Laird to expand

London-based electronics group Laird Technologies has said that customer demand for 2009 remains uncertain following a 32 per cent decline in like-for-like sales for the three months ending March.

The company’s underlying profit-margin percentage in the first quarter was in mid single-digits, working capital remained in line with demand and inventory was reduced from year-end levels.

In a statement ahead of the company’s AGM, chairman Nigel Keen said that the challenging economic environment had impacted on all of the group’s divisions: ‘Our results in the second half of the year were impacted both by the global economic downturn and by the associated de-stocking in the global supply-chain, particularly in the fourth quarter.

‘We have repositioned the business to operate successfully in the changed economic and market environment, with prompt actions taken to lower our operating costs.