Sharewatch: Laird
Fading Apple reliance gives electronics firm some bite

My confidence in Laird Group has been reinforced by a recent meeting that I had with the company.
Laird is still, to an extent, a company in change and does have a fair dependence, it is true, on Apple. As a result the successful launch of its latest iphone, well received, should be a useful boost.
In the meantime, Laird is actively developing its manufacturing operations in the Far East, notably in Vietnam, which offers considerable potential for manufacturing economies of scale.
The chief executive and finance director both demonstrated excellent command of their brief.
Laird provides electro-magnetic isolation equipment and graphics processing units used extensively in mobile phones largely as the cradle to which the batteries and the like are installed. In addition, the company manufactures the distinct “shark fin” car aerials where it has a significant stake in the global market.
There have been concerns over Laird’s apparent over-dependence on Apple but these are beginning to fade and the recent weakness in the share price, caused in part by the strength in sterling, has helped to push Laird’s share price down to what I believe is an attractive buying level. The recent 3rd Quarter update was pretty positive, revenue usefully ahead and was accompanied by a petty upbeat statement.
Bryan Johnston is a director at Brewin Dolphin in Edinburgh
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