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STOCKS NEWS EUROPE-Laird falls after update

Tue Jun 30, 2009 6:24am EDT

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Shares in electronics group Laird (LRD.L) fall nearly 12 percent after the company issues a trading update, which talks of second-quarter 2009 being weaker than first-quarter 2009, news which RBS describes as "both unexpected and disappointing".

Laird, which makes electromagnetic shielding for Nokia (NOK1V.HE) and Samsung (005930.KS) mobile phones, says like-for-like sales fell about 35 percent in constant currency terms in the first half, having fallen 32 percent in the first quarter. [ID:nLU95699]

"Looking forward to H209, Laird has little visibility, although new customer and programme awards do offer some hope," RBS says in a note, adding that the translation of these awards into actual orders will not become apparent until late August.

The broker says it expects to cut its full-year 2009 EPS forecast to about 12 pence, equivalent to a 25 percent downgrade.

Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net


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