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Laird PLC (LRD.L)

LRD.L on London Stock Exchange

149.25GBp
23 Mar 2017
Change (% chg)

2.00 (+1.36%)
Prev Close
147.25
Open
144.50
Day's High
149.25
Day's Low
144.50
Volume
1,232,414
Avg. Vol
2,075,548
52-wk High
295.37
52-wk Low
95.12

Latest Key Developments (Source: Significant Developments)

Laird reports underlying profit before tax £51.1 mln, down 30 pct
Tuesday, 28 Feb 2017 02:00am EST 

Laird Plc : No final dividend . FY revenue £801.6m versus £630.4m . FY underlying profit before tax £51.1m versus £73.1m . FY underlying basic earnings per share 13.6p . FY total dividend per share 4.53p versus 13.0p last year . announced a rights issue which is expected to raise up to £185m in gross proceeds and approximately £175m of net proceeds . proceeds from rights issue will be used to reduce borrowings under revolving credit facilities . "taken a number of steps in last quarter of 2016 and early part of 2017 to improve focus and management of company" . have moved from a two division and seven business unit structure, to a simplified three division structure, effective from 1 january 2017 . intend to resume dividends in 2017 based on a dividend per share that is covered 3x by underlying earnings per share .anticipates that proceeds from announced rights issue will enable group to remain within its covenant limits in foreseeable future.  Full Article

Laird proposes 185 mln stg rights issue, scraps 2016 div
Friday, 2 Dec 2016 02:21am EST 

Laird Plc : Update and proposed underwritten rights issue . Trading is in line with update issued on Oct. 19 . Full year underlying profit before tax is expected to be around 50 mln stg for 2016 . Expect year end net debt to EBITDA to be within group's covenant of 3.5x . Operational improvement programme remains on track . Programme will deliver annualised savings of at least $20 mln from 2018, with $15 mln expected in 2017 . Total P&L cash cost of project remains at c.$60 mln . Novero is now fully integrated into Connected Vehicle Solutions (CVS) business and is expected to make a modest profit in 2017 . Proposed rights issue of up to 185 mln stg expected to be undertaken in Q1 2017 . Board is targeting a capital structure of between 1.0 x to 2.0x net debt to EBITDA in medium term . No final dividend will be paid in respect of 2016 .Board intends to resume dividends in 2017.  Full Article

Laird says H1 underlying pretax profit down about 39 pct
Friday, 29 Jul 2016 02:00am EDT 

Laird Plc : Sees likely loss from Novero acquisition for full year of around 9.0 mln stg . Interim dividend up 3 pct to 4.53 pence per share . For 6 months ended June 30 underlying profit before tax 1,3 16.4 mln stg versus 26.9 mln stg . 15.2 pct increase in H1 revenue reflects growth in majority of business and acquisitions .Rapid downturn in US rail freight markets due to commodity and energy prices has had a significant impact on revenues in our WACS business.  Full Article

Laird PLC announces acquisition of Novero for 65 million euros
Friday, 18 Dec 2015 02:00am EST 

Laird PLC:Says acquisition of Novero, an integrated vehicle connectivity systems provider, which will enhance Laird's offering of innovative wireless solutions in one of its core and fastest growing markets.Says the company will acquire Novero for a total consideration of 65 million euros (about £47.1 million) from Donares Limited.Says consideration will be satisfied through the issue of 3.2 million shares in Laird to the vendors of Novero, valued at 15.5 million euros (about £11.3 million) as at close of business on Dec. 15, 2015 and representing about 1.2% of Laird's enlarged share capital.Says balance of the consideration will be paid in cash from Laird's existing bank facilities. Completion of the acquisition is conditional upon receiving standard regulatory approvals, which are expected within 30 days.  Full Article

Laird PLC says to reorganise manufacturing operations - Reuters
Wednesday, 28 Oct 2015 11:54pm EDT 

Laird PLC:Laird Plc said on Monday that it would simplify its manufacturing operations in Europe and North America over the next 18 months to cut costs - RTRS.The company said it anticipated pretax cash costs of around $60 million from these changes, but did not expect significant job cuts or an impact on 2016 earnings - RTRS.  Full Article

Laird PLC declares interim dividend
Thursday, 30 Jul 2015 02:02am EDT 

Laird PLC:Says it has declared an interim dividend of 4.40 pence (H1 2014: 4.27 pence).Says the interim dividend will be paid on Dec. 4 to shareholders on the register on Nov. 6.  Full Article

Laird PLC appoints Tony Quinlan as Chief Financial Officer
Wednesday, 29 Apr 2015 05:15am EDT 

Laird PLC:Announces appointment of Tony Quinlan as Chief Financial Officer.Says he will join Laird on July 1, 2015.  Full Article

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