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Article: Recovery tonic fails to lift Laird; MARKET REPORT.(Business)(Industry overview)
- Article from:
- Daily Mail (London)
- Article date:
- November 5, 2009
CopyrightCOPYRIGHT 2009 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: by Simon Duke
MOBILE phone sales are picking up and the crisis in the US auto industry is starting to abate. Just the tonic, you would have thought, to lift struggling car antenna and handset component maker Laird Group.
But as shareholders have learnt through bitter experience, Laird has made an unfortunate habit of defying expectations in recent times.
As recently as July the group felt confident enough to fork out [pounds sterling]14m on dividend payouts.
It was a bold signal of intent given that Laird had just finished sacking 40pc of its workforce.
But less than four months later the group was tapping shareholders ...