components for wireless devices, said it expected growth to resume in the second half of the year as Laird and its customers launch new products.

Underlying profit before tax fell to 17.3 million pounds ($26.23 million) in the six months ended June 30 from 27.3 million pounds a year earlier. Revenue dropped 2.5 percent to 243.5 million pounds.