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Turnaround and connected cars hold recovery keys
Thursday 23 Feb 2017 Author: Steven Frazer


Investors largely know what to expect in terms of the Laird (LRD) figures thanks to a comprehensive trading update in January, with revenue growth all down to currency tailwinds and acquisitions. Expect underlying pre-tax profit of about £50m. Net debt to EBITDA (earnings before interest, tax, depreciation and amortisation) at around 3.5-times will be below the four-times level temporarily negotiated with its banks. An anticipated £185m right issue will cut that to about 1.6-times, say analysts, presuming the cash call goes to plan. A well-executed turnaround and connected vehicles are the main positive catalysts going forward.

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