Laird full-year profit slips as research expenses jump
Feb 28 (Reuters) - Electronic components maker Laird Plc reported a marginal fall in full-year profit as higher research and development spending ate into operating margins.
Laird, which makes electromagnetic shielding and heat control devices for customers such as mobile devices makers Apple Inc and Samsung Electronics Co Ltd, said it expects 2014 to be weighted to the second half.
Laird said underlying profit before tax fell 1 percent to 60.1 million pounds ($100.19 million) in the year ended Dec. 31, from 60.7 million pounds a year earlier.
Operating margin shrunk to 12.5 percent from 13.1 percent in 2012. Investment in research and development jumped 28 percent.
Revenue from continuing operations increased 3 percent to 537 million pounds, helped by higher demand for Laird's products used in smartphones and gaming consoles in the second half.
Laird shares closed at 329 pence on the London Stock Exchange on Thursday.