Laird, the global technology company, has reported its results for the financial year ending 31 December 2011 with an increase in revenue from continuing businesses by 19% at £491.3 million compared to 2010. Organic revenue growth rose 12%.
The group for the FY 2011 benefited from strong demand for tablets, smartphones and telematics solutions. It further expects to focus on innovation and maintain its competitive edge.
Laird expects the underlying demand for its products to continue to grow as electronic devices continue to evolve. It is well positioned to benefit from the growth anticipated across a number of the markets it serves even though the wider economic outlook remains uncertain. Innovation ad new products add confidence to the group to grow its business in line with its medium and long-term targets and drive the group forward into 2012.
Commenting on reults, Nigel Keen, Executive Chairman said: "We have delivered good results and progressed strongly. We have made improvements in both Performance Materials and Wireless Systems, benefiting from strong demand in many of the markets we serve. Our recent acquisitions have delivered results above our expectations, and strengthen our position as a leading player in high growth, niche markets, requiring innovative products and solutions. We are well positioned to benefit from the growth anticipated across a number of the markets we serve, even though the wider economic outlook remains uncertain. Innovation and new products provided added confidence that we will continue to grow our business in line with our medium to long-term targets, and drive Laird forward in 2012."
Laird has annouced its two bolt-on acquisitions which strengthen its existing EMI shielding and M2M. The acquisition of Microwave Materials Group, the holding company Emerson & Cuming, the global leader in microwave absorber technology for a cash consideration of €22.5 million (£18.8 million) on a debt and cash free basis. The acquisition is expected to complete during the second quarter of 2012 and this will build upon the group's existing EMI shielding and absorber product range and allows it to leverage its strong Asian footprint to extend Emerson & Cuming's presence outside the US and Europe.
The acquisition of Summit Data Communications, a provider of secure and reliable wireless connectivity for blue chip customers in niche industrial and medical markets is for a cash consideration of $22 million (£13.8 million) on a debt and cash free basis, plus a potential earn-out of $8 million payable in 2014 if certain performance targets are met.