Laird profit jumps on tablet smartphone demand Britain's Laird said its full-year underlying profit jumped 31% on strong demand for its electronic components used in tablets and smartphones.
The company - whose products are used in iPads, TVs and gaming consoles - also said it had acquired MMG and Summit Technologies for a total of $60 million to complement its electromagnetic shielding and wireless modules businesses.
The acquisitions were expected to add to earnings in 2012.
London-based Laird posted an underlying profit of £52.7 million for 2011, up from £40.2 million, a year ago.
Revenue from continuing operations rose 19% to £491.3 million.
"We expect the underlying demand for our products to continue to grow as electronic devices continue to evolve," the company said in a statement.
Laird, which last year rejected a takeover offer from Cooper Industries, raised its final dividend by 26% to 5.3 pence a share.
The company, a major supplier for Apple, said it continued to look for a chief executive to replace Peter Hill, who stepped down in November due to ill health.
Laird's shares, which have risen 35% in the last three months, closed at 172.5 pence yesterday on the London Stock Exchange.
