Laird sees 2008 within forecasts
Electronics company Laird Group said its underlying 2008 performance should be within current market estimates, but it was taking action to reduce costs in line with a lower-growth environment.
Wood Group profit up 39 pct as sales and margins rise"While we continue to see good levels of new business generation, organic revenue growth is unlikely to meet the medium-term growth expectations we have indicated previously, while current conditions persist," Laird said on Tuesday.
Laird, which makes magnetic shielding, heat management and antennae equipment for products such as cars and laptop computers, said its operating margin improved in the third-quarter from the first half, helped by a weaker pound.
Also, "year-on-year organic revenue growth at constant currency in the third quarter was marginally positive. (However,) we have begun to see a slowdown in the growth in customers' demand across the majority of our product lines."
Laird said: "Expenditure on engineering will be maintained, both to continue to support our customers in line with their new programmes, and on research and development to enhance and protect our technology leading positions."
(Reporting by Dan Lalor; Editing by Chris Wickham)
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