Aug 1 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
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.